tl;dr
1) Move our $2.16m worth of 3crv on Convex to alUSD on Convex.
2) Move our $1.3m worth of WETH in the treasury to alETH on Convex.
Proposal
Hey folks, I'll try to keep this proposal short, as it's merely a reflection on AIP-17 that I promised I would make.
Current situation
It's been exactly 2 months since AIP-17 passed, and we've moved our treasury stable coins from doing nothing to generating yield in Convex by putting it in the 3crv pool. This has yielded us exactly 2000 CVX ($40k) on top of the 69731 CVX we have bought with AIP-20. We've also accrued $32.4k worth of cvxCRV which is happily being staked in Convex as well, earning more yield. These numbers include the yield we get from the $644k worth of alUSD on Convex thanks to AIP-20, earning us CVX and cvxCRV as well.
Suggestion
1) Since owning our own liquidity gets people hyped (see the OlympusDAO bond AIP-21 and the Tokemak AIP-22), I suggest we move from 3crv on Convex to alUSD on Convex. The APR is higher, 27.81% for alusd and 9.82% for 3pool. We'll also get an APR of 7.95% in ALCX which we'll put back in the treasury. Emission reduction! One caveat however is that AIP-29 will reduce these ALCX rewards from 16% to 10%, but we can't have everything I suppose. For clarity, we now have 2.16m in 3pool and 0.64m in alusd. We'll move the whole 2.8m to alusd.
2) We have $1m worth of WETH sitting idle in the treasury, along with $0.32m worth of stETH in vanilla Curve. Thanks to AIP-24 we now have an alETH Curve pool, together with a gauge. This means that there's now an alETH Convex pool available that can yield us 16.66% in CVX + CRV on our idle ETH. I therefore suggest we move that ETH into this pool, meaning we'll also get to own a bit of our own alETH liquidity, yay! There's no ALCX rewards in this pool, and they will not come at a later date, since we're going to incentive the pool with bribes instead of directly handing out ALCX rewards to liquidity providers.
We should keep farming and locking the CVX and cvxCRV we earn as per AIP-17, as it means we'll own more voting power in the long term for gauge emissions meaning we'll have to bribe less. I think it's been a great success so far.
