[GRFC] - Whitelist crvUSD/USDC Convex Strategy for use in Gro protocol


According to the current Gro Protocol yield strategies framework and the comparison with the strategies within the current whitelist(Gro Yield Strategies), We apply to whitelist the Convex crvUSD/USDC pool according to the relevant rules.


  • There has been significant TVL moving into crvUSD LP pools on Convex and Curve. We present an analysis of potential opportunities and risks for Gro DAO in whitelisting crvUSD/USDC pools on Convex as new strategies.
  • Please read our detailed investment analysis on the crvUSD pool strategies for more details
  • The crvUSD/USDC pool ranks 5th compared with current strategies in Gro Whitelist, as shown in the following chart.

crvUSD introduction

crvUSD is an algorithmic asset-backed stablecoin. Its key innovation is in drastically reducing losses during liquidation through the use of Lending-Liquidating AMM Algorithm (LLAMMA).

crvUSD’s circulating supply was $95.6M

More information here: Understanding crvusd - Curve Resources

crvUSD/USDC pool description

crvUSD/USDC is a relatively recent pool, launched in May 2023. During this time, APYs have ranged around the 5-9% mark. TVL currently sits at $55M and has fluctuated between 32M and 95M during the most recent timeframe.


  • Growing adoption of crvUSD in ecosystem evidenced by rapid rise in crvUSD supply
  • Pool size is sufficient to deploy a significant 7 figure strategy allocation
  • Liquidity and price stability have been tested previously, with price returning to peg quickly due to overcollateralization of crvUSD; max drawdown if we needed to remove liquidity would have been 0.5% + slippage of roughly 0.055% for a $2M withdrawal


  • Yield source is mostly CRV rewards rather than fees generated from trades, which could be reduced in the future
  • Relative short time in market for crvUSD and crvUSD/USDC pools

Submission date and next steps

  • Date of Submission: Aug. 21th, 2023
  • Move proposal to Snapshot if RFC feedback is implemented and there is sufficient support: Aug. 26th 2023 (at the earliest)

Signaling Vote

Please indicate below whether you are FOR, AGAINST; or have no opinion (ABSTAIN); on this sub-proposal.

  • For: approve adding crvUSD/USDC Convex to the strategy whitelist
  • Abstain: no opinion on approving crvUSD/USDC Convex as a whitelisted strategy
  • Against: do not approve the whitelisting of crvUSD/USDC Convex as a strategy
0 voters
1 Like