We are happy to announce that the proposal to whitelist MagicCRV is now up on the Curve Dao governance forum!
First and foremost, let us start reminding new users what MagicCRV is and why it is useful!
MagicCRV is Abracadabra wrapper for CRV tokens that will allow users to borrow or leverage up against their CRV. When in the market, CRV tokens are locked for 4 years, and the voting power is for Abracadabra to use!
When users wish to close their position, they receive back mCRV tokens, which they can then swap for unlocked CRV in the mCRV-CRV pool that will soon be opened on Curve Finance!
MagicCRV will allow Abracadabra to have its own voting power, that will be redirected towards improving MIM peg, hence allowing the team to push new cauldrons and increase the MIM availability for existing ones!
If you want to read details on how MagicCRV works, make sure to read the Curve whitelisting proposal here where we explain in depth each mechanics of the product!
Note that once the mCRV cauldron will be live, users will be able to leverage both CRV price and the 3Crv yield coming from locking the token! More information on the market will come closer to its launch, but the oracle price will rely on CRV price entirely!
The capital to seed the initial CRV — mCRV pool is coming from Expecto Patronum. Find out more about Expecto Patronum here.
Over the last couple of days, $13.5M worth of CRVs have been acquired through Alameda (for a total of 5,783,805.72 $CRV), using the MIMs collected by Expecto Patronum, and will be locked in mCRV and used to vote towards both the mCRV — CRV pool and the main MIM pool. The remaining MIM are kept in the treasury for treasury management purposes and operational expenses.
In order for the MagicCRV voter to take part in the weekly gauge voting, it requires to be whitelisted by the Curve Governance DAO. We have just posted the proposal for it, and we would like to ask every Abracadabra user to show their support underneath it!
You can find the proposal here.
We will make sure to keep you posted on our socials on any update on the proposal mentioned above and the whitelisting process!
Once the whitelist process is complete we will launch the mCRV market and start allowing people to deposit!