Curve-Convex Authorization & DeFi Bots
Cobo Argus now supports the Authorization strategy, Withdrawal Bots and Farming Bot for the Curve-Convex protocol.
Curve Finance (hereafter referred to as Curve) is an exchange liquidity pool on Ethereum. Curve is designed for efficient stablecoin trading and supplemental fee income for liquidity providers, without an opportunity cost. DeFi users can provide liquidity on Curve to earn CRV rewards.
Convex Finance (hereafter referred to as Convex) is an inventive DeFi protocol built on top of Curve. At its core, Convex rewards Curve liquidity providers and CRV stakers with additional DeFi yields. Users can provide liquidity on Curve and then stake their LP tokens on Convex to earn CVX on top of Curve's native rewards.
Cobo Argus now supports the Authorization strategy, Withdrawal Bots and Farming Bots for the Curve-Convex protocol.
1) Authorization: Admins can delegate certain operations (e.g., depositing funds on Curve, staking LP tokens on Convex) to selected team members. These team members can then complete their authorized operations using a single-signature, enhancing the efficiency of internal team collaboration. Furthermore, this Authorization feature ensures a seamless workflow, boosting the flexibility and simplicity of on-chain collaboration amongst team members.
2) Curve-Convex Farming Bots: DeFi users can configure trigger conditions for the Farming Bots, including time intervals, reward amounts, and gas fee thresholds. The Farming Bot will continuously monitor the selected protocol and automatically execute tasks once the set conditions are met. These tasks include transferring CRV and CVX rewards to a designated receiving address or swapping them into USDT (or other tokens) via a decentralized exchange.
3) Curve-Convex Withdrawal Bot: DeFi users can configure triggers such as Pool Weight and Deposit Ratio for the Withdrawal Bot. The Withdrawal Bot will continuously monitor the selected protocol and automatically execute tasks once the set conditions are met. For instance, when a user's deposit ratio exceeds the set threshold, the Withdrawal Bot will automatically withdraw their funds into safety.
Cobo Argus offers a comprehensive range of features and services for Curve-Convex users. These encompass everything from streamlined single-signature operations and automated farming for improved investment efficiency, to timely withdrawals during extreme market movements. In this section, we will guide you through the process of using Cobo Argus to engage with and invest in the Curve-Convex protocol.
How to create a Safe{Wallet}
How to create a Cobo Argus account
How to set up the Curve-Convex Authorization
How to set up Farming Bots for the Curve-Convex protocol
How to set up Withdrawal Bots for the Curve-Convex protocol
How to top up my Gas Account
How to view and manage my DeFi bots
Note: In the following example, we use funds held within the Safe{Wallet} for setting up the Authorization strategy and configuring the Withdrawal Bots as well as the Farming Bots. After creating a Safe{Wallet}, you can transfer funds to the Safe{Wallet}. Alternatively, you can use a personal wallet like MetaMask to provide liquidity on the Curve-Convex protocol first and then transfer your LP tokens to the Safe{Wallet} for subsequent investment operations.
1. How to create a Safe{Wallet}
DeFi protocols are built on decentralized networks, and users engage with these protocols and execute associated transactions through crypto wallets. Thus, having a crypto wallet serves as the initial stride towards entering the realm of DeFi. Various options are available for users to create their crypto wallets, such as MetaMask, WalletConnect, Trust Wallet, and Ledger. For illustrative purposes, this sub-section uses MetaMask as an example.
Cobo Argus is an on-chain digital asset management tool, crafted upon the foundation of Safe{Wallet}. Once you have a crypto wallet, you can proceed to create a Safe{Wallet} to kickstart your DeFi journey on Cobo Argus.
Step 1: Connect MetaMask and top up gas fees
Select the ETH Mainnet Network and connect your MetaMask. Because gas fees will be incurred when you create a Safe{Wallet}, please top up gas fees in advance (i.e., ETH on Mainnet Network).
Step 2: Head to Safe{Wallet}: https://app.safe.global/welcome
Click on "+ Create new account".
