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, the original author: William M. Peaster, compiled by Odaily translator Katie Ku.Have you ever held CRV? Heard of crypto "bribes"? If the word bribe is confusing (or uncomfortable) to you, I suggest you spend some time understanding Curve's mechanics. Because it is a transparent, auditable, permissionless mechanism,
We have attached two basic introductions to Curve War at the end of the article to help novices better understand the "privilege" of holding CRV.
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Why are people willing to bribe CRV holders?
Curve has a flywheel effect that can enhance CRV's buying power.
The Curve protocol provides CRV released from all Curve LP mining pools;
CRV holders vote with their tokens to determine where CRV will go after release;
The more CRV you hold, the more influence you have over the release of CRV.
The release of CRV tokens is a very valuable incentive for LP (liquidity) pools, so various protocols compete for CRV in order to direct the release to their preferred pools.
This is an excellent example of governance effectiveness.
So, how do you gain exposure in this game to accumulate CRV? First, you can gain enormous buying power by purchasing CRVs.
If you want to increase your exposure, you can also participate in the governance process and accept "get paid to vote".
You can call it a bribe, you can call it a dividend, or a directed liquidity payment. No matter which name it is called, I think everyone is more concerned about learning how to earn 50% annual return (APR) by participating in Curve War.
Goal: Learn how to stake on Convex Finance
Skills: Intermediate
Skills: Intermediate
ROI: up to 50% APR at current interest rates
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Welcome to Curve War
In January 2020, physicist Michael Egorov deployed Curve, a DEX for an efficient stablecoin market, on Ethereum.
So far, Curve has expanded beyond stablecoins, deployed to seven other public chains, and upgraded its infrastructure to become one of the largest and most influential DeFi applications.
This impact mainly comes from the release of Curve’s CRV tokens, which have also become the core source of income for many DeFi projects. The reason why CRV is popular is that holders can guide and increase the release of CRV to specific Curve liquidity pools through Curve governance.
This fight has intensified recently with the rise of "bribery platforms". The "bribery platform" allows users to easily obtain higher returns by renting out CRV's "ticket rights".
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A brief history of Curve War
In August 2020, CRV and Curve DAO were officially launched. Although most of the ecosystem didn't realize it at the time, this event marked the beginning of the Curve War.
The first major event after the launch of CRV was the release of the "BackCratcher" treasury by Yearn around November 2020. This one-way treasury allows miners to deposit in CRV, which is then permanently locked in vote-escrowed CRV (veCRV) in exchange for yveCRV and optimized earnings.
The next major upgrade of Curve War will happen in May 2021, when Convex Finance is deployed on Ethereum. Convex allows Curve Liquidity Providers (LPs) to maintain liquidity and stake with cvxCRV instead of locking CRV to earn Curve transaction fees and boost CRV release.
Due to the release of CRV in DeFi centrality, Convex's popularity and considerable capital quickly became a wave in the market. Other DeFi projects are also beginning to switch to Convex decisively (such as Badger in June 2021), as they start to realize that the agreement may become the king of Curve governance in the future.
Things heated up further in August 2021 when Yearn founder Andre Cronje unveiled the bribe.crv.finance platform. The platform allows projects like Abracadabra and CREAM to offer token rewards to guide CRV releases to vote for them.
Then in November 2021, we saw the launch of REDACTED Cartel, a fork of Olympus DAO, REDACTED is not trying to be a reserve currency, instead, it is accumulating CRV and CVX as much as possible so that its DAO becomes The king of Curve and Convex governance.The partnership sees Yearn authorizing 23 million veCRV to Convex. With this move, both parties cemented their dominance in influencing the release of CRV.
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How to Accept Governance "Bribes"
Currently, Convex TVL exceeds $10 billion, making it the largest and most active DeFi "bribery platform". So if you want to optimize your earnings by joining Curve War, Convex is a good place to start.
If this opportunity is what you're looking for, you'll first need CRV (converted to cvxCRV for staking) or Curve LP tokens (tokens received from depositing into Curve's popular CRV-ETH pool); after that, follow the steps below :
Visit convexfinance.com/stake and choose among available pools of CRV or Curve LP tokens. Please note that converting CRV to cvxCRV for staking cannot be reversed. However, you can still unstake and trade cvxCRV through the secondary market.
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Summarize
SummarizeEverything has advantages and disadvantages. When imagining the end of Curve Wars, will there be a super-rich to rule the DeFi world? Or is this just a temporary token economy phase that will eventually fall by the wayside? The answer is still unknown.
But one thing is clear, Curve War isn't going away anytime soon.In fact, there are new bribery projects coming online one after another, such as Votium and REDACTED's Hidden Marketplace offering unprecedented bribery services. We have also seen related "bribery drama" extended to other public chains, such as Fantom (thinksecondary title
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