August 25, 2021: Gauge 🤝 Factory 🏭🗳️

🔍 cvxCRV, 🇰🇷 Won, 🇪🇺 Euro, and 🪨 ibBTC Factory Pools get Gauge Votes

DeFi Legend Andre Cronje noticed something interesting about the Curve repositories last night.

Andre Cronje @AndreCronjeTech

👀 noticed some interesting deploys by @CurveFinance - Decentralized Gauge Factory (anyone can deploy gauges) - veCRV boost delegation (rent out your unused boosts to the highest bidder) Just deployed DAO bribes as well, give us ~1-2 days to link it up into the UI (continued)

It’s bona fide. A ton of juicy commits hit the Curve GitHub yesterday. Suddenly, factory pools now support a veBoost Proxy contract, deployed less than a day ago.

At the same time, the Curve-veBoost repository now exists, with a concise README that suggests its self-explanatory:

The implications will be hitting your frontend very shortly:

Andre Cronje @AndreCronjeTech

As soon as bribe.crv.finance is updated, you can; - Deploy a DAO vote for a Gauge - Add bribes to have the DAO vote approved - Rent out other users unused veCRV to give you max boosts (continued)

bribe.crv.financebribe.crv.financebribe.crv.finance

Or in some cases, have already hit the frontend:

It’s hard to believe the Curve Factory’s latest expansion just occurred earlier this August. We’ve been seeing roughly one new factory pool launched per day since this time.

Of course, these community pools are not audited, have no lifeguard present, and are super risky. I’m personally exceptionally cautious (poor), so you won’t catch me chasing that elusive 600K% vAPY on just $426 daily volume for something called Grapefruit USD?

Yet we don’t doubt that some of these pools will evolve into cornerstones of the DeFi ecosystem. One of the most promising has to be pool 22, linking $cvxCRV - $CRV.

CRVpensioner 🦇🔊 @CRVpensioner

@DefiMoon @CurveFinance The most impressive piece of this whole endeavor is cvxCRV maintaining the peg to CRV. It just goes to show how well thought out the incentives are for Convex.

DefiMoon @DefiMoon

The optimized Curve cvxCRV- $CRV pool is now $2m in TVL, most trades above 15k now 100% routed there by @paraswap! A bit more liquidity, and this pool should offer best rates at all times. Base APR off current volume is 18%! CRV->cvxCRV > 150k, also get 50% routed there. $CVX

DefiMoon @DefiMoon

Curve's optimized cvxCRV - CRV factory pool has only $1.1m in TVL, but it offers better rate for $CRV->cvxCRV swaps than the $CVX-incentivized pool on SushiSwap with $50m in liquidity. For large cvxCRV->CRV swaps,@paraswap routes 30-40% 🔀 Curve. If that pool gets a CRV gauge.... https://t.co/2a6tk2RgSI

This morning a gauge vote appeared to make Factory Pool 22 eligible for rewards. To my knowledge, this marks the first factory pool to be up for a gauge vote.

fewture | 💎👐 | 🚫0️⃣ | 🚀 @Fewture

Gauge vote for $cvxCRV - $CRV on @CurveFinance is up now dao.curve.fi/vote/ownership…

fewture | 💎👐 | 🚫0️⃣ | 🚀 @Fewture

@DefiMoon @paraswap Is there a DAO vote up for a gauge?

napgener 0xbullmarket.eth @napgener

$CRV 🤝 $CVX dao.curve.fi/vote/ownership… The real backscratcher (TM) Truly few understand.

If this was indeed the first, it was the first by inches. We immediately afterwards saw votes emerge for pools containing IronBank’s Korean Won, Euro, and interest-bearing BTC.

We’re beginning to see the power of the Curve Factory flexing itself. Now anybody can launch pools. You may not even know whether these pools were created by protocol devs or just fans:

DefiMoon @DefiMoon

Hey @naos_finance, did you know someone has launched a $nUSD Curve factory pool with $5m TVL?

The community now has the capability of assigning rewards to factory pools. Should the entire Curve core team get flattened by a horrible spree of bus accidents, the protocol would continue unhampered. Unlike so many fake decentralized protocols, Curve is walking the walk to build the foundations of DeFi.

Andre Cronje @AndreCronjeTech

As a general note, incredible respect for the @CurveFinance team; They are replacing their admin (and gatekeeping) requirements, no need to talk to them to launch a meta factory, no need to talk to them to deploy a gauge, not even a DAO vote. Step towards true decentralization

Amidst the circle, Andre’s contributions did not go unremarked. It’s truly remarkable to notice these commits and flip it into a featureful frontend in such short order… there’s good reason Andre Cronje + team are considered God-tier crypto developers!

Charlie Watkins @charlie_eth

@MihailoBjelic @AndreCronjeTech @bantg Almost nobody has done more for DeFi than Andre and both banteg and him have excellent reputations as devs in the community.

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