Nov. 3, 2022: Time to Concentrate 🧑🌾 🚜
Hours remain to lock veCTR for airdrop of IFO leftovers
Set your calendars for tomorrow’s Llama Party at 10 AM PT, featuring guest of honor WormholeOracle
Hey good lookin’….
It’s a great day to try out Curve’s gorgeous new UI! It’s been battle tested in prod for several months now, but in case you see any issues do let us know so we can fix them up.
As it happens, today happens to be an even better day for aping than usual, thanks to the big brains at Aladdin DAO…
If you’ve been farming the Concentrator Initial Farm Offering (IFO), time’s up. It’s harvest season!
The IFO was a big success, the team shared some numbers with us:
Total IFO Users: 1149
Peak TVL:$110.4m
From 2022.7.14 to 2022.11.1 110 days
Raised: 1,675,181 aCRV
Concentrator previously cut their IFO short to free up bandwidth for the big moves they were making at CLever. Yet the team had a remaining stash of almost $2MM worth of unfarmed $CTR, so they are choosing to airdrop the remainder to veCTR holders who lock before tomorrow.
Is it worth your time? Let’s run some numbers…
The team will be droppint 824,819 $CTR. The Concentrator $CTR token has a max supply of 5,000,000. Of the current total supply, 62% has been locked as veCTR:
So you run the back of napkin math and get about .46 $CTR per veCTR at the moment. A nice 50% bonus is not too bad, right?
The Aladdin DAO team are included in this number of veCTR lockers. However, they are not themselves not eligible for the airdrop. The team confirmed that 1.38M of this 1.81MM veCTR is owned by Aladdin and excluded from the airdrop, which raises the math from about .46 $CTR per veCTR to closer to 1.91 $CTR per veCTR, almost a 4x bump, and a quick almost 2x. Interesting…
Naturally, this number is near certain to go down as more people stake (why did you have to publicize this in a newsletter 🤬🤬🤬). Whatever the final number, it’s looking like a nice payday for farmers who were planning to lock their $CTR as veCTR anyway.
The locking mechanics of $CTR are nearly identical to $CRV — so you have to lock for four years to max out your boost. In fact, the contracts for $CTR and veCTR are nearly identical forks of their respective Curve contracts.
This means the Aladdin Team, while not exclusively on board with Vyper, might at least be described as .vy-curious
If you are in fact locking your $CTR for veCTR, you’ll earn voting rights to direct 50% of the Concentrator revenue. While it’s possible veCTR stakers will opt not to direct any revenues back to veCTR stakers, we have to imagine the community will choose to direct most or all of the revenue back to veCTR stakers.
Since the platform already earns some revenue (off the ~$55MM TVL), this means you might get not only an airdrop, but also incremental revenue for the next four years. Some in the community have done more math on the subject:
The price of $CTR has been fairly steady the past few days since the IFO ended and the token started tracking on CoinGecko.
For those who don’t want to lock, you may also be interested in serving as a liquidity provider for the next few months. The Curve $CTR/ETH pool (make sure to select the real one) already had liquidity incentives earmarked towards it. These incentives are also getting a bit of a bump from the leftover tokens from the truncated IFO.
Finally, if you’ve been happily farming the IFO, you need to take no other actions. You will automatically go back to earning $aCRV. Comfy mode activated.
A few more tips on how best to optimize your farming experience:
Previous writeups and more resources:
With all eyes on Concentrator, don’t forget sister protocol at CLever, which has been hoovering up $CVX like mad.
Some more on CLever birbs
Finally, don’t forget the impending $clevUSD
Disclaimers! Author is indirectly locking veCTR for the airdrop via the previous grant received for PAC DAO.