P19 - beefy.finance incentives to create vaults

This proposal is about becoming a partner of Beefy.finance by incentivizing the launch pool in exchange for vaults.

We’re aiming to get either one vault on the EUR-USD pool deployed on Kyber polygon (1) or three vaults : EUR-USD + CHF-USD + GBP-USD (2) & (3) & (4)on Kyber polygon.

Following the discussions to incentivize liquidity, we need to work with a yield optimizer, especially considering the AUREUS rewards, most people would just want more LPs. As we go on Polygon, Beefy seems to be the best solution for several reasons:

Beefy is live for more than a year They’re already on 7 blockchains and still planing to add more (including Arbitrum, BSC, Fantom & Avax that might interest us) The perf fee is quite low (4.5% vs 15-30% on other YO) Beefy has a strong community Jarvis can get exposure with beefy marketing (twitter, discord, telegram announcements, RTs of mentioned tweets by twitter DAO etc) As $BIFI token is fully distributed, Beefy started the launch pool a few months ago, allowing new projects to request new vaults in exchange for some tokens to boost another vault. Here is the launch pool process:

Beefy review the contract code of each projects

Once done, the project that requested a vault send 50k$ worth of their token in average, to boost a regular vault (usually a Stable,BIFI,BTC or ETH vault)

Beefy create the vault(s) & do marketing on it (181k followers on twitter, 20k on tg, 13k on discord) And do cross marketing by RT Jarvis posts that mention Beefy

2-3 days later, Jarvis can plan an AMA with Beefy learn, to present Jarvis and speak about the project

A few days later the boost is released for a vault and market it as "3pool Curve boosted by Jarvis" for example A boost last between 5 to 10 days, however if he do 3 vaults, we wight boost several vaults so Jarvis would probably boost for 15 to 30 days which gives more exposure (I need to double check that part)

Every date is set up between both teams to make sure we have good communication.

About the tokens:

The best for Jarvis and Beefy is to give a native part to allow Beefy to sell the tokens to buy BIFI and boost with it as they wouldn’t sell JRT but they can easily sell MATIC. If we want to be very well received, we can directly buy and send BIFI.

I discussed with beefy team about having a lower price if we do 3 pools, and they agreed to lower it down to 40k/vault if most of the rewards are in JRT (because they can’t sell it to buy BIFI), but taking into account the discussion on discord, we agreed on 36.5k/vault as JRT is a minority of the allocation in each option.

Also keep in mind that we currently have 90k$ in UMA (but we need around half of it for Kyber) and that our rewards should increase after next week because of the new distribution. We can use the maximum available of UMA to mint jEUR on Jarvis, that we can payback over the next 2-3 months using the next rewards.

As we might not have enough to borrow 110k$ with UMA, the solution would be to do an under collateralized loan, that would cost around 25% APR, so 4-6% interest for a 2-3 months borrow.

Considering all of this, we have 5 options :

Option 1 : 1 vault jEUR- USDC : 50k$ (50% - 50%) -> 25k jEUR + 25k$ BIFI 10 days (2x5 days boost exposure)

Option 2: 3 vaults jEUR-USD + jGBP-USD + jCHF-USD -> 110k$ (50%-50%) -> 55k$ jEUR + 55k$ BIFI 20 days (2x10 days boost exposure)

Option 3: 3 vaults jEUR-USD + jGBP-USD + jCHF-USD -> 110k$ (33%-33%-33%) -> 36.6k$ JRT + 36.6K$ jFiat + 36.6k$ BIFI 15 days (3x 5 days boost exposure)

Option 4: 3 vaults jEUR-USD + jGBP-USD + jCHF-USD -> 110k$ (70%-30%) -> 80k$ JEUR + 30k$ BIFI 15 days (1x 10 days + 1x 5 days boost exposure)

Option 5: Do nothing (0 vaults)