It’s 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 you’re 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 we’ve explained often, the piece of Convex’s 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.
Sasha Ivanov @sasha35625Let's test https://t.co/zDDti2KK6r - Vote for $USDN pool on https://t.co/L3sgqrqFz1 and get $NSBT USDN governance token 0x9D79d5B61De59D882ce90125b18F74af650acB93 10k tokens to be distributed in a week! ~$300k worth (don't sell it though, major Neutrino proto upgrades soon)
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 team’s announcements.
That said, it’s not the right time to jump in, as they’re making a few tweaks to their contracts. Keep an eye out for when it’s safest.
When it’s 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 doesn’t want to live on this planet anymore.
In other news, there’s been a lot of news out of Washington DC, so of course it’s clowns all the way down 🤡🤡🤡
It’s 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.
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