Step 3: Name your wallet, select the Ethereum network, and click on "Next"
Step 4: Add Safe Owner(s)
If your team requires multiple members to collaboratively manage funds under the Safe{Wallet}, you can add their wallet addresses and designate them as Safe Owner(s). You can also configure how many Safe Owner(s) are required to approve each transaction.
For example, adding two wallet addresses indicates that the Safe{Wallet} has two Safe Owners. Choosing "1 out of 2" represents a 1/2 signature scheme where each transaction requires confirmations from at least one Safe Owner.
Please enter the wallet addresses of your team members who need to be Safe Owner(s), choose a threshold, and then click on "Next".
Step 5: Complete a single-signature transaction using your connected wallet
Click on "Confirm" to complete a single-sig transaction. Your Safe{Wallet} will be created once the transaction is completed.
Step 6: Head back to Safe{Wallet} homepage
Congratulations! Your Safe{Wallet} has been successfully created. On the Safe{Wallet} homepage, you will see the following components:
New Transaction: Safe Owner(s) can initiate multi-signature transactions
Assets: Safe Owner(s) can view assets held in the Safe{Wallet}
Transactions: All transactions under this Safe{Wallet} will be displayed, including queues (transactions awaiting signatures), history (completed transactions) and more
Address Book: All wallet addresses will be displayed
Apps: A list of dApps associated with the Safe{Wallet} will be displayed
Settings: You can view basic information such as the Safe{Wallet} version, Safe Owner(s) addresses, signature threshold and more
2. How to create a Cobo Argus account
Step 1: Sign up for a Cobo Argus account
Currently, you can create an account on Cobo Argus using an email address or a wallet address. For more information on how to create an account on Cobo Argus, please refer to this user manual.
Assume that you sign up on Cobo Argus using a wallet address. To log in to your Cobo Argus account, you will need to click on "Connect Wallet" and then sign a message in your MetaMask.
Click on "Sign-In".
Click on "+Import" and select "MetaMask" to import your Safe{Wallet} to Cobo Argus.
Select all Safe{Wallets} you would like to import. Then, click on "Continue".
Enter a name for your Safe{Wallet} and click on "Import". Then, sign a message in your MetaMask.
You have successfully imported your Safe{Wallet} to Cobo Argus.
3. How to set up the Curve-Convex Authorization
Admins can delegate certain operations such as depositing funds and staking tokens to selected team members. The delegated team members can then complete the operations using a single-signature, eliminating the need for a multi-signature approval from Safe Owner(s). By streaming the authorization process from multi-signature to single-signature, Cobo Argus helps DeFi teams boost collaboration efficiency.
We will use the "Curve-Convex-stETH-ng" pool as an example to guide you through the process of configuring the Curve-Convex Authorization on Cobo Argus.
Step 1: Admins need to invite team members and set their roles to "Operators"
Admins need to click on "Team" on the left menu and the click on "+ Invite".
Admins can invite team members using their email addresses or EOA addresses. For more information, please refer to this user guide.
Step 2: Add team members' addresses
Once the team members have successfully joined an organization, they (or the admins) can proceed to add addresses. These addresses will be used during the authorization process.
If you are a team member, you can add addresses by clicking on "Me" on the left-side menu.
If you are an admin, you can add and manage addresses by clicking on "Team" on the left-side menu.
For more information, please refer to this user guide.
Step 3: Click on "Strategy" on the left menu, select a pool, and set up the Authorization strategy
Click on the "Curve-Convex-stETH-ng Authorization" pool.
On the investment console, choose the corresponding Safe{Wallet} and click on "Create Safe Module.
Click on "Continue".
Safe Owner(s) will need to complete a multi-signature confirmation on Safe{Wallet}.
Safe Owner(s) will need to head to Safe{Wallet} and click on "Transactions" on the left menu. Then, click on "Execute".
Your Cobo Safe Module has been successfully created.
Return to the "Curve-Convex-stETH-ng Authorization" homepage and click on "Authorize".
