BIP 85: Add bveCVX and bveCVX LP as Native in Boost

Category: Boost

Status: Pending

Scope: Adjust boost so that bveCVX holdings count towards native balance

Tl:dr

With this change, holdings of bveCVX and bveCVX lp (50% of the value like BADGER lp) will now count as native balance in boost. The amount will be additive to an addresses current native balance assigned by HODLing BADGER/DIGG in your wallet or an approved smart contract. Any address can increase their native balance by up to 50% by holding bveCVX and bveCVX lp. Each dollar of bveCVX and bveCVX lp will count as $.50 in Boost up to the maximum increase of 50% of the USD value of your native balance (DIGG + Badger)…

As a formula:

New USD balance for boost = [native USD balance] + min(0.5*[cvx setts usd balance], 0.5*[native usd balance])

Details

The more bveCVX in existence, the more influence Badger has in the convex and curve ecosystem to direct CRV and CVX emissions to Badger vault pools. As Badger continues to build a yield aggregator that can compete in an environment where the control of yield is very competitive, we need a clear incentive to support influence for badger in the system. By including bveCVX in boost there is an added reason to bring your CVX to badger.

To continue to incentivize holding BADGER though bveCVX wont be added simply as another native asset, users will need to hold BADGER to unlock their bveCVX boost. For each address participating in the bveCVX or bveCVX LP Vaults, the smaller of 50% of USD value of native tokens or 50% of USD value of CVX sett (bveCVX and bveCVX LP) positions will be added to the current native USD balance. The stake ratio for boost will be calculated based on the ratio between the native + cvx boost balance and the non-native deposits. New USD balance for boost = [native USD balance] + min(0.5[cvx setts usd balance], 0.5*[native usd balance])

BADGER + DIGG bveCVX or bveCVX LP Current Boost New Boost
$0 $1,000 $0 $0
$500 $1,000 $500 $750
$1,000 $1,000 $1,000 $1,500
$1,500 $1,000 $1,500 $2,000
$2,000 $2,000 $2,000 $3,000
$3,000 $6,000 $3,000 $4,500
$3,000 $500 $3,000 $3,250

As we look forward at Badger and consider the potential new ecosystems where it will be important to build influence and potential for expanding the products Badger offers, putting a model like this in place that can incorporate and scale with these new influence assets is critical to the future success of Badger.

  • Yes, add bveCVX to Boost as described here
  • No, do not add bveCVX to Boost

0 voters

2 Likes

Good morning sir. Thank you for putting this together.

I just want clarification. You say “LP” as if the bvecvx needs to be paired for trading, is this what you mean? The confusion compounds when the rewards are 50% for this token.

I think you mean one can deposit these tokens into the values and they’ll simply be valued at 50% for boost purposes with no need for further action. Is that correct?

Thanks again

Hi Berry,

You can be in either straight bveCVX or the bveCVX/CVX curve LP.

If you have the bveCVX/CVX curve LP token 50% of that (the bveCVX side) will be credited towards boost calculation.

If you are in bveCVX (not LP) 100% of that will be credited towards boost calculation.

Then from that point is when the formula/boost table example is used where a maximum of 50% of your Badger/Digg value will be used for boost calculation.

$100 in bveCVX/CVX lp a max of $50 will be used in calc.
$100 in bveCVX a max of $100 will be used in calc.

1 Like

Many thanks for the explanation sir.

Looks like a good change to me but Badger boost is getting kind of complicated. I think it would be nice to update the UI along with this change to show how each of your assets (NFTs, native, bveCVX, and non-native) plays into the boost formula.

I don’t agree its complicated. Think is quite straightforward, but updating the UI to reflect this would be nice anyway. +1!

I think we will. Right now the UI shows how much of your boost comes from NFT. We can also show bveCVX, and yeah while we are at it, maybe also show Badger and then the sum of them all. I will suggest this to the frontend team.

A more detailed boost calculator may take longer, but showing the breakdown should be easy.

2 Likes