PTIP-94: Redirect Yield from PT V3

This proposal will withdraw yield from deprecated PoolTogether V3 vaults, then deploy smart contracts that redirect yield into PoolTogether V5 permanently.

Abstract

Yield from PoolTogether V3 prize pools will be liquidated using our V5 bots and contributed to the V5 Prize Pool on behalf of the POOL vault. Prizes will grow and POOL stakers will benefit.

Motivation

There are eleven PoolTogether V3 prize pools that are no longer operating. We have facilitated the migration to V5 with the migration app, but there is still $1.5m+ in TVL.

While not large, the deposits are still generating ~$4k USD per month in yield.

Contributing that yield into the V5 Prize Pool on behalf of the POOL vault is the simplest way to integrate the old code.

Specification

Overview

This PTIP will attach a custom V3 Prize Strategy to each V3 Prize Pool. The custom strategy will expose the yield to V5 liquidator bots, which will arbitrage the yield into the V5 Prize Pool.

The yield will be auctioned using a fixed price; this will ensure efficient liquidations as TVL drops and yield diminishes.

Technical Specification

The proposal will:

1. Install adapters for the USDC, DAI, COMP and UNI V3 Prize Pools.
2. Withdraw the current yield from the USDC and DAI prize pools to the treasury (about $75k USD)
3. Set up the adapters to liquidate yield at a fixed price from now on

USDC - $728k TVL, about $3600 per month in yield. 0xde9ec95d7708B8319CCca4b8BC92c0a3B70bf416

DAI - $354k TVL, about $400 per month in yield. 0xEBfb47A7ad0FD6e57323C8A42B2E5A6a4F68fc1a