Abracadabra has already whitelisted Curve LP & Yearn Finance vaults as collateral. Concentrator, project incubated by Aladdin DAO, and built on top of Convex Finance, offer harvester vaults on several different LP where all harvested rewards are then concentrated into blue chip assets.
The Aladdin community has praised more leverage on top of Concentrator products, and thus we would like to request to whitelist Harvester Vaults from Concentrator.
Concentrator, project incubated by Aladdin DAO, is a yield optimizer built around the idea of positive sum farm-and-hold yield farming. Audited by Peckshield & Secbit, Concentrator has been operational since March 2022 (https://defillama.com/protocol/concentrator)
Built on top of Convex Finance, harvesters vaults received the same rewards as Convex LPers. Those rewards are then compounded into the preferred blue chips asset selected by the LPer on Concentrator from what is called Compounder vault.
Compounder vaults: Total TVL: 16m$ as of 24-Jul
The top Compounder vault with TVL > 2m$ are:
asdCRV - Auto-compounded sdCRV staked on Stake DAO.
aCRV - Auto-compounded cvxCRV staked on Convex
afrxETH - Auto-compounded frxETH/ETH LP
abcCVX - Auto-compounded multi strategy around CVX yield farming
aFXS - Auto-compounded cvxFXS staked on Convex, should see an increase of TVL since Governance proposal was approved to go from cvxFXS/FXS LP to staking cvxFXS, increasing the underlying yield.
Harvester vaults:Total TVL: 47m$ as of 24-July
61x total different vaults with selective compounder vaults
The top harvester vaults with TVL >2m$ are:
Concentrator offers, as explained above, many other vaults and would like to select with the MIM community the one that fulfills the risk parameters as well as the interest from the MIM community.
Abracadabra has already whitelisted Curve LP (cvx3pool 1.77% APR) & auto-compounded Convex LP from Yearn Finance (yv-3Crypto USDT with 8.47% APY on Yearn).
Concentrator offers many other vaults not available at Yearn, and will offer users to leverage their Yield earned on Concentrator. Leverage Yield Farming has seen a tremendous demand during the last Bull Market & is likely to come back to the same level when risk-on opportunities will rise.
This is why Aladdin DAO would like to whitelist a selection of harvester vaults for the MIM, Curve & Concentrator community.
We would love to discuss the technical requirements to be set-up for the different harvester vaults with the Abracadabra community.
- Initial Interest:
- Borrow Fee:
- Liquidation Fee:
- Initial top up of xm $MIMs
Here are the TVL on Convex of the following LPs:
- Trycrypto USDT: 38m$, pool perfectly balanced
- WBTC/sBTC: 18m$, pool perfectly balanced
- ETH/sETH: 15m$, pool perfectly balanced
- CRV/cvxCRV: 57m$, balance 30%/70%
- clevUSD/FRAXBP: 3.4m$, 67%/33%
The above shows the possibility to easily access deep liquidity of the underlying assets in case of liquidations triggered by the safety parameters. While some assets do not have a Chainlink price feed such as cvxCRV, crvUSD or clevUSD, price feed of LP can be taken directly from Curve, and price feed aTOKEN underlying assets can be taken from Curve times Concentratror Index (aCRV price = cvxCRV x Conentrator Index). If requested, we would be happy to support in writing a specific oracle feed contract.
This proposal is to gather opinions & questions from the Abracadabra community to assess what would be the best harvester vaults to be whitelisted on Abracadabra.
We will be happy to answer any question you may have.
Subli - Core Contributor @ Aladdin DAO