Click on "Create Safe Role" to create a new role.
Admins will need to first add an address to the role. A multi-signature transaction will then be initiated. For more information, please refer to this user guide.
Note: Once the multi-signature transaction is completed, the Safe Role name cannot be edited or changed.
The Safe role will be created once the multi-signature transaction from Safe Owner(s) is completed.
Return to the Authorization configuration page and delegate the following Curve-Convex-stETH-ng permissions to the corresponding Safe role:
Deposit: Admins can delegate the permissions for providing liquidity on Curve and/or staking LP tokens on Convex to the corresponding Safe role.
Withdraw: Admins can delegate the permissions for removing liquidity from Curve and/or withdrawing staked LP tokens from Convex to the corresponding Safe role.
Claim: Admins can delegate the permissions for claiming token rewards from Convex to the corresponding Safe role.
A multi-signature confirmation from Safe Owner(s) will be initiated. Click on "Check the transaction" to view its progress.
Step 4: Delegated team members can complete their authorized operations using a single-signature
Delegated team members can complete investment operations using a single-signature, all within Cobo Argus' platform.
Note: Only authorized operations will be approved. Unauthorized operations will be directly rejected.
Delegated team members will need to click on "Cobo Safe" on the left menu and select a Cobo Safe. Then, connect WalletConnect in order to interact with the Curve-Convex protocol via Cobo Argus.
Delegated team members can head to Curve, for instance, and click on "CONNECT WALLET" on the top-right corner. In the pop-up window, select "WalletConnect".
Copy the connection URI.
Return to Cobo Argus and paste in the WalletConnect URI.
Cobo Safe is now successfully connected to Curve. Delegated team members can head to Curve to complete their authorized operations using a single-signature.
On the top-right corner, delegated team members will be able to view the connected Cobo Safe address.
4. How to set up Farming Bots for the Curve-Convex protocol
Cobo Argus' Farming Bot can help DeFi users continuously monitor the total amount of CRV and CVX rewards they have earned. Based on pre-configured trigger conditions, the Farming Bot can execute tasks once it is triggered, such as automatically claiming token rewards and transferring them to a designated receiving address.
Step 1: Click on "Bots" on the left menu and locate the "stETH-ng Farming Bot"
Select the corresponding Safe{Wallet} and Safe Module. Then, click on "Set Up Bot".
Enter a name for the Farming Bot.
Step 2: Set up triggers for your Farming Bot
Cobo Argus' Farming Bot currently supports three types of trigger conditions.
Time Interval: the frequency at which the Farming Bot will be triggered (e.g., per minute, per hour, daily, weekly).
Rewards Amount: the threshold amount of a specific type of token rewards at which the Farming Bot will be triggered.
Gas Price: the Farming Bot will be triggered if the gas price is equal to or below a specified threshold.
You can set one trigger or multiple triggers.
One trigger: the Farming Bot will be triggered if the selected trigger condition is met.
Multiple triggers: the Farming Bot will be triggered only if all of the selected trigger conditions are met.
Step 3: Set up tasks for your Farming Bot
Cobo Argus' Farming Bot currently supports two types of tasks.
Notification: Cobo Argus will send an email to the Admins and Operators of the organization each time the Farming Bot is triggered.
Manage Rewards: The Farming Bot can transfer your CRV and CVX rewards either to the same receiving address, different receiving addresses, or swap them into a selected type of tokens via a decentralized exchange.
Note: If you have not added any addresses yet, click on "Add Address". If you need to transfer your rewards to a new team member's address, click on "Invite Member".
Step 4: Review token approval
Review the list of tokens in the Safe{Wallet} that require your approval for use by the Farming Bot.
Step 5: Sign a message using your MetaMask and complete a multi-sig transaction on Safe{Wallet}
Click on "Check the transaction" to view its progress.
Safe Owner(s) will need to head to Safe{Wallet} and then click on "Execute".
Your Famring Bot will be successfully created once the multi-signature transaction from Safe Owner(s) is completed.
