June 4, 2021: Moon's Over, Miami 🌙🏖️

More crypto turbulence just means more good news for DeFi

More market stumbles may be unwelcome news for Bitcoin maxis partying in Florida, but it’s great news for DeFi. So much great news for DeFi and Curve in particular lately, it’s tough to fit this all in. Here’s the action:

Convex

Anybody who understands DeFi is talking about the incredible run of Convex. *Cough* *Cough* *Ahem* @WSJ.

DefiMoon @DefiMoon

Imagine writing an article on #defi but using quotes from CEOs of CeFi companies, and not including Curve, which is currently #2 on @DefiLlama and #5 by TVL on @defipulse. @WSJ what are you guys doing over there?🤦‍♀️🤦🤦‍♂️

Mihailo Bjelic @MihailoBjelic

.@0xPolygon on the front page of @WSJ. 🙏🔥 https://t.co/EHIK6cpEEF

Although @DefiMoon had devoted a whole department to covering #theLockening wars, it looks to be over just as soon as it started. Convex has already almost lapped Yearn.

DefiMoon @DefiMoon

#TheLockening still happening⚙️ Convex: $veCRV 30.1m 🥳 Yearn: $veCRV 17.9m Differential in favor of Convex now 12.2m, an increase of 1.3m over the past 12h. Convex daily profits (all tokens including $CRV): $1m per day. $CVX CRV vote-locked: 202m (62.49% of all circ. CRV)🔐

Where is this volume coming from? Blockchain sleuths have tied a lot this activity to Alameda. SBF is making a big play at climbing the prestigious wealth / (age * pounds of flesh) leaderboard, while his rival VB suns it in Miami.

DefiMoon @DefiMoon

Alameda with $490 million (25% of their $2 billion stack) on Convex farming $CRV & $CVX. No wonder @TheBlock__ is staying so quiet. 😆 We can see you, #defi whales, we see you. 👀👀👀🌛 debank.com/profile/0x84d3… Great UX from @DeBankDeFi 👍

debank.comDeBank ｜ DeFi Wallet for Ethereum UsersA DeFi wallet for managaging and tracking your DeFi portfolio, with data and analytics for decentralized lending, stablecoins, margin trading and DEX projects.

BowTiedDuck.eth @BowTiedDuck

SBF just collateralized 115M+ to Duck @unitprotocol Borrowed 30M+ USDP Shoved into convex finance crvUSDP etherscan.io/tx/0xe0ffe56d5…

But who’s really in charge??!?

banteg @bantg

Now that Convex is under Andre's dominion, another problem arises…

The other big happening in Convex land is the state of CRV/cvxCRV, a pool currently earning a whopping 160% APY.

banteg @bantg

For people borrowing CRV on Aave to lock into cvxCRV, you know it's one way, right?

Surprising absolutely nobody (except maybe the WSJ), CRV/cvxCRV has already depegged.

banteg @bantg

It's beginning

Charlie - Curve.fi @charlie_eth

@bantg So about 15% more than Yearn's veCRV?

We’re paying a ton of attention to Convex, but don’t forget that it all circles back to the benefit of Curve. What a week for the chaddest proto in DeFi.

Defi Dividends @DefiDividends

Yes, $CVX is mooning right now but the best part is the amount of $veCRV is also mooning thanks to cvx. Guess who benefits from this regardless of where CVX is at in 1, 2, 6, or 12 months? Oh that's right $CRV... thanks to the 30m of locked crv thanks to cvx

Defi Dividends @DefiDividends

Short term $CVX might be the play, but $CRV is by far the better long term play here. Curve will continue to benefit from these sort of situations. Convex is just the latest but there will be more. Love both tho

CRVpensioner @CRVpensioner

2 impressive things about $CRV is even at the token price lows 2 weeks ago: 1) The LP providers returns were orders of magnitude higher than you can get on a savings account. 2) The veCRV holders also saw impressive returns as the traders fled to stablecoins.

Cointelegraph @Cointelegraph

In the past 2 weeks $CRV rallied 150% as lucrative yield offerings from @ConvexFinance, low Ethereum gas fees and the DeFi sector making a rebound pulled investors back into the market. https://t.co/RnfPzwKPq8

¯\_(ツ)_/¯ jordi Morris @JordiMorris1

$1=$20.64 for vesting escrow curve dao hodlers. is Friday then claim your admin fees. obviously, this 20.64 ignores the weekly airdrop from ellipsis finance, convex airdrop w/ compounding and future airdrops. curve hodlers are victims of a marketing strategy in web3 @CurveCap

Curve Governance

Since Curve is the hub for all things DeFi, it makes perfect sense that everybody who’s anybody is trying to influence its direction. As a result, we’re seeing a lot more activity than usual around the Curve governance forum.

J◎n Galt☀️ @JonGalt14

Update on @CurveFinance voting from last week. 100 votes was more than we've seen in recent weeks. Outcome: USDN gained at SETH expense, which was one whale making a turn. A couple of others made similar changes.

The much requested votes for off-chain gauges has dropped.

Curve Finance @CurveFinance

This is what many have asked: gauges to get $CRV for pools on @0xPolygon and @FantomFDN. Please vote! dao.curve.fi/vote/ownership… and

This vote may be more controversial than most votes. @LimZero, second richest individual on the Curve Leaderboards, came out swinging.

limzero @pleyuh

Im against, if you want yield on your altchains fight me

Curve Finance @CurveFinance

This is what many have asked: gauges to get $CRV for pools on @0xPolygon and @FantomFDN. Please vote! https://t.co/CFsJyDjCsp and https://t.co/WsLK1WObRw

Despite this lobbying, both votes are still looking on track to pass.

Curve Future

We’re blessed with so many goodies with V1, and yet Curve is already teasing v2.

Charlie - Curve.fi @charlie_eth

I see @1inchNetwork has a new integration!

Curve Finance @CurveFinance

@gggonecrypto Psst, it's not announced yet

CRVpensioner @CRVpensioner

@bluekirbyfi @charlie_eth @1inchNetwork I can't tell if joking? But @CurveFinance said not to tell because it's not released yet...

Any guesses what it all means? Drop your idle speculation in the comments!

---

For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice, or even coding advice. Author is a $CRV maximalist and has positions in Convex.