What'up on Curve ? #32

Everything you missed this week

Welcome to the unofficial Curve’s newsletter.

I hope I didn’t forget something

Big announcement !

Probably the biggest news this week. Curve v2 is out !

Curve Finance @CurveFinance

Our algorithm for exchanging volatile assets is up! On Ethereum: curve.fi/tricrypto On @0xPolygon: polygon.curve.fi/atricrypto

Let’s be honest, this news is amazing, but 99.99% of users don’t understand what it does exactly ! Even king Andre is not sure 🤣

Andre Cronje @AndreCronjeTech

I miss whitepapers. And no, Curve's moon math papers don't count, only @newmichwill understands that, and anyone else is larping. Any good ones recently?

But to make it simple, some pool composed by volatile assets are now available. The first one is WBTC/ETH/ USD. Keep in mind that IL is also appearing, as clearly mentioned by Curve.

Curve Finance @CurveFinance

@Mkflow27 @0xPolygon Yes. IL-wise it's like a Balancer's WBTC/WETH/USD pool or thereabouts

Curve and CRV elsewhere

Pools on Fantom will receive $CRV very soon !

Fantom Foundation @FantomFDN

Incentivized @CurveFinance pools coming to Fantom this Thursday! Users will be able to use DAI, USDC and fUSDT on Fantom to generate yield.

And the renBTC pool is now also available on Polygon and Fantom !

Curve Finance @CurveFinance

In addition, ren pool on Polygon uses Aave for extra yield on WBTC

Curve Finance @CurveFinance

Pools with renBTC are up on Polygon and Fantom! https://t.co/rnzy7b9Y4T and https://t.co/UkNj3O3dL0

Curve V2 lunched only few days ago but is already integrated in most DEXs such as Matcha (0x) , Paraswap and 1Inch

0x 🍵 @0xProject

Curve v2 (@CurveFinance) is now integrated into 0x API's best in class liquidity aggregation endpoint for both Polygon and Ethereum 🛠️

ParaSwap @paraswap

Curve V2 is live in ParaSwap 🎉 Enjoy the recent innovation from the legendary @CurveFinance team 🦾 Done the ParaSwap way, so it's directly live on the API for both #Ethereum & @0xPolygon 😉

Rewards for the ETH/stETH have been extended ! $LDO for 30 days !

Lido @LidoFinance

LDO rewards for the Curve ETH/stETH pool extended for 30 days 🏝️ 3,750,000 LDO will be distributed to LPs in the @CurveFinance stETH pool, with the current round ending on July 13th.

Proposal and vote

A new proposal to add an MIM-3Pool on Curve.

🧙🏼‍♂️ @MIM_Spell

🧙🏼‍♂️! A proposal is out to add a [MIM-3Pool] Metapool to @CurveFinance !🔥 You can find it here: gov.curve.fi/t/scip-40-addi… 📖 Signal Voting Starts today at 22:30 CET!🗳 Raise your wands and cast your vote here: signal.curve.fi/#/curve.eth/pr… 🪄🔮🔥

An alternative of a recent proposal to add an alETH-[stETH-ETH]  pool.

Daniele S. 🌙🐕🧊🧙‍♂️ @danielesesta

(1/2) Just proposed a new setup for the alETH @AlchemixFi pool on @CurveFinance as a alETH-[stETH-ETH] Metapool. More info on sCIP#41 Here: gov.curve.fi/t/scip-41-add-… Alternative Vote:

signal.curve.fiSnapshot

Vote to add a gauge on the new renBTC pools on Fantom and Polygon

Curve Finance @CurveFinance

Votes for $CRV gauges for ren pools on Fantom and Polygon are up: dao.curve.fi/vote/ownership… and

Alchemix drama 🥺

A disagreement seems to have arisen between Curve and Alchemix

scoopy trooples @scupytrooples

@CurveFinance @AlchemixFi @saddlefinance Hey, we tried to be on Curve but were denied. Would have loved to be on it, but we needed an exchange that specializes in soft pegs (and univ3 farms are still not ready/battle tested). Still love curve and shill it on nearly every podcast I go on.

The main reason for this refusal seems to be the fact that Alchemix is mainly dumping $CRV as it’s using Yearn vault behind the scene. But I’m nor sure a vote happened for that 🤔.

