May 25, 2023: $stETH: The Next Generation 🛸🖖
Plus Updates on Vyper 0.3.8, Curvance, Convergence, Pirex, Ondo, Qi DAO
As Curve grows its empire, it feels like every subsequent week the list of stories we leave under-covered grows longer and longer. Here’s everything else that happened around the flywheel while we were myopically focused on $crvUSD
stETH-NG
The next generation of stETH pool is live. This is exciting not so much for the rewards for the earliest rushes of liquidity (rewards which have already fallen back to earth from the photo above), but rather the implications for $crvUSD.
Curve’s commented a lot in public about how it would have liked to have launched $crvUSD using stETH, but no compatible oracle was available. New collateral incoming?
Vyper 0.3.8
Vyper launched its first major release since 2022, with a massive swath of features.
Some pieces of the Tricrypto NG release have been awaiting an updated Vyper. Does this mean Tricrypto-NG is imminent?
Well… been hearing things that the exciting PUSH0 opcode is not fully supported across the board, leading to other crucial services breaking.
For a bit of background, PUSH0 is a good thing, over time leading to gas savings. This simple thread explains nicely:
However, until it receives broader support, most development is stalled out. Here we observe Solidity devs recommending to stay at 0.8.19 for the time being.
Good things come to those who wait though. We look forward to seeing PUSH0 supported universally across the ecosystem.
Curvance
The Curvance protocol, which has been publicly iterating on their concept, teased us all in a thread this week explaining the mechanics of veCVE:
They describe veCVE locks lasting a full year. This either decreases linearly, or can be held constant by setting a “continuous lock” option. veCVE is also eligible to earn rewards.
Further reading in the recently revamped documentation, which includes an updated guesstimated timeline (June testnet with full launch in subsequent months).
Convergence
If we’re discussing advances in governance, we’d be remiss if we didn’t mention Convergence.
Convergence envisions launching a decentralized governance aggregation platform atop the Curve ecosystem. This includes their token $CVG, which time-weights distribution (every three months) of real yield to lockers and can be bought at a discount using bonding mechanisms. $CVG lockers can also arbitrage between governance and/or yield when they lock.
They recently launched a gorgeous splash page in keeping with the terminal theme.
Definitely one to keep an eye on… their Medium articles describe the offering in greater detail.
Pirex
A bit too early to say what’s going on with this Pirex action, spotted by DefiShaka. May have consequences for the upcoming Votium round.
Llama Risk
The great Llama Risk is back with another must read covering Ondo Finance, and by extension, Flux Finance.
Overall they point to some room for improvement, but overall "believe they operate well within acceptable risk parameters"
Qi DAO
Congrats to Qi DAO! Boolish on protocols finding profitability in a bear market.
veCRV
Finally, a good thred on the absolute state of the Curve Wars:
Apparently we’ve got all of Electric Capital singing the praises.
Good stuff, but we surely missed a lot. Get at us in the comments and shout about what else we missed!