[FIP - 406] Allocate tBTC/WBTC towards the Convex Curve WBTC + tBTC pool

Authors: Michael Henry

Overview: We should use the Comptroller-held WBTC to generate additional protocol revenue. I believe we should do so by converting a portion into tBTC and staking it in the WBTC/tBTC curve pool.

Details: The Frax treasury currently holds 37.9 WBTC equivalent to $2,131,571 at the time of this post. I propose staking the entire amount in the tBTC/WBTC Curve pool which is currently generating 7.16% in the Convex Curve WBTC+tBTC pool. The corresponding curve pool can be seen here: https://curve.fi/#/ethereum/pools/factory-crvusd-16/ Assuming current valuations and yields, Frax would earn an additional $152,620 a year by doing this.

Closing Thoughts FRAX is sprinting towards 100% CR and needs to earn additional income however it can. This allows us to convert a non-income generating asset into an income-generating asset.

Voting:

• For: Deposit all WBTC held in the Frax Comptroller into the Convex Curve WBTC + tBTC pool.
• Against: Do nothing