Remember the protracted Curve War? The agreements fought fiercely for the right to speak. Now, "Curve War" has been copied on the Fantom chain, and was called by YFI founder Andrew Cronje. All eyes are on a new war detonated on Fantom-Vampire War.

one article."What is ve(3,3) that AC is desperately promoting?" "one article.

Protocols have been desperately trying to improve their TVL over the past few weeks, but the battle for ve(3,3) still hasn't attracted enough attention. However, just yesterday, veDAO suddenly broke out and raised its TVL ranking to No. 2 within a day. You must know that AC’s TVL snapshot is expected to take place on January 23. The appearance of veDAO undoubtedly made many “non-volume” protocols immediately panic. They quickly formed an alliance and planned to take back their TVL from veDAO.

In this way, the battle for TVL burned throughout the entire Fantom ecology overnight, becoming the Vampire War that is now in full swing.

Attack on veDAO: Sniping TVL

veDAO is a DAO built with intensive capital guidance. Its sole purpose is to snatch as many ve(3,3) as possible in the shortest time.

veDAO has no seed rounds and no private placements. 10% of the total token supply will be allocated to Information Token DAO to continuously support the development of veDAO; 5% will be allocated to veDAO team members who have mastered multi-signatures for the growth and development of the protocol and ongoing operating expenses.

veDAO's strategy to quickly increase TVL is: people can obtain veDAO's governance token WeVE through 4 weeks of income farming and liquidity mining, and WeVE holders, that is, DAO members, will be able to jointly manage ve(3 ,3) where the allocation goes. In other words, veDAO exchanges WeVE Token for users' USDC, WFTM, and ETH to increase its TVL. Apparently, the strategy paid off: in just 1 day, veDAO hit $1.5 billion in TVL and is currently #2.

Agreement's Strike Back

The rapid rise of veDAO has caused dissatisfaction among many "Fantom OG" and native protocols. A Fantom enthusiast named MOTH on Twitter believes that: veDAO is the employment capital from the "Ethereum Antique Chain". It simply wants to snipe and poach the TVL of the original protocol, which is not beneficial to the Fantom ecology.

What is exciting is that not only Fantom enthusiasts stood up, but many native protocols also responded quickly. Five FTM high-quality protocols, SpookySwap, Scream, Liquid Driver, Hundred Finance, and RevenantFinance, immediately formed 0xDAO with the purpose of regaining their own TVL. Their reason is simple: the Fantom native project has been diligently farming TVL for a long time, and should not lose to a TVL poacher within 1 day.

0xDAO adopts a similar strategy to veDAO, but more thorough, because all OXD Token will be allocated to LP providers. 0xDAO hopes to attract funds pledged in veDAO in this way. 0xDAO's decision-making power will be 100% owned by the community, and OXD holders will be able to participate in decision-making, decide whether to sell ve(3,3) airdrops, or distribute dividends to OXD holders.

But 0xDAO does not want to be a short-lived organization. Its goal is to provide a fully decentralized infrastructure that maximizes 0xDAO's profits, capital efficiency, and voting rights, creating a free market for established protocols on Fantom to Increase mobility. The team's expectation is that as the 0xDAO treasury gains more voting power, other protocols will be more willing to use ve(3,3) to incentivize liquidity and thus bribe OXD holders.

Combatants on fire

It is obvious that the Vampire War between veDAO and 0xDAO quickly attracted a lot of attention and a lot of capital. For some agreements, this is undoubtedly a huge opportunity. Here are the combatants who fueled the fire:

Grapes Finance

Inspired by Convex, Grapes Finance intends to become a new Convex on Fantom, aggregating ve(3,3) NFT obtained by other projects.

Projects that pre-lock ve(3,3) in the agreement's GRAPESEED program will become Grapes Finance's partners and jointly own up to 15% of the agreement's ownership. The protocol that pre-locks ve(3,3) will get GRP Token, which can be used to manage Grapes Finance, pledge Farming, or provide liquidity for users. The protocol can redeem its own ve(3,3) by returning GRP Token.

In addition, Grapes Finance will airdrop 1% rewards to Convex holders and 3% rewards to project communities participating in the GRAPSEED program, so as to motivate more participants.

Radial Finance

Radial also claims to be a Convex-like protocol. It generates compound interest by automatically locking veToken, enabling LPs to obtain higher rewards without locking up their own Token. In addition to optimizing the way gas and ve(3,3) are distributed, the protocol also wants to act as a focal protocol for coordination between LPs and DAOs and a repository for various veTokens.

veRwards

veReward is more interesting. It is a project similar to veDAO and 0xDAO, but if the agreement is successful, users will be able to obtain the maximum number of ve(3,3) Token through pledge in the shortest time.

The agreement believes that the problem with veDAO and 0xDAO is that their Token issuance cycle is not concentrated enough. Taking veDAO as an example, its issuance cycle is about 28 days, which means that people need to pledge for 28 days to capture 100% of the ve(3,3) value allocated to DAO. But because the TVL after the snapshot no longer affects the allocation of ve(3,3), the TVL contributed by users after the snapshot is basically wasted.

And the issuance period of VEREWARD will start when the agreement is launched and end after the AC brother snapshot. This means that users only need to stake for about 2 days to get the full value of the TVL they contributed.

The reason why veRwards can set the emission period so short is that it is only a temporary DAO, purely to help users obtain as many ve(3,3) Tokens as possible. Once the ve(3,3) obtained by DAO is fully distributed to users, the organization will be dissolved.

what happened next

At this time, the war is in full swing. From KOLs to ordinary retail investors, from native protocols to new DAO organizations, everyone has piled a lot of funds into the TVL project they support. Many of the protocols mentioned above have amassed significant TVLs without even being audited. In the project Discord, many participants don't even know what ve(3,3) and the protocol it participates in are just one word: rush.

Right now, no one seems to care about what happens after the snapshot ends, and the risks that come with it. This overnight rise of Vampire War completely mobilized the protocols and users of Fantom up and down. For a snapshot a few days later, the entire Fantom ecosystem has gone crazy. Will there be a dark horse in the next few days? Will these protocols collapse after the snapshot ends? let us wait and see.