An in-depth development of the three phases of the civil war

With the involvement of many important projects and the birth of spin-off projects, the concept of Curve War came back into our vision.

In fact, the War of Curves has been going on since the launch of the Curve Native CRV token in August 2020, but every step is different, from easy initial trading earnings to the birth of Convex to completion. handling nesting dolls and voting for high bribes; The procedures for participating in various games include Yearn & Stake DAO, Olympus DAO & FRAX, several Alchemix & Abracadabra stable, a new [Redacted] Cartel position, and even this curve. A model appears.

In this article, we'll take a look at the variation of the Curve War on the road and look at the current impact and environmental impact of this model.

known story

Curve, a stable AMM fund focused on lows, announced a CRV token in August 2020 to increase capacity. The CRV is both a management token and an electronic device, but to take advantage of both, CRV owners must join their CRV as a veCRV. And there are only four options for the duration of the veCRV registration, from 1 to 4 years, the longer the user locks their CRV, the more veCRV you get. Specifically, 1 CRV lock for 4 years receives 1 vCRV and 1 CRV lock for 1 year receives 0.25 vCRV.

The veCRV does not change and the cost of veCRV decreases linearly as the CRV lock gradually reaches its expiration time, so if the lock time is not locked, the CRV lock time should be adjusted regularly to maintain the heaviest weight.

veCRV has three main uses:

to vote.

Get 50% Off Contract Price: Buy 3CRV LP Tokens from Curve Stable Pool (e.g. DAI USDC USDT Fund Pool) and return them to veCRV holders.

Improve the benefits of developing a liquid business.

For example, BSC Ellipsis' DEX project is dropping 25% of all EPS EPS tokens for veCRV users, and Convex's CVX token has also dropped in all weather. 1% for veCRV users.

Daily CRV output to support the mining industry is determined by Curve's "Gauge Weight Voting" base DAO module, and users can vote for "Gauge Weight Voting" through their veCRV per order next CRV week. For each shared pool, the pool with the highest partition is the preferred water source.

Gun Pond for the surrender of surfers: Tokyo predominates

This can be interpreted as the first stage of the war curve, "The Battle for Machine Gun Performance", usually led by Yearn, followed by a group of other machine guns.

Curve is an important source of income for almost all Ethereum pools due to its stable income, high efficiency, and better security. They collect user assets, encapsulate them layer by layer to receive CRV tokens for processing costs, and then deposit them into the curve.

Meanwhile, in addition to purchasing multiple CRVs and locking systems to improve the company's revenue, you also need to work hard on the product.

Yearn's product design

After accumulating a large number of Stable Numbers (yVault), Curve Mining Market, and received rewards in CRV tokens, Yearn sold 90% of CRV as Stable Coins to continue mining.

Yearn has pledged the remaining 10% of its CRV offerings to veCRV and established a new fundraising fund, the yveCRV Vault, to accept the new CRV. It is more attractive to users than the direct version of Vault Curve. Meanwhile, the new preference and maintaining the veCRV weight of the yveCRV chest can accelerate the stable pool's market making income and achieve more CRV benefits. The gift value is adjusted based on CRV and secured in veCRV with mixed interest, resulting in a separate yvBoost safe to turn into a stable safe, creating a flywheel effect. . (Note: this is Yearn's first concept, which has been extensively modified by the Convex Trust)

Additionally, some small stakeholders may find that staking CRV as vCRV works well, but no feedback. So, to get a better user experience, Yearn also introduced the yveCRV / ETH and yvBoost / CRV liquid water filters.

In the sequel, other machine guns like Stake DAO appear one after the other, but the gameplay is very similar.

But the emergence of Convex marked the next stage of Curve Wars.

Matryoshka management: convex

Convex is a CRV staking and liquidity extraction platform focused on the ease of use of the curve. If you've been involved in the business marketing of Curve, you will understand that the retro panel interface and compact logic are not good consumer products. Convex, on the other hand, allows financial service providers to participate in the curve through their own login and users can sign up with Convex. CRV requires paid CRV and other functions, and unlike operational restrictions, which should be set directly on curve and weight for as long as possible, users can earn income without locking in CRV.

Convex product design

First, let's talk about Convex Curve LP pool, users can create Curve LP tokens in Convex pool. In the Yearn design above, Yearn is mixed income, so you can see the growth of the principal, but Convex will not be rewarded. Distributed directly to users, the platform pays 17% of CRV rewards.

In Convex, users can also convert CRV to cvxCRV and then validate cvxCRV. This pool can add the first elements of the above platform to the donation of veCRV (contract price and drop time in the form of 3CRV as mentioned above). We claim 10% free CRV (in cvxCRV format) and CVX, convex protocol always token. (Currently, users of cvxCRV pools do not have the same rules as CRVs.)

