It never failsโฆ newsletter takes a few days offโฆ and metric tonne of activity hits $CRV.
Recommend everybody to study everything that happened at Stable Summit:
However the most major event over the holiday weekend was not specific to Brussels, but the voracious lockening of $CRV as veCRV.
Weโd already written on this subject just last week when we noticed what we perceived as elevated activity for the time.
For reference, hereโs the chart that turned our head as of just a week agoโฆ
Yet last weekโs activity scarcely even registers compared with the events of the July 4.
Over 50MM $CRV locked officially makes it the highest week for veCRV locks in history.
To find the prior record, youโd have to look as far back as June of 2022, when 36MM was locked in a single week.
The effect of the recent locking craze can be easily visualized on the chart:
The entire emissions of the epoch has already been locked:
On top of this, the overall average lock duration is increasing.
With the recent locking frenzy having a significant effect on the lock rate, we see that the daily lock rate is approaching the overall daily emissions rate (which is set to drop significantly in August.)
Itโs impossible to say how long this trend will continue, but the elevated lock rate has yet to significantly depress the yield of various $CRV wrappers. Real yield may have gone out of fashion for the younger generation, but some old-timers know that โpointsโ donโt exactly feed the fam.
The bulk of the locking is flowing to $CRV wrappers. At the outset, this was disproportionately towards the repeg of $yCRV, but more recently the activity has trended towards $sdCRV and $cvxCRV.
The rationale of using lockers makes a lot of sense, in the Curve social channel PilotVietnam provides a quick overview.
Why users are opting for particular wrappers is a more nuanced question, debated intently in the social channels:
And of course, we canโt present so much good news for $CRV without throwing our many hate-readers a bone. Is there a way to FUD the mass locking of $CRV?
After losing a large chunk of $CRV due to hacks, Mich now has most of his $CRV as veCRV, so perhaps his haters may take solace in thinking this is merely a coordinated effort to dilute him.