Curve Wars event

Event · PageRank 0.0008

Overview

The "Curve Wars" is the name given to the competition among DeFi protocols to accumulate veCRV — the vote-escrowed form of Curve's CRV token — because veCRV holders direct where Curve's CRV emissions (and therefore the deepest stablecoin liquidity) are allocated. Yearn Finance and Stake DAO competed first, and the contest escalated after Convex Finance launched on May 17, 2021 and accumulated over a billion dollars in TVL within two weeks, overtaking Yearn. The dynamic gave rise to vote 'bribes', where protocols pay veCRV or vlCVX holders to direct emissions to their pools. Tensions were high enough that in November 2021 Curve invoked its Emergency DAO over what was described as a governance attack.

Within the DeFi Intel graph, Curve Wars connects to 1 tracked entity, most strongly to Curve Finance.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 1 of 1 total).

Frequently asked questions

What are the Curve Wars about?

Control of veCRV, the vote-escrowed CRV that determines how Curve's CRV liquidity-mining emissions are allocated across pools — and therefore which protocols get deep, cheap liquidity.

What role did Convex Finance play?

Convex launched on May 17, 2021 and within two weeks had accumulated over $1 billion in TVL, surpassing Yearn Finance and becoming the dominant aggregator of veCRV voting power.

What are 'bribes' in this context?

Payments made by protocols to veCRV holders — additional token rewards in exchange for votes directing CRV emissions toward the payer's pool.