MIP 28: Deployment of USDC 3Pool Convex Meta Vault

It is proposed to deploy and hand over control over the first ERC-4626 Meta Vault contracts to the ProtocolDAO and consequently to the mStableDAO. The first Meta Vault utilizes USDC and invests it in a diversified set of 3Pool-based Curve Metapools and stakes it in Convex.

The strategy proposed here uses Curve and Convex protocols as yield sources. USDC is the asset to enter and exit the contract. The USDC is then deposited into the 3Pool token, which itself is split up into three Basic Vaults. The Basic Vaults are wrapper contracts around Curve 3Pool Metapools and Convex that enable an ERC-4626 interface. Linked with it is a separate contract that functions by claiming and liquidating the earned rewards in the form of CRV and CVX tokens, and deposits them back into the Basic Vaults to increase the overall value for its depositors. The Meta Vault uses mUSD, BUSD and FRAX as the first set of Metapools assets that are paired with the 3Pool.

This Meta Vault is just the first step towards multiple contracts functioning as the infrastructure for yield. As it is the first application of its kind, complexity to create new sets of strategies should decrease over time. This is enabled by a modular contract structure approach with reusable components.

Links

• RFC: USDC Convex Meta Vault Deployment
• Proposal: MIP 28: Deployment of USDC 3Pool Convex Meta Vault
• Discussion: MIP 28: Deployment of USDC 3Pool Convex Meta Vault

Should the USDC Convex Meta Vault Smart Contracts be deployed and handed over to the ProtocolDAO in order to begin mStable’s venture into ERC-4626 as proposed in MIP 28?