Sept 3 2021: Convex Grants Suffrage ๐๐ณ๏ธ
Digital Democracy Arrives as Convex Announces Vote Locking
Itโs a great day for digital democracy, as Convex has extended the right to Votium!
Convex is a critical gear in the ornate Curve flywheel we detailed yesterday. Like Curve, Convex is complex.
Hopefully you are pro-prophylactics, because youโre about to get a lot more @CryptoCondom in your face....
In something of a disproof of efficient markets, Convex is quite literally printing money for its early adopters.
As weโve explained often, the piece of Convexโs value that had yet to be unlocked was their voting power.
The Curve bribe wars are starting to heat up, with something of a bidding war taking place, where protocols are throwing money at users to vote for their pools to receive excess $CRV rewards.
Hence the excitement about the announcement of the Votium release, which offers users extra fees from locking.
With potentially more info to come if you keep attuned to the teamโs announcements.
That said, itโs not the right time to jump in, as theyโre making a few tweaks to their contracts. Keep an eye out for when itโs safest.
When itโs live, Convex has an absurd amount of voting power that they are now distributing to their users. Convex is at the wheel of DeFi.
This is all wonderful for anybody who reads the news and doesnโt want to live on this planet anymore.
In other news, thereโs been a lot of news out of Washington DC, so of course itโs clowns all the way down ๐คก๐คก๐คก
Itโs been too busy to prepare a more thought out response, but in the meantime, you should connect with PAC DAO, an issue group focused on cryptocurrency advocacy. Their weekly call starts in less than an hour in their Discord, with some juicy gossip planned for this chat.
For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. Author is a $CRV maximalist, and therefore also a $CVX maxi.