Stake DAO

As a result of having locked over 2.1 million CRV on Curve.fi, Stake DAO will be eligible to receive an airdrop from a new protocol launching called Convex Finance. Convex Finance expects to launch at the end of April, but currently has no specific date set. Convex Finance was created by several Curve community members, and will offer a variety of services that utilize Curve.fi liquidity pools.

The CVX token will be airdropped to users and communities that hold veCRV (CRV locked on Curve.fi). The token supply for CVX is 100 million with 1% being airdropped. An additional 1% of the total supply is being given to users/communities that vote yes to white listing Convex Finance on Curve.fi (Stake DAO would vote yes/no on the communities behalf).

Unlike the EPS airdrop on Binance Smart Chain, this will be a single airdrop. The airdrop of CVX will be instantaneous, and the entirety of the CVX tokens will be received immediately.

More information about Convex Finance and their launch can be found here: https://convexfinance.medium.com/convex-finance-pre-launch-announcement-3630b2a428d0

Convex Finance can be found here: https://www.convexfinance.com\

Now for the important part, how should The Herd vote? As you know, we operate as a DAO. That is to say, our community will be involved every step of the way in how we claim this airdrop, and what we do with it. As this vote will require 2 decisions to be made, we will create 2 proposals for the DAO to vote on. The second vote is as follows.

What should Stake DAO do with the airdropped CVX tokens? Please note these votes will run for approximately 5 days.

Convert 100% of CVX tokens to SDT and gift them to the Sanctuary (those that have staked SDT on the governance tab at Stake DAO).

Convert 100% of CVX tokens to SDT and distribute 50% to the Sanctuary and 50% to sdveCRV holders.

Convert 100% of CVX tokens to SDT and distribute 25% to the Sanctuary and 75% to sdveCRV holders.

Convert 100% of CVX tokens to SDT and gift them to sdveCRV holders.

Stake 100% of CVX on Convex Finance to receive a portion of platform fees paid in cvxCRV (Convex Finance LP token for locking CRV on their protocol). cvxCRV will be distributed 50/50 to the Sanctuary and sdveCRV holders periodically.

Stake 50% of CVX on Convex Finance (APY TBD) to receive a portion of platform fees paid in cvxCRV and distribute the remaining 50% to the Sanctuary and sdveCRV holders. Additional cvxCRV will be distributed 50/50 to the Sanctuary and sdveCRV holders.

Sell half of CVX rewards for ETH, and stake in CVX/ETH liquidity pool earning rewards. Distribute those rewards 50/50 between users staked in The Sanctuary and sdveCRV holders.