5. How to set up Withdrawal Bots for the Curve-Convex protocol
The Withdrawal Bot is designed to automatically withdraw liquidity from a liquidity pool on behalf of the users when specific trigger conditions are met, such as a significant reduction in Total Value Locked (TVL) or an uneven distribution of token weights within the pool.
Step 1: Click on "Bots" on the left menu and locate the "Curve Convex–stETH-ng Withdrawal Bot"
Step 2: Click on "Set Up Bot" after selecting a Safe{Wallet} and a Safe Module
Enter a name for your Withdrawal Bot.
Step 3: Set up a trigger for your Withdrawal Bot
The stETH-ng Withdrawal Bot supports the following triggers:
Pool Weight: Pool weight refers to the proportion of a specific token in a liquidity pool. When the pool weight of a specific token in a liquidity pool fluctuates significantly, it indicates that the token may have deviated from its pegged value. In Curve’s stETH-ng pool, for instance, stETH may have become de-pegged if its pool weight is significantly higher than that of ETH. You can customize the pool weight of a specific token in a liquidity pool for the bot to monitor continuously.
Deposit Ratio: Deposit ratio refers to the proportion of funds that a user has deposited into a DeFi protocol compared to the total amount available for withdrawal in this protocol. In general, the amount available for withdrawal should be much higher than the amount a user has deposited. If a large number of users request withdrawals simultaneously, however, it may cause a sudden decrease in the total amount available for withdrawal from the protocol. You can customize your deposit ratio in a pool of the selected DeFi protocol (i.e., Curve, Convex) for the bot to monitor continuously. The Withdrawal Bot will automatically withdraw your principal amount from the protocol if the actual deposit ratio meets or falls below the threshold you set.
You can set one trigger or multiple triggers.
One trigger: the Withdrawal Bot will be triggered if the selected trigger condition is met.
Multiple triggers: the Withdrawal Bot will be triggered only if all of the selected trigger conditions are met.
Step 4: Set up tasks for your Withdrawal Bot
You can set up the following tasks for the stETH-ng Withdrawal Bot.
Notification: Cobo Argus will send an email to the Admins and Operators of the organization each time the Withdrawal Bot is triggered.
Withdrawal: The Withdrawal Bot can withdraw your principal amount into a single type of token or multiple types of tokens that are supported by the pool.
Multiple types: Your LP tokens will be withdrawn into multiple types based on the current token ratio in the liquidity pool. For instance, the stETH-ng Withdrawal Bot can withdraw your LP tokens into stETH and ETH according to the token ratio in the stETH-ng LP pool.
Single type: Your LP tokens will be withdrawn into a single type. Assume that you've deposited stETH and ETH into Curve's stETH-ng pool and you want to withdraw your LP tokens into ETH only. In this case, the stETH-ng Withdrawal Bot can withdraw your LP tokens into stETH and ETH, and the automatically swap them into ETH.
Note: You will need to set a slippage threshold. An extremely low threshold may result in withdrawal failures, while an extremely high threshold might lead to losses.
Step 5: Review token approval
Review the list of tokens in your Safe{Wallet} that require your approval for use by the Withdrawal Bot.
Step 6: Safe Owner(s) will need to complete a multi-sig transaction on Safe{Wallet}
Click on "Check the transaction" to view its progress.
Click on "OK" to complete the setup.
6. Top up my Gas Account
Gas fees will be incurred each time the Withdrawal Bot executes a task. To make sure that your Withdrawal Bot will function properly, please top up your Gas Account in advance.
Click on "Deposit" under Gas Account or click on "Gas Account" at the top of the page.
Note: Before making a deposit, make sure that the blockchain network is correct.
7. How to view and manage my DeFi bots
Click on "Bots" on the left menu and locate your DeFi Bot.
Click on "View All" to view its running status.
Click on "Edit" to modify the settings of your DeFi bot.
Click on "Terminate" if you want to permanently remove a DeFi bot. Because terminating a DeFi bot will remove its on-chain authorization, a multi-sig transaction from Safe Owner(s) is required.
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