December 8, 2022: Omnipools 🎉🏊
Conic Finance vlCNC Holders Vote on Protocol Launch Parameters
Disclaimer: Author has exposure to assets mentioned below including $CRV, TriCrypto, but no exposure to $CNC
In 2022, we’re quietly probing the limits of Curve pool architecture.
On Ethereum it’s in the form of a $CRV megapool.
Polygon is flirting with a v2 crypto-metapool containing TriCrypto.
We’re even pushing the boundaries of character limitations…
And outflows…
And pegs of depegged assets
As we push the limits of what is possible for pools, we have to bring up Conic Finance.
Omnipools
We’ve done updates on Conic Finance on a near quarterly basis now, as the team has steadily been progressing throughout the bear…
In fact, the team is preparing for formal audit on December 12th and plan to launch pending the results. Through the entirety of December, the team is holding some major DAO governance votes which will affect the early direction of the project. If you want to help shape Conic’s direction, time to pay attention.
The project’s broader goal remains consistent with the early principles. Omnipools are single-sided staking. That is, you simply invest dollarcoins into an omnipool, and the Conic DAO decides where to park your money for optimized yield.
The specifics have evolved as the team has been working hard in the background. Their white paper a living document being updated to reflect new developments. This entire thread by @ConicIntern on the changes to the white paper is worth a read, but we’ll highlight this one in particular:
Here we’ve received a bit more clarity on the mechanics of the “omnipools.” These omnipools internally consist of a weighted blend of several other pools. Before it looked as though the user had some agency in how this was to be apportioned, but now it appears the pools will automatically allocate these to push towards a specific target.
The change in language also demonstrates some of the mechanics for how Conic Finance intends to manage the process. The emission of the CNC token are distributed as an incentive to rebalance pools, in a process which operates over set rebalancing periods. The process was transparently laid out in more detail in the governance forum last month.
Until the final code is published to the Github repo, the rest is speculation.
We do know the community is holding an active signal vote for the first dollarcoin to be accepted in omnipools. Fan fave $FRAX is leading, but quorum is far away and there’s still several days to vote. If you were the recipient of the Conic airdrop, you should make your voice heard:
From the DAO vote, the next step will involve voting on which Curve pools will be eligible destinations for omnipools. Following this, vlCNC holders will hold a final vote on weightings.
More details on the voting process are described by the team here:
Conehead @Laurabiannight is also threading some additional details on the launch, worth following for updates:
While you’re filling out your Conic Finance library, make sure to follow the
Substack, which provides rigorous coverage of the ecosystem:
$CNC Gud Token?
What factors might you ask your registered financial advisor when you ask them whether to entrust your net worth into Conic Finance?
By now you know we don’t offer investment advice because we’re not particularly good investors. We’ll share our reading of the tea leaves from paying attention to smarter investors.
First up: if you can’t afford subscriptions to independent cryptocurrency journalism, we recommend you simply steer clear of the entirety of cryptocurrency. Whether fortunately or unfortunately, crypto remains mostly a playground for the wealthy.