OIP 2: Add a new treasury asset

Summary Diversify treasury by market buying our next asset with the equivalent of 100 ETH ($320,000 at time of writing) within a 1 week timeframe.

Background DiamondDAO currently holds approximately $2,746,202 (at time of writing) market value of treasury assets which is made up of: $286,052 in Frax Share(FXS), $276,301 in Curve(CRV), $741,406 in DMND, $471,590 in Magic Internet Money (MIM) and $970,853 in ETH.

The goal of Diamond DAO is to collect DeFi diamonds. With this in mind, we would like to swap 100 ETH for a new treasury asset. We have a couple ideas:

The case for cvxCRV

cvxCRV is Convex finance’s tokenized version of veCRV. After purchasing cvxCRV, we would stake it on Convex to earn yield. While cvxCRV does not receive the voting power of CRV, it does earn yield, currently at 48.27% APR at time of writing. Yield is paid out in the form of CRV, CVX, and 3crv tokens.

The case for CVX

After purchasing CVX, we would lock it for 16 weeks to receive vlCVX. vlCVX is used to vote on how Convex Finance allocates their voting power. It can be locked to earn yield in the form of bribes by delegating votes to Votium. Yield is paid out every two weeks in the form of the tokens used for bribes. Past examples are $SPELL, $FXS, $LUNA, $ALCS, $CVX, $CRV, and more. Actually APR many vary, but it has been consistently over 50%. Bribes have increased every round.

Proposal Should we acquire cvxCRV, CVX, or do nothing?

Vote Add cvxCRV to the treasury Add CVX to the treasury Do nothing and keep ETH