Add a strategy for Curve’s frxETH/WETH pool

Summary:

This will enable Origin Protocol to deploy liquidity to Curve's frxETH/WETH pool

Background:

The vision for OETH is to allow holders to stack DeFi yield on top of the native yield available with liquid staking tokens (LSTs). Recently, however, OETH has become too reliant on the Convex AMO and OGV incentives for yield.

As part of a larger initiative to diversify yield strategies for OETH, there is an opportunity to leverage Curve’s frxETH/WETH pool for compelling yield.

This would also lay the foundation for OETH to support additional Curve strategies in the future.

Overview

If approved, this proposal would signal the community's support for deploying a yield-earning strategy involving Curve’s frxETH/WETH pool + staking LP tokens on Convex.

If this proposal passes, the determination of how much to allocate to this strategy will be addressed in a follow-up proposal, and any allocation would ramp up gradually.

The primary risk to consider with this pool is that frxETH is slightly depegged, but I do not believe this is an incremental risk beyond holding frxETH directly, which the protocol already does. At the time of writing, frxETH makes up approximately 20% of the collateral of OETH.

Pool Metrics

Curve frxETH/WETH Pool Base vAPY (Daily)** : .0035% Curve frxETH/WETH Pool Rewards Token APR** : 4.28% - 10.69% Convex WETH+frxETH Pool Rewards Current vAPY** : 4.75%

**Disclaimer: APY on any pool can change quickly and does so regularly.