[Add weBENT to the Treasury]

Summary Diversify treasury by market buying our next asset with the equivalent of 50 ETH ($125,300 at time of writing) within a 1 week timeframe.

Background DiamondDAO currently holds approximately $1,558,185 market value of treasury assets which is made up of: $200,292 in Frax Share(FXS), $221,069 in Curve(CRV), $304,582 in DMND, 196820 in Magic Internet Money (MIM) and $441,783 in ETH.

The goal of Diamond DAO is to collect DeFi diamonds. With this in mind, we would like to swap 50 ETH for a new treasury asset, BENT

The case for BENT

Bent Finance (https://www.coingecko.com/en/coins/bent-finance) is to convex as convex is to curve. Since launch, they have become one of the largest holders of CVX. Today, they introduced weBENT. This is Bent’s version of vlCVX.

At the time of writing, 1 weBENT controls the voting power of 5.33 vlCVX. This means that currently $7.66 of BENT controls $147 of vlCVX voting power.

weBENT also earns APR via:

• Votium Incentive income ****(Extras) ****derived from the locked CVX and bi-weekly snapshot votes which are directed to weBENT lockers and streamed over 2 weeks.
• Platform earnings are converted into BENT via on market buybacks and deposited into the weBENT pool. This increases your claimable BENT tokens in the pool automatically over time by changing the weBENT to BENT ratio.
• bentCVX rewards are also streamed to the pool.

APR is currently projected at 172%

weBENT is locked for 8 weeks at initial deposit, our balance would move to an unlocked state.

Once unlocked, we would not need to re-lock.

Price Appreciation

Currently, BENT is around $9.2m market cap. We see a future where DAOs acquire BENT as a more efficient way to acquire vlCVX voting power leading to drastic price appreciation.

Proposal Should we acquire BENT and lock it for weBENT or do nothing?

Vote Add weBENT to the treasury Do nothing and keep ETH