Uptober 30, 2023: Bull Cases 🐂💼
The arguments for $crvUSD and $CVX
Just a glimpse of a green candle last week, and suddenly everybody’s mind is turning to the bull case for altcoins in a hypothetical future bull market. Well… if the entirety of crypto doesn’t go to zero, it has to go up, right? Right?!?
$crvUSD
TBH, we never expected to see $crvUSD supply rising at the same time as rates also climbed…
It’s WBTC fueling the growth.
Our hypothesis is that $crvUSD and its soft liquidation mechanism is the killer use for Bitcoin. A bull market for $BTC is a bull market for $CRV.
We contend that most BTC maxis, given the slow-paced HODL-er mindset, are largely unaware they can trustlessly bridge TBTC and lend on $crvUSD to earn yields with highly novel liquidation protections.
Spread the word…
Of course, $crvUSD prints money for the Curve ecosystem. A great thread by DefiMoon explores this…
Perhaps most bullishly, soft liquidation arbitrage is now being done against the bottomless liquidity of TradFi.
Needless to say, we’re bullish.
Convex
If you’re not regularly following the Convex Discord, you continue to miss out. The bespoke devs laid out the bull case for Convex in terms of its protocol-owned liquidity and diverse revenue streams in incredible projects.
We see signs of the birbs bottoming out…
Reminder that if you want to play in the Convex ecosystem, Aladdin has many projects to serve you.
We expect to hear more from the various protocols Convex is absorbing this week and over the months to come.
We would’ve preferred a bit more pain this bear market, to shake out even more hangers-on. But if the bull market does begin in earnest soon, we doubt anybody will complain all too much.
Disclaimers! Author is long $CRV and $CVX