Not all of it goes to buying back FXS, we keep CVX and some ETH on our balance sheet since governance passed that we should not sell off every part of the profit to simply purchase FXS.
thanks. is it true that about $600MM of the frax curve pool is owned by frax itself? and that accounts for the bulk of the AMO profit?
It is true yes. We make other profits across a number of places including lending, cross chain AMOs, but currently a large amount of our profits do come from the Curve-Convex ecosystem yes.
very nice flywheel
btw you're collecting significant bribes from the locked CVX (vlCVX) too and are they included in the daily AMO profit distributed to veFXS? I assume the bribes are all FXS because you're voting for your own pool.
The bribes our locked CVX earns is mostly part of the FXS bribe itself which gets cycled by into the next week’s voting period. If we get non-FXS bribes in the future like our D3 pool with FEI and alchemix, we can decide through governance how we distribute/keep those bribes yes. Perhaps either keep on balance sheet or give it back as yield to veFXS holders.
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