February 1, 2024: Red FUDmas ๐ฉธ๐
Which protocols are so gauche as to bring green candles to $CRV Unlock Day
As per tradition, FUDmas has kicked off with the traditional of lighting a large red candle, a ritual $CRV now piously observes daily.
In something of a FUDmas miracle, even Celsius would join the festivities, bearing unexpected gifts in tow.
The team has a plan thoughโฆ
Akin to the NORAD Santa Tracker, if you are interested in watching the FUDmas action live, you can find accounts on ๐ tracking the action in realtime. They were even wise enough to know that Curve FUD does such good numbers that they recruited a sponsorship deal.
A Glimpse of Green
As permabulls though, we remain unshaken. We know todayโs holiday just marks the end of $CRV FUD until the next calendar day.
Under the hood, the fundamental action remains even more exciting than ever.
Conic Finance
Conic Finance, which singlehandedly served as a supply sink for ~$100MM worth of $crvUSD in its first iteration, relaunched with a gorgeous OS update and even more gorgeous APRs.
Weโre watching the action closely, and the early trends are favorable. We know it may be unfashionable to wear green after FUDmas, butโฆ
For fans of omnipools, youโll soon have your choice! Note that Zunami is also set to relaunch at an indeterminate time in the future.
Convergence
Convergence Finance is also launching today. Weโre warming up our popcorn and preparing to settle down and follow the festivities all day today.
For more on the protocol check out our article from last week:
Qi DAO
One of our favorite comeback stories from the past year is the gradual repegging of Qi DAOโs $MAI stablecoin.
Due to the protocolโs mechanics, the stablecoin has historically traded at different prices on different chains. The recent price action comes as the DAO has been burning $MAI on sidechains to zap bad debt.
Believers in Qi are also getting a little bonusโฆ
For more background on the issues plaguing Qi DAO, hereโs the article from six months back:
f(x) Protocol
Joining the exceedingly stable fETH is the f(x) protocol stablecoin:
For a bit more, check out their recent Friday Graze with the community boosters
Narrativesโฆ
Which are the narratives which could give the flywheel a boost in the coming months?
Perhaps itโs the restaking narrativeโฆ
Or possibly NFTs?
L2s?
Or maybe what everybody always gets excited aboutโฆ airdrop seasonโฆ
Or what about Initial Gauge Offerings?
FUD or no FUD, the flywheel keeps spinning!