May 8, 2023: The Deployment Era 🌌🔭
Three Shoddy Problematic $crvUSD launches portend stability in a chaotic world
Did you expect $crvUSD deployment would wholly lack dimension? A single block on the chain, whereafter subsequent blocks would exist irrevocably in a new era?
Thus far, the Deployment Era has already revealed $crvUSD to be a dimensional phenomenon, existing like a ray with a finite beginning, but potentially no end.
Welcome to chaotic world of $crvUSD deployment.
$crvUSD Version 1
The first sighting of $crvUSD occured at block 17182149. Gas prices had just dipped below 100 gwei amidst the Warring Memecoin Period. An opportune time for the creator, 0xbabe, to bring the vision of stability into existence over a span of 80 blocks.
The world envisioned by 0xbabe would be sparsely populated, yet show signs of the immense potential yet to be unleashed. Shortly upon creation, a loan for 1MM $crvUSD would be created from $sfrxETH, with the possibility of twentyfold more to be created.
Then another.
And yet another still.
Clearly this world showed the makings of a new DeFi primitive in its ability to transmute volatile ERC-20 tokens into a pure and stable form. This stability was a highly coveted property in such a chaotic world. The barren world would see liquidity pools quickly emerge in which participants could acquire this stablecoin directly.
Unfortunately, despite the emergence of a rudimentary economy, this world was not destined for survival.
All worlds’ fates are governed by the underlying laws of the universe which envelop them. By the time this civilization advanced to the point where it could scrutinize these immutable fundamental characteristics, observers discovered their world was, in fact, flawed from conception. Although the First Deployment contained glimpses of promise, it lacked the necessary conditions to sustain a robust stablecoin economy.
In this universe yieldebaran successfully revealed the basic structure of the universe: flawed from its conception and destined to be abandoned.
The first $crvUSD deployment demonstrated the promise of stability in a world of chaos. Stability was proven possible and something that could be achieved for brief periods, but the universe was too flawed from its conception. This phantom stability lacked permanence, and no early explorers would choose to establish a permanent presence.
This world would be abandoned and painted with death lines to mark it as uninhabitable. $crvUSD’s initial experiment will remain forever etched onto the blockchain, yet none will choose to enter the orbit of this accursed and defective world.
The inaugural deployment of $crvUSD lasted 5178 blocks. $crvUSD v1 was abandoned by a deployment bug. The stablecoin advanced to the “lone degen” era before succumbing.
The seed of a transformative stablecoin remains. It will germinate and again progress through the unpredictable world of Ethereum Mainnet. We invite you to log on in the future.
$crvUSD Version 2
The first version of $crvUSD proved it possible to transmute volatile assets into stabile assets. The second incarnation would build atop this knowledge, birthing a world with correct deployment parameters and thereby the potential to persist for eternity. Would this be the world in which a stable $crvUSD could finally give rise to a thriving civilization?
Once again, another 1MM $crvUSD would be created from a loan of $frxETH. It again appeared as though the purest essence of stability could in fact be distilled from a volatile asset. Yet, this world was also cursed for failure, this time cast aside by its creator in favor of a purer vision.
The second deployment of $crvUSD would witness one key transaction that would be its undoing. This transaction functioned correctly, but proved the world would be inefficient for any potential inhabitants.
This transaction demonstrated volatility could be harnessed into $crvUSD, but returning to a state of entropy was difficult and inefficient. 3MM gas burnt, costing almost $500 for a single routine transaction. How could a world with the friction of such high transaction costs ever reach a thriving golden age?
This time it would be user 0xstan_ who would bring this level to its conclusion with his conceptual breakthrough.
This observation and proposed fix by 0xstan_ will hopefully escalate him to celebrity status. As a person who also writes frequently on $crvUSD and hosts a gorgeous simulator of its parameters, he clearly shares the belief that the stablecoin has immense potential to bring stability to volatility.
“It doesn’t have to be this way. Let us rebuild the universe, so inhabitants can live in a domain with 90% reduction in such costs.”
And so the second version of $crvUSD would be the shortest-lived, scheduled for extinction just hours after it came into being.
The second deployment of $crvUSD lasted 2019 blocks. $crvUSD Version 2 was destroyed by gas inefficiency. The stablecoin advanced to the “testing in prod” era before succumbing.
The seeds of a transformative stablecoin remains. It will germinate and again progress through the unpredictable world of Ethereum Mainnet. We invite you to log on in the future.
$crvUSD Version 3
If $crvUSD is an experiment in generating stability from chaos, the third deployment would prove the most stable world created to date.
This world was vastly unlike prior worlds. Without flaws at its genesis and a gas-efficient environment, explorers would soon be invited to comb the new world en masse and report their findings.
In order to open the UI portal and invite the teeming masses to settle into the world of $crvUSD, the earliest explorers needed to confirm whether inhabitants of the world could actually survive the inhospitable environment. The creator needed to observe whether a $crvUSD loan would endure when its underlying $sfrxETH underwent periods of extreme volatility.
Unfortunately, the price of ether was in a particularly stable era, making such testing impossible.
Hearing of the people’s woes, Vitalik Buterin, the masternode operator, sprang into action. He swiftly ordered his Ethereum Foundation to sell off vast reserves of ether, triggering a massive era of market panic and volatility.
Although the peasants would suffer in these chaotic swings, Vitalik knew their suffering was the price of progress. This was precisely the harsh phenomenon scientists needed to observe. In this chaos, the seeds of stability.
In order to combat the harsh, volatile environment of Ethereum mainnet, some scholars told of the ability for collateral to dehydrate itself until conditions allow for collateral to be rehydrated. In a world where collateral could be dehydrated and rehydrated at will, these cycles of liquidation could permit survival in the harshest wastelands of Ethereum Mainnet volatility.
Indeed, the Third Deployment would prove the successful trial by fire for this unique concept of liquidations. $crvUSD demonstrated its holders could indeed dehydrate and rehydrate to survive and remain stable through even the most chaotic of eras.
Would this become the first civilization to endure and stand the test of time?
Unfortunately for the early settlers to this Third $crvUSD Deployment, they had not yet located their new Eden to serve as a forever home. The new world may have proved stability was possible, yet enough rough edges were identified as to condemn this world again. It was determined by the creator the world must be redeployed with yet more polish.
And so more changes were made to perfect the world in its next incarnation.
Once again, the third version of $crvUSD is slated for obsolescence. It will be again supplanted by a more perfect vision.
The third deployment of $crvUSD lasted over 25,000 blocks. $crvUSD Version 3 was destroyed by an EMA wrapper misconfiguration. The stablecoin advanced to the “AMM arbitrage” era before succumbing.
After a long time, life and civilization will begin again, and progress once more through the unpredictable world of Ethereum Mainnet.
But in this civilization, MichWill successfully observed dehydration and reliquidation. $crvUSD will take its first leap into the next era. We invite you to log on in the future.
Future Eras
The fourth version has yet to be deployed, yet some observers already forecast we’ll one day enjoy a permanent stable era. Some think the fourth deployment will be the final deployment, the one that ushers in the UI era and more public testing.
Some predict further cycles of death and redeployment. Other suggest these cycles will be endless and eternal.
Other than Stable Eras, all other times belong to Chaotic Eras. Yet civilization can only develop in the mild climate of Stable Eras, but predicting this is impossible in a world with no patterns. Therefore, inhabitants of Mainnet will never stop in their quest for stability. The survival of civilization depends on $crvUSD.
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