Introduction:
Stake DAO is a non-custodial platform built on top of decentralized protocols that enables anyone to easily grow their crypto portfolio.
Among the various services that Stake DAO offers, Stake DAO allowed users to stake their CRV tokens, which were locked in to veCRV on Curve, in exchange for sdveCRVs.
Motivation:
Stake DAO users used this service and the sdveCRVs received in return for the users’ CRV lock were subsequently placed in the Balancer Pool to provide liquidity on sdveCRV/CRV. As a result,
StakeDAO had 83,053.205742818150358418 3CRV stuck in sdveCRV contract and only the Balancer vault address was eligible to claim them
However, because of the specificities of the Balancer Pool and sdveCRV contract, claiming these 3CRV was impossible for Stake DAO. Therefore, to recover and redistribute the 3CRV rewards to the users who had initially entrusted CRV to Stake DAO, it was agreed with the Balancer and Stake DAO to move these 3CRV stucked to the Balancer ProtocolFeesCollector (0xce88686553686da562ce7cea497ce749da109f9f) and then send them back to the Stake DAO multisig address, via this proposal, to allow Stake DAO to redistribute them to the eligible users.
Risks: There is no specific risk associated with this proposal
Specification:
Balancer & Stake DAO have agreed that the exchange will take place as follows
Already done : Stake DAO sent 83,053.205742818150358418 3CRV from 0x478bbc744811ee8310b461514bdc29d03739084d to Balancer ProtocolFeesCollector : 0xce88686553686da562ce7cea497ce749da109f9f via https://etherscan.io/tx/0x6a188cdf368d6e8bfd0b290397194f704646b97105282c9556c1f499d9ce7d7b
1/ Balancer send all the 3CRV received to StakeDAO multisig address: 0xf930ebbd05ef8b25b1797b9b2109ddc9b0d43063
2/ StakeDAO creates a merkle tree to give back the 3CRV to the sdveCRV/CRV Balancer Pool holders based on their share of rewards.