So Alchemix went on Saddle Finance. But this move is controversial as Saddle Finance is a fork backed by VCs.

Alchemix @AlchemixFi

Deposits for @saddlefinance are now LIVE. Please read this guide to depositing on Saddle. If you are familiar with Curve, you will feel right at home. alchemixfi.medium.com/saddle-finance…

But then things followed quickly, and a new proposal appeared to remove $CRV rewards from the alUSD pool.

Curve Finance @CurveFinance

alUSD apparently is linked to dumping CRV from inflation schedule, so it currently causes more dumping of CRV than a normal pool would. There is a possibility to remove CRV inflation for this pool via a governance vote, hence the proposal:

gov.curve.fiCIP#65 - Remove alUSD gaugeSummary: Remove alUSD gauge so the pool stop receiving CRV. As pointed out by community members, alUSD is collaterized by Yearn Vaults which make around 25% of their yield from dumping CRV. We would like to propose to remove the gauge from Curve as this essentially allows leveraged CRV farming via…

The community was also very reactive and reactions were mostly negative. Here is a quick pell-mell

Joe @Substreight

CRV gauge for alUSD pool was passed with a 100% approval by vote through the Curve DAO no more than a month ago Since Alchemix switched to Saddle for alETH this "double dump" narrative has suddenly appeared Don't let teams strongarm permissionless communities Voting against

Curve Finance @CurveFinance

alUSD apparently is linked to dumping CRV from inflation schedule, so it currently causes more dumping of CRV than a normal pool would. There is a possibility to remove CRV inflation for this pool via a governance vote, hence the proposal: https://t.co/KGt2E9jmXi

Block Enthusiast @BlockEnthusiast

I love Curve, but this is embarrassing. Your core use can't be "people who want to accumulate crv as the goal". Products will exist which use Curve for a different end. Just because you pay yield in one token doesn't mean't every strat wants that asset.

gov.curve.fiCIP#65 - Remove alUSD gaugeSummary: Remove alUSD gauge so the pool stop receiving CRV. As pointed out by community members, alUSD is collaterized by Yearn Vaults which make around 25% of their yield from dumping CRV. We would like to propose to remove the gauge from Curve as this essentially allows leveraged CRV farming via…

banteg @bantg

Imagine killing your highest-yielding vault and turning down potential partners by association without any chance for the DAO to express the opinion. Yearn will vote against if this goes on chain.

Curve Finance @CurveFinance

alUSD apparently is linked to dumping CRV from inflation schedule, so it currently causes more dumping of CRV than a normal pool would. There is a possibility to remove CRV inflation for this pool via a governance vote, hence the proposal: https://t.co/KGt2E9jmXi

Even if some people stay positive

vasa @vasa_develop

IMO, most of the Twitter fam misunderstood the proposal. It's NOT about Curve against Alchemix (saddle stuff). It's about alUSD getting CRV (inflation) even when it earns CRV from the underlying yvDAI. So, this way alUSD gets more CRV than allowed at the expense of other pools.

Curve Finance @CurveFinance

alUSD apparently is linked to dumping CRV from inflation schedule, so it currently causes more dumping of CRV than a normal pool would. There is a possibility to remove CRV inflation for this pool via a governance vote, hence the proposal: https://t.co/KGt2E9jmXi

Let’s make a point next week. But I’m sure a lot of threads will very quickly appear on CT 🥸.

From the community

Some news of the #TheLockening

DefiMoon @DefiMoon

#TheLockening Update🔒 Convex: 36.1m veCRV Yearn: 18.3m veCRV Convex lead over Yearn increases to 17.8m locked $CRV. The 2x flippening is approaching.👑 Convex absorbed 1.1m CRV over the past 2 days. $CVX staking return: 102.72% APR cvxCRV staking return: 102.72% APR ♊️

Lot of infos on the “Yearn vs Convex war” here

Curve Market Cap @CurveCap

June 15: Convex or Concave? 🐂🧸 Why $CVX price down while fundamentals up curve.substack.com/p/june-15-conv… feat. @DefiMoon @pleyuh @BowTiedBull @micalleeef @LibertasBella @bluekirbyfi @NexusMutual @david_dot_eth @curve_crvsader @CRVpensioner @Crypton0mics @CFrogE1 @noahseidman

curve.substack.comJune 15: Convex or Concave? 🐂🧸Why $CVX price down while fundamentals up

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