Another big Convex unlockening is tomorrow. Butโฆ are unlocks even news anymore? See this threadโฆ
Weโll of course post a correction tomorrow if thereโs in fact a major collapse, but given the track record of prior unlocks, weโre expecting it to yet again be uneventful.
Itโs hard to remember so far back, but once upon a time we were in a raing bull market. The biggest FUD was a bearish unlock story. Everybody was busy getting stinking rich, yet for some reason there was still hand-wringing about whether or not people wanted to opt into continual riches.
Now weโre all poor and times are tough. Degens hoping to feed their familias have never had more incentive to paper hand their way out of computer tokens. Yet the relocks just keep coming like clockwork.
Genuine question โ is any other tokens so thoroughly coveted by top DeFi protocols?
If you happen to be a run-of-the-mill farmer and not a protocol, you have some good opportunity for what to do with your $CVX. Two great threads from the past week:
Most of the wrapped Convex options are doing a great job of holding their peg.
Might we soon see similar treatment playing out among other protocols building on Curve? Although itโs a little risk of passing $cvxCRV, $yCRV is gaining ground fastest of late.
User @Togbe explains the incentives driving $yCRV to be so competitive.
For its part, $MIM is investing into $yCRV.
Unlike Yearnโs first attempt at a wrapped $CRV, $yCRV is holding is peg beautifully.
We also present a good read on some of the theory behind separating voting power from wrapped governance tokens, but weโll first issue an 0xCarnation content warning for those of you back in the workplace.
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More details about Yearn can be viewed at https://y.finance/holdings
The successful launch of $yCRV turns up the heat on StakeDAO, which had been threatening to flippen Yearn before the $yCRV launch. At the moment, Yearn yields have the edge.
Yearn:
StakeDAO:
StakeDAO had been enjoying continuous growth up, and we expect this will remain a competitive fight.