Users with the CLC history symbol have two options. The first is the engagement, the second is the registration (at least 16 weeks) and the proceeds of collecting 5% of CRV freebies from the platform in the first item above. (type cvxCRV), CVX lock income is greater than the contract (sometimes the additional income is distributed to the pool that locks CVX), and CVX locks are also available. The management of votes is similar to veCRV.

Likewise, cvxCRV has a business partner cvxCRV / CRV on SushiSwap to allow users to opt out of the second level.

It should be noted that in Convex products, the veCRV policy and the revenue policy are separate.

The CVxCRVs converted and secured by CRV represent the veCRV revenues.

And vlCVX lock CVX represents the voting right of veCRV.

In this way, Convex was able to benefit greatly from CRV by designing more commercial products and additional gifts of the CVX token, while also granting the racing user the right to vote the CVX token on Curve.

According to recent statistics from Delphi, 85% of Curve's TVLs are now borrowed from Convex, and Convex is already the largest holder of veCRV, accounting for 47% of the total.

With the continued development of Curve TVL, parties to various Stabilitécoin algorithmic projects in the industry have gradually realized that the Curve infrastructure can support the value of stable funds without undermining and controlling certain income levels.

The entry of both parties into the Algorithmic Stability Project is also the next step in the war curve.

CLC Voting and Frequent Bribes: A Stable and Stable Project Party Calculates Income

In general, if a project such as the algorithmical Stabilitycoin wants to obtain better liquidity on the curve, it is to have the market develop by its group of trading partners. There are now two ways to increase your refund. One is to use the project token token as additional support, and the other is to vote to increase the CRV support of the market capitalization partner.

The first option is not major and the second option is now that Convex has a firm grip on the voting rights of the Curve, so the parties refuse to accept the CRV's promise to vote and pass for CLC. Some call this stage the convex war because of the curve's voting power.

Recent statistics from Delphi give us an overview of the current state of the various regulations relating to CVX holding companies.

Indeed, for the right, participating voters must buy CVX and then close it with vlCVX. This process is not only cumbersome, but also increases the risk of the process. The goal of the process is simply to capitalize on the vote to support the income generating businesses from that investment.

Marketing always goes in the direction of minimal friction, so here's a new plan.voter.

https://bribe.crv.finance/ :Buy a veCRV card.Developed by Yearn founder Andre Cronje, this rich tool enables the process of bribing vCRV holders as gift certificates in exchange for voting users.

https://votium.app/ :Buy vlCVX votes.The structure is the same as before, but the structure changes more because vlCVX has a delegate role.

And the deal appears to grow further down that path, and in November 2021, Frax Financial also announced an increase in Votium's election bribes from $ 500,000 per fortnight of damage to $ 1 million both. weeks.

Another peripheral gameplay and water game from Curve War

By the way, Curve War has generally gone through all three stages above, but there is definitely some expansion / play around this theme combined with the DeFi 2.0 description. For example, use the Bond mechanic to collect CRV or CVX tokens (LobisDAO, REDACTED, etc.) or use the veToken gauge (new token economy model from Yearn, Frax, etc.).

Of note here is Project Cartel [REDACTED], a DAO that used the OlympusDAO Bond mechanism to write CRV, CVX, and Curve LPs and received multiple voting rights for the Curve Gauge. If Curve were to use L1 from the liquid device, Convex was L2 to extend the strength and refinement of the curve, [REDACTED] Cartel would like to be L3 which is the income of the revenue collector, from the L3 layer, then the most common vote, it was to have several CRVs and CVXs in the early stages that had minimal impact on the liquid layer to guide and facilitate product distribution. Although the process has not yet been fully implemented, our first goal is to resolve the veCRV-Gauage voting rights.

The need for multiple DeFi protocols (only stable plans) for the curve is critical to ending the war of curves, and since this application can be predicted to continue over time, the war of curves will continue. But is there a controversy?

Yes, Tokemak!

Tokemak is a very profitable process, and each DeFi process can streamline revenue from its own tokens by securing Tokemak business transactions and distributing them on social media exchanges (if there are enough TOKE token votes). However, Toknak is a guide for more important processes, while Curve is an algorithmic tweak based on the secure Bitcoin protocol.

In essence, Tokemak can help with processes that require the ability to meet specific guidelines for water use, rather than short, expensive guidelines such as starting a business. The purpose of the token is to obtain a vote for the TOKE token. Of course, the token still faces many problems, such as TVL is not large enough, the logic of the operating system is complicated and complicated, and the process requirements must be applied to the token reactor to ensure liquidity. . In a stable currency with minimal slippage, the curve is still free from this problem.

epilogue

Liquidity is a key element of DeFi. The result of the curve provides a solution to the problem of tasks such as algorithmic stability coins. In the future, DeFi compatible play will continue. With the emergence of many new and exciting ways to play, Curve War or Liquid Games takes another step forward.