April 14, 2022: All 4Pool and Pools For All π€½π»ββοΈπ
Updates on $LUNA, $FRAX, $BTRFLY $INV $KP3R $EPS $BEAN $MAI $LFT $JPEG $STG
Nowadays a βquick recapβ of all the activity around the Curve ecosystem is becoming a magnum opus in and of itself. Hereβs some cursory updates on the action over the past week. If we missed your favorite protocol, drop it in the comments.
$LUNA
Terra has become the largest DAO holder of $CVX, buying and locking an additional 560K CVX.
The supply of Convex up for grabs is now incredibly scarce. Thereβs only 100MM CVX out there. If you drained the DEX/CEX supply, you could get maybe a 5-6% stake.
Although Terra currently sits in first in the Convex Wars, this lead will likely not last though. FRAX will rapidly farm their way back into first.
Whether FRAX or Terra are in first, the real winner is their partnership in 4pool.
Whoops, wrong 4pool. The 4pool has already started deploying onto sidechains.
Terra continues to project strength, yet will forever be bedeviled by concerns about their business model.
$FRAX
The decentralized driver behind 4pool is FRAX. Founder Sam Kazemian is getting a well deserved turn in the limelight. A pair of must-listen interviews by Bankless and AladdinDAO provided Kazemian the opportunity to expound in great detail on the various FRAX products.
It would be difficult to imagine a better macro context into which one could launch an inflation-resistant stablecoin. Soaring inflation rates would mean a stablecoin that kept pace with inflation would be yielding returns more like stocks than bonds.
Unsurprisingly, traders cannot get enough of the $FPIS/$FXS, the governance tokens underlying these stablecoins.
$BTRFLY
Another key member of the 4pool coalition is Redacted Cartel. The Cartel is accumulating the assets needed to compete in all protocol wars.
This past week they launched Hidden Hand, extending their influence through Ribbon, FRAX, and Balancer.
The Redacted Cartel governance token, $BTRFLY, has one of the hottest Curve pools. The past 24 hours saw 11% base APY with nearly 29% boosted rewards.
$INV
Also joining the Curve Wars this past week is Inverse Finance.
This is going to make a big splash for their $DOLA pool
$KP3R
Andre Cronje lives, focused solely on building out his Fixed Forex product. Several of these pools are up for gauge votes at the moment.
$EPS
On BSC, the Ellipsis migration to v2 continues, as they push towards the veTokenomics and hope to spark an Ellipsis War of their own.
$BEAN
Bean hits the Curve homepage.
The relatively new site is in print season at the moment, definitely worth more research.
$MAI
The QiDAO team, subject of a great Crypto Risk assessment, recently pushed their way through governance.
This amounted to split decision on governance for the team. One attempt missed quorum, while the other passed.
$LFT
Lendflareβs governance vote passed.
Weβve discussed the project a bit, if youβre searching for more here is another thread on their mechanics.
$JPEG
Also passing governance is the JPEG pool. JPEG self-describes as a good project built by a strong team, while offering insights into their roadmap.
The new Curve pool is a good addition to the ecosystem, which is already popular among yield farmers.
$STG
By trading volume, the Stargate pool has been a top performer even absent a rewards gauge. As one of the few pools denominated against the dollar, we suspect this added a bit extra for the fees. Most tokens are paired with ETH, and we see somewhat less volatility as the crypto markets pump and nuke together. Hence we hypothesize $STG stakers benefited from both $STG/$ETH fluctuations, as well as $ETH/$USD action.
At any rate, there was some debate about its recent gauge.
It would end up passing, leading to some wild numbers at the moment.
StakeWise
The gauge vote for the sETH2-stETH just dropped.
For a bit more details on StakeWiseβs GNO staking:
Last but not least, if you want to keep the flywheel pumping, note the recent governance vote to utilize v2 factory pool fees.
We told you the Curve v2 Factory would melt faces. Howβd we do?
Disclaimers! In addition to flywheel tokens, author has a stake in $FXS, $aCRV, $LFT, $JPEG
FPI/FPIS correct for inflation? FPI is flat, and FPIS is down 30%/7d
why would anyone LP BTRFLY in Curve? Don't you give up the 1500% staking APY that way?