SIP-51: Add Compound Finance’s USDC strategy to the USDs strategy basket

Author: Sperax Core Team Reference: USDs Yield strategies, Compound Finance, Created: July 10, 2023 Labels: #Yield-Strategies

Simple Summary / Motivation

Broaden the choice of single-side USDs protocol yield strategies by whitelisting the Compound USDC supply strategy.

Overview

USDC is the most significant collateral in the USDs collateral basket. The only whitelisted single-sided strategy is Stargate-LP USDC: USDC from vault-core is deposited into the Stargate USDC pool and the LP tokens are staked in the Stargate farm. Revenue generated from the strategy is in the form of fees (in USDC) and farm rewards (in STG)

To broaden the single-sided strategy choice, the team offers to use one more strategy at Compound Finance where USDC supply currently generates ~7% in rewards (COMP) and ~0.6% in fees (USDC).

The yield generated by the Compound strategy will be directed to USDs holders following the Auto-Yield distribution mechanism and to the SPA stakers with the Staking protocol mechanism.

Technical Specification

Whitelist Compound USDC supply strategy
Deploy a portion of USDC collateral for Compound strategy

Voting

For:

Whitelist Compound USDC supply strategy and deploy a part of deploy USDC into it.

Against

Don’t whitelist the Compound USDC strategy.

start

July 13, 2023

9:14 AM

end

July 16, 2023

9:14 AM

Voting

off-chain

Voting type

single-choice

Voters

3,568

Votes

427,939,955

Final Votes

closed

For

427.9M veSPA

99.98%

Against

65.2K veSPA

0.02%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%