And now they fight you. Fortunately the stage after that happens to be a fun one, should any of us be so lucky as to survive so longβ¦
Amidst this state of active warfare, expect further escalation. The enemy is soulless.
![Twitter avatar for @AutismCapital](https://substackcdn.com/image/twitter_name/w_96/AutismCapital.jpg)
![Twitter avatar for @balajis](https://substackcdn.com/image/twitter_name/w_96/balajis.jpg)
![Twitter avatar for @DylanLeClair_](https://substackcdn.com/image/twitter_name/w_40/DylanLeClair_.jpg)
Prepare yourself for the distinct possibility you soon find the bulk of your net worth is stuck on-chain.
Oh well, beats being stuck in banks.
On the lighter side of the news, Do got himself got.
![Twitter avatar for @acityinohio](https://substackcdn.com/image/twitter_name/w_96/acityinohio.jpg)
Reports he was actually interfering with the Arbitrum airdrop could not be corroborated.
If you havenβt heard about it already from friendly scammers DMing you fake links, the Arbitrum airdrop released this morning to great fanfare. As web2 infrastructure proved unable to accommodate web3 demand, the newly reunited DefiLlama proved the only place open for business:
![Twitter avatar for @Tendeeno_](https://substackcdn.com/image/twitter_name/w_96/Tendeeno_.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFr6A9bZWAAISzoA.jpg)
Curve will happen be one of the top recipients.
![Twitter avatar for @ArbitrumNewsDAO](https://substackcdn.com/image/twitter_name/w_96/ArbitrumNewsDAO.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFrwZVY_akAEqKRU.jpg)
Of course, this presumes Curve ever gets said airdrop. Months after the fact, Curveβs Optimism grant is still in limbo due to Curveβs excessively decentralized structure.
![Twitter avatar for @_bout3fiddy_](https://substackcdn.com/image/twitter_name/w_96/_bout3fiddy_.jpg)
In other early launch news, yesterday the unsurpassed WormholeOracle published a must-read piece on using Curve for conducting a seed funding round for Curve ecosystem products using an Initial Gauge Offering.
![Twitter avatar for @WormholeOracle](https://substackcdn.com/image/twitter_name/w_96/WormholeOracle.jpg)
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8c44a70d-23d4-4186-b3a9-1ec18da6e83a_1200x1015.png)
We believe overall, the various products capable of being built atop the flywheel remain underexplored. We support this and are keeping an eye on where itβs going.
Amidst all the wartime drama, the activity around the flywheel kept going.
Stake DAOβs bespoke Votemarket is becoming very popular among new protocols looking to bootstrap liquidity. For example, MetronomeDAO has pushed incentives for their ETH/msETH pool.
![Twitter avatar for @MetronomeDAO](https://substackcdn.com/image/twitter_name/w_96/MetronomeDAO.jpg)
![Twitter avatar for @StakeDAOHQ](https://substackcdn.com/image/twitter_name/w_40/StakeDAOHQ.jpg)
Stake DAO just released a ChainSecurity audit report for its birb platform, which identified no critical or high severity issues.
Stake DAO also enjoyed a healthy bump due to the aftereffects of Curveβs banner week.
![Twitter avatar for @StakeDAOHQ](https://substackcdn.com/image/twitter_name/w_96/StakeDAOHQ.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFraroRpXoAECVaS.jpg)
So too for cvxCRV stakers, who saw stablecoin rewards in particular pump.
If you happen to be in any of the Convex $cvxCRV pool, itβs time to migrate. So too with any Arbitrum pools.
![Twitter avatar for @ConvexFinance](https://substackcdn.com/image/twitter_name/w_96/ConvexFinance.jpg)
![Twitter avatar for @ConvexFinance](https://substackcdn.com/image/twitter_name/w_96/ConvexFinance.jpg)
![Twitter avatar for @ConvexFinance](https://substackcdn.com/image/twitter_name/w_40/ConvexFinance.jpg)
The industrious Convex team also added support for $FPIS locking/staking.
