<aside> 🦋 Curve Wars is the name given to an epic battle for power and control over Curve Finance. You probably have questions like:
**- What makes Curve so special?
We’ll try to answer all of these questions and more in this quick article.
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If Ethereum was a country, Curve is THE shopping mall for stablecoins in it. It’s everyone’s favourite shopping mall because they know everything sold here is good quality and they get the best deals when buying stablecoins. In fact, