Oct. 14, 2021: Convex Wars: A New Hope 🪖💥
Badger, Abracadabra, and Blocktower battle for the future of finance
War. War never changes.
₿adgerDAO 🦡 @BadgerDAOThings are moving very fast. BadgerDAO is on a mission to collect every Convex vote we can get our paws on so we can boost the rewards on our Bitcoin vaults and pass along even better yields to users. Read how ➡️https://t.co/taXkoAbNR9 🧵
The battlefront has shifted though. Just this summer, we thought the fight for veCRV dominance was the war to end all wars. Yet when you zoom out, it was merely a single battle.
Convex won the Curve Wars. For its spoils, it became the new battlefront. This new war is hot.
Who are the belligerents competing for the future of finance?
A few weeks ago, Bitcoin yields plummeted on Curve. Among all the bribe wars, nobody was fighting for Bitcoin.
Badger is the de facto home of Bitcoin wrapped into Ethereum. Badger identified this as an existential threat. The badgers took it seriously.
Badger passed their proposal overwhelmingly. They locked 886K CVX with 123K delegated to Badger.
Competing in the Convex wars requires higher level mathematics. Fortunately DeFi tends to attract the sharpest minds.
MisterCh0c @Mister_Ch0cIf you don't understand the new mathematics of DeFi, I don't have time to explain You can follow @crypto_condom he does explain it quite well though $cvx $crv https://t.co/gBF1sjCDis
Now that Badger has some voting power, the internal wars begin for how best to deploy this might. They haven’t even won the war yet the next battle is starting from within.
Abracadabra is obsessed with building a new financial ecosystem. The frog nation has dreams of pushing $SPELL token all the way to $1 and turning their Magic Internet Money ($MIM) into real money.
Earlier this week we dove into Abracadabra’s ambitions as they relate to the Curve flywheel. The signal vote quickly popped up with overwhelming support.
The upshot is 5% of weekly protocol fees are earmarked to buying and locking CVX.
We are lucky to live in a world where bribes are flowing freely through the flywheel.
0xMerlin.eth @0xM3rlinJust added 1.3 M in Spell bribes for loyal voters. https://t.co/fJSeIYme8k
In particular, this positions $SPELL for exciting growth when Curve V2 pools eventually open up.
ceteris @ceterispar1busdefi is simple https://t.co/cBfOPLMcZs https://t.co/wjb4CGX528
Blocktower is a private VC megalith operating in the crypto space with over $140MM in assets. They decided to make a big play for $CVX. As to their motive, we can only speculate.
They are primarily speaking with their dollars. Based on their based actions, we can speculate they ran the math and are interested in Convex purely from a numbers perspective.
At this point, Blocktower is to Convex as Michael Saylor is to Bitcoin. They just keep making major purchases like clockwork whatever the price may do.
They are so eager they created battlebots to fight the war for them.
Over $8.5MM and counting.
DefiMoon 🦇🔊 @DefiMoonUPDATE: Blocktower Capital still buying at regular intervals, total $CVX accumulated so far: ~459k, $6.6m at current price. https://t.co/Fe4WSPMvoj
Although it looks as though they may be pausing to regroup?
There may even be other combatants. Not sure if we ever identified who made this casual purchase.
If you identify other players in the Convex Wars left out, drop them in the comments and we’ll update here.
Big money has committed to fighting furiously over this. The battle may be bloody, but we know for sure there will be at least one clear winner. Investors around the CRV/CVX flywheel.
CryptoCondom @crypto_condom@merkle_tree @AriDavidPaul My entire stack of $CVX is locked. Every single token.
It’s a hot war, but it may be a short one. $CVX supply is incredibly limited.
Never forget the spoils of this war trickle down from $CVX to $CRV.
₿adgerDAO 🦡 @BadgerDAOBadgers have spoken…loudly! ➡️886,174 CVX locked and loaded ➡️122,901 CVX delegated to Badger A 93% increase over last round 🤯 Bringing BTC to DeFi ✅ Bringing yield to BTC ✅ Be relentless, be Badgers 🦡🦡🦡 https://t.co/gxxK3SeakW
And @0xG3nsl3r will be furious, but this is one of those rare opportunities for generational wealth creation available to retail investors.
If you’re starting now you may be later than somebody who started yesterday. Yet you’re still insanely early. Only a small number of people have ever interacted with DeFi.
Steve Vit @SteveVit@sardineblock @crypto_condom @criptoe_bull @CFrogE1 Let’s say 500mil revs for the year conservatively..trading at 10X revs, we looking at $170 CVX
As the Convex Wars rage, all of us must play our part. Will you be a spectator or a participant?
Read Disclaimers. Author is a CRV/CVX maxi, has a stake in $MIM/$SPELL.