Congrats to Conic Finance on persevering through the trough of despair. Conic v2 would bring robust security (including a pair of fresh audits) and new features like more diverse Liquidity Allocation Modules (LAMs), bonding mechanisms, and plans for restitution to affected users. Read and comment!
$pyUSD
Ignore the psyops! The SEC ๐ hacker is just trying to distract you from the real storyโฆ
No surprise that the big-brained masters of money at Paypal were able to decipher the complex flow of liquidity incentives around Curve. By depositing rewards at Stake DAO, they show themselves leaping headfirst into the game and playing at an expert level.
Previously there had been some confusion as to whether PayPal had been providing liquidity incentives. A variety of $pyUSD pools have already launched, and in the past some FXS incentives had been misidentified as coming from PayPal.
This time, itโs not a drill. A little on-chain sleuthing confirms the origin of the funds is $pyUSD sent by Paxos.
Deposited to Stake DAO
To incentivize a newer pool entitled โPayPoolโ
Should you ape? Well, thatโs a question for your registered financial advisor. Here is some back of the envelope math on how this might affect the poolโs incentives.
Will PayPal continue incentivizing the pool? Some aggressive mathโฆ but who knows how the overall $pyUSD supply might keep growing. Most centralized stablecoins have little trouble sailing towards a billion in TVL.
It should be the biggest news in all of crypto, right? Why is nobody talking about it? Our tinfoil hat theory: we suspect the villainous Gary G. deliberately leaked the SECโs ๐ credentials and managed to stall the Bitcoin ETF and also distract from the news.
Seems a lot but why not hehe
You might feel like youโre the only one whoโs hyped? Are you taking crazy pills?
Fortunately, youโre not alone. A number of people are seeing through the psyops and noticing that this is big newsโฆ the institutions may be showing up.
It goes without saying that this directly benefits our favorite protocol Curve, due to the massive presence of $pyUSD pools around the ecosystem.
Another beneficiary is Frax. which has also been investing big into $pyUSD liquidity.
Next up to benefit from the party may be Aaveโฆ
Some notable DeFi protocols are missing from the festivities thoughโฆ
The overall developments are big enough news that even Coindesk is taking notice.
Granted, they havenโt yet glommed onto the chain of incentives, but give them time, not everybody can be as early as you, dear reader. Coindesk usually catches up in the end!