5/ We've put together a complete knowledge base for everything Silo, including:
- How to use the lending app
- Understand dynamic interest model
- Understand lending risk
- SiloDAO & governance
$SILO 🤝 $CVX
* last Friday we decided to get bags of $CVX
* Paid $4.41M for ~250K $CVX
* We used the dev fund
* Posted $SILO <> $FRAX gauge proposal on @CurveFinance gov forum
1/7 Why @ConvexFinance?
Last week we presented the community with options to build deep liquidity for $SILO.
One of the options was starting a pool on Curve v2 and using $CRV emissions to attract liquidity instead of incentivizing with $SILO.
2/7 How did we get $CVX? (1)
On Friday $CVX price declined, offering a good entry. Knowing that buying with treasury would take 10 days, we decided to buy with dev fund and ask the DAO to reimburse it. @Crypto_condom prepared a proposal that @aiham_eth posted on our gov forum
1/9 How does the stablecoin work?
Approved stablecoins are deposited into a pool - @CurveFinance gauge or @BalancerLabs Metastable pool.
Depositors receive LP claim token to mint SiloDollars.
Holders may redeem it for $1/LP token minus 0.85% redemption fee.
2/9 How are the backing stablecoins chosen?
Bi-weekly auction determines which stablecoins back SiloDollar for 14 days. Proceeds from auction accrue to SiloDAO.
In 1st auction, we suggest that there be 3 available backing slots, each representing ⅓ of the total backing.