Curve Wars concept

Concept · PageRank 0.0000

Overview

The 'Curve Wars' describe the competition among DeFi protocols to accumulate veCRV voting power in order to direct Curve Finance's CRV token emissions toward their own liquidity pools. CRV holders can lock tokens for between one week and four years to receive vote-escrowed CRV (veCRV), which votes weekly on how emissions are distributed across Curve's gauges. Convex Finance industrialised this by aggregating users' CRV into permanently locked veCRV, at one point controlling a majority of veCRV voting power, which shifted the contest toward paying incentives, or 'bribes', to vlCVX holders on marketplaces such as Votium. Protocols such as Abracadabra spent heavily to channel emissions to their own stablecoin pools.

Relations

No connections recorded for this entity in the DeFi Intel knowledge graph yet.

Frequently asked questions

What is veCRV?

Vote-escrowed CRV: CRV locked for between one week and four years, which grants weekly votes over how Curve's CRV emissions are allocated across liquidity pools.

Why was Convex Finance central to the Curve Wars?

Convex let users deposit CRV without a personal four-year lockup, aggregated those deposits into veCRV and accumulated over half of veCRV voting power, effectively becoming the kingmaker in Curve gauge votes.

What are 'bribes' in this context?

Payments protocols make to veCRV or vlCVX holders — via platforms such as Votium — to persuade them to vote emissions toward the payer's pool; Abracadabra's MIM was a prominent spender.