YIP: YDS - Provide liquidity on wBTC/ETH to farm Sushi rewards

[feddas]

YIP: YDS - Provide liquidity on wBTC/ETH to farm Sushi rewards.

Basic Summary
Purchase of wBTC was recently passed via forum proposal here:

YIP: YDS Purchase of $125k additional ETH and $250k wBTC and Tail Risk Management

YDS Purchase of $125k additional ETH and $250k wBTC and Tail Risk Management Basic Summary While the dev team is working with the set dev team on creating the necessary contracts for Yam governance to set guardrails and assign the portfolio manager, I would like to go ahead and start acquiring the assets that will be needed in the Yam Dao Set. Link to the most recent update: Our current assets that will be allocated to YDS from the treasury are (assuming a $1mm starting allocation): yUSD…

Snapshot:

Snapshot

There is still UI development and testing needed to get YDS production ready. In the mean while there are underutilized assets in the treasury.

This proposal would use the ETH and wBTC in the treasury to provide liquidity on Sushiswap ETH/wBTC pair and then stake LP tokens to farm Sushi.

Abstract
YDS’s (Yam Dao Set) goal is to utilize and grow treasury assets. Only a % of the treasury will be invested into the YDS, to be determined when YDS has been tested and production ready.

While we develop YDS it makes sense to utilize the assets inside the treasury to improve yield. Sushiswap currently offers best yield for ETH/wBTC @ 23.07% APY (2/3 of that is vested over 6 months per sushiswap.fi) as of 12/17/2020

Motivation
Gaining additional yield on an well known and audited platform like sushiswap is relatively low risk and adds yield.

Specifications
There would need to be an on-chain vote to implement. Snapshot to start relatively shortly if there are no comments and poll shows 90%+ approval.

Poll to Measure Sentiment
Yes, Pair wBTC and ETH to farm Sushi
No do not Pair and Farm Sushi

• Yes, Pair wBTC and ETH to farm Sushi
• No do not Pair and Farm Sushi

[sombody]

as eth and btc grown radically, I think treasure buying additional eth and Btc at the high price is risky

[feddas]

At this point in time, ETH has already been bought and wBTC has passed snapshot approval. So there won’t be an additional buying, it’s just a question of farming right now.

此时，ETH已经被购买，wBTC已通过快照批准。 这样就不会有额外的购买，这只是现在的农业问题。

[feddas]

Currently our YDS Portfolio Manager @krugman and others in the community have recommended that we delay the purchase of wBTC to wait till the volatility settles down.