Silo

**INTRODUCTION **

Today we announced that the core team had used the development fund to buy CVX. The move comes in a plan to build market liquidity for Silo on Curve V2. So far the core team has purchased around ~241,000 CVX for roughly 4.25M USDC.

The amount is held in the development fund now:

https://etherscan.io/address/0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07

Announcement: Silo buying CVX:

https://medium.com/silo-protocol/silo-enters-the-curve-wars-91ba701b8170

Over the coming weeks, the core team aims to buy more CVX until the DAO owns roughly 300,000 – 350,000 CVX through the development fund. We expect the cost to reach ~5.5M USDC in total.

The CVX holdings will be used to direct CRV emissions to a SILO-FRAX pool on Curve V2. Revenues generated from locking CVX (bribes, farming, etc.) will be directed to the DAO.

Read a governance proposal explaining why purchase CVX:

https://gov.silo.finance/t/use-treasury-funds-to-buy-convex-cvx/213

VOTE

You are voting to transfer 2,553 WETH (equivalent of $6M) in WETH to the development fund. We used the lowest ETH price in the last 30 days to calculate the amount in ETH.

Funds will reimburse the development fund for buying 4.25M USDC worth of CVX. The remainder will be kept in the development fund to keep buying CVX until we reach our goal of 300,000-350,000 CVX.

Once we’ve reached our goal, excess funds will be returned to the treasury in WETH.

TRANSACTION

Transfer 2,553 WETH

From: 0xe1F03b7B0eBf84e9B9f62a1dB40f1Efb8FaA7d22

To: 0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07