Nov. 16, 2021: Votium Dilooting ๐ณ๏ธ๐
Bribes hit ATH, but yields flat as more users lock $CVX
Votium bribes hit an all-time high! One cleverly orchestrated to include a meme price in the decimals.
So letโs just take a look at our beautiful llama airforce dashboard and count our winnings.
Snap. Dollars per vlCVX is essentially flatlining, hitting just $.39 from $.38 last round. Bribes are still increasing but at roughly the same pace as new users locking their CVX to get a piece of the action. Have bribes peaked?
We can use the dashboard of choice for llamas to explore this.
The dashboard summarizes a simple metric demonstrating the value of a bribe. Thanks to the convenience of tracking this data on chain, itโs straightforward to simply calculate the ROI of a bribe. Tammany Hall, eat your heart out.
Votium bribery is stupid effective. Where else can you so quickly flip $1 into $4.84? Follow up questionโฆ what is likely to happen when money protocols realize they can so easily move money?
This time around, the lionโs share of the bribes came from FRAX. The algorithmic stablecoin tossed in $2.23MM, almost 40% of the entire bribes.
Frax is running an utterly elegant influence operation. Not only are they running a tag team game with Alchemix...
โฆtheyโre also introducing a new proposal that could pave the way for a cvxFXS.
Other protocols are still falling over themselves to establish their Convex game. OHM already dropped their $CVX Bonding.
Keeper DAO officially finalized their resolution to acquire up to $40MM worth of Convex last week.
An OHM-inspired protocol called Squid DAO is also putting its treasury of up to 500 ETH to earn sweet yields.
Is there any downside to Convex? Of course, the $MOCHI saga that unfolded last week was so wild it even bumped Bitcoinโs multi-year Taproot upgrade from the headlines.
Convex has had a lot of work to do in the $MOCHI fallout. When putting the issue to a community vote, the community is broadly supporting punitive actions against the acquired vlCVX.
So DYOR, NFA, + misc alphabet soup CYA. And if youโre too busy trying to decipher the last sentence to have a position in the flywheel, consider researching another acronym: NGMI.
Read Disclaimers! Author is a flywheel maxi (CRV/CVX/Votium)