Zunami DAO Vote Id: 11 - Add clevUSD/FRAXBP Strategy

The Zunami Team is excited to announce that the vote is now open to add Convex - clevUSD/FRAXBP as a new protocol strategy. A proposal has been submitted to the DAO for review and approval, along with the transfer of funds.

Protocol Description: Clever is a protocol that allows users to leverage farming by utilizing a yield-bearing asset (TKN) and borrowing its future yield. Users deposit CVX or FRAX as collateral and receive clevCVX and clevUSD, respectively. These tokens generate revenue that is distributed among clev token holders.

Stablecoin Description: clevUSD is backed by FRAX and can be redeemed through a furnace or exchanged in the Curve pool. Clever deposits the user's collateral in the selected auto-compounding Concentrator strategy vault, which includes three strategies: FRAX/USDC, LUSD/FRAXBP, TUSD/FRAXBP. Clever periodically claims the accrued yield from the Concentrator, converts it to FRAX, and distributes an equivalent amount of newly minted clevUSD proportionally to all depositors.

Custody Risk: The Clever treasury and protocol are controlled by a 6/9 multisig consisting of well-known public figures.

Smart Contract Risk: Clever has undergone two audits by SECBIT. https://www. github.com/AladdinDAO/aladdin-v3-contracts/tree/main/audit-reports/

Depeg Risk: clevUSD is overcollateralized with stablecoins held in Curve pools and can be redeemed through a furnace.

Collateral Risk: clevUSD is collateralized with LP tokens from the following pools: FRAX/USDC, LUSD/FRAXBP, TUSD/FRAXBP.

Risk of Stop Incentivization: Clever is the second largest holder of CVX after FRAX, with over 2.3 million CVX held in the treasury.

Strategy features: Deposit of stablecoins (USDT, USDC, DAI, FRAX) in the clevUSD/FRAXBP pool on Curve USDT and DAI are automatically exchanged for USDC Lock clevUSDFRAXBP3CRV-f LP tokens for 7 days in Frax booster on Convex Relocked it 1 time a week Automatic sale and reinvestment of CRV, CVX and FXS rewards.

Actions: Add «Convex - clevUSD/FRAXBP Pool" strategy as one of the Zunami Protocol strategies.