![Twitter avatar for @ConvexFinance](https://substackcdn.com/image/twitter_name/w_96/ConvexFinance.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFrp8YhgXoAAin_7.jpg)
One number weβre always keeping an eye on is the efficiency of Votiumβs vlCVX birbs. Perhaps this number may be partly skewed by Curveβs banner fees week on the USDC scare, but the efficiency is at $1.60 returned on every $1 spent.
This number persistently remains one of the biggest βfree money on the tableβ opportunities for anybody who takes the time to study the mechanics of the flywheel. Itβs one reason we never lose too much sleep over any Convex ecosystem FUDβ¦ free money never idles too long on chain. Perhaps the team should just rebrand it as an airdrop.
At any rate, Convex birb activity has been on a downtrend the past several rounds, losing some activity from Stargate but picking up Conic and welcoming back Abracadabraβs $MIM.
![Twitter avatar for @iamllanero](https://substackcdn.com/image/twitter_name/w_96/iamllanero.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFrwdAlqXwAEtWEz.jpg)
![Twitter avatar for @iamllanero](https://substackcdn.com/image/twitter_name/w_96/iamllanero.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFrwe2VMWIAkLIEU.jpg)
It appears a new Frax-USDP is being added to the Gauge Controller. Could this mean a new 2pool is on its way?
The past week also saw gauge votes for UZD, DCHF, cvxFpis/Fpis, axlUSD (Arbitrum), so we expect these tokens to loom large over future weeks. Curve Wars are often a glimpse into the future.
Previous governance efforts for Reserve Protocolβs $eUSD wrapped up for those who like farming the early spoils.
![Twitter avatar for @mattimost](https://substackcdn.com/image/twitter_name/w_96/mattimost.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFr2i8AKagAAg5td.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFr2jE72aMAAkXmU.jpg)
Over the past weeks the token underwent a successful recollateralization.
![Twitter avatar for @taylo_r_](https://substackcdn.com/image/twitter_name/w_96/taylo_r_.jpg)
![Twitter avatar for @reserveprotocol](https://substackcdn.com/image/twitter_name/w_40/reserveprotocol.jpg)
Also dealing with the USDC depeg, Conic Finance is looking into adding a new Tether omnipool. Voting takes place now:
The team also concluded its first Liquidity Allocation Votes and published results.
![Twitter avatar for @ConicFinance](https://substackcdn.com/image/twitter_name/w_96/ConicFinance.jpg)
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fee163093-957e-47a2-8375-5b765fbd63ed_1200x630.jpeg)
Archimedes Finance leverage rounds continue without incident a full month since their launch, as the team continues making adjustments to comport with early user feedback.
![Twitter avatar for @ArchimedesFi](https://substackcdn.com/image/twitter_name/w_96/ArchimedesFi.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFr2mR2saQAAUz9H.jpg)
For anybody affected by the $agEUR depeg, note the possible return of Euler funds may help correct the situation:
![Twitter avatar for @apes_prologue](https://substackcdn.com/image/twitter_name/w_96/apes_prologue.jpg)
Also of interest, the 3x long Curve TriCrypto vault looks very interesting, although we havenβt reviewed it in depth yet:
![Twitter avatar for @monosarin](https://substackcdn.com/image/twitter_name/w_96/monosarin.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FFrq-OnWaYAUXg-5.png)
![Twitter avatar for @steadefi](https://substackcdn.com/image/twitter_name/w_40/steadefi.jpg)
Finally, some fun early weekend homework for you: comparison around AMM bonding curves
![Twitter avatar for @0x_bugsy](https://substackcdn.com/image/twitter_name/w_96/0x_bugsy.jpg)
![](https://substackcdn.com/image/fetch/w_600,h_314,c_fill,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9fa7c25a-9894-40d1-97cb-5a4844c8aed7_400x400.png)
![Twitter avatar for @0xbuzzlightyear](https://substackcdn.com/image/twitter_name/w_96/0xbuzzlightyear.jpg)
![Twitter avatar for @0x_bugsy](https://substackcdn.com/image/twitter_name/w_40/0x_bugsy.jpg)
![Twitter avatar for @CurveFinance](https://substackcdn.com/image/twitter_name/w_96/CurveFinance.jpg)
Quite a week for the flywheel. They have the power, but we can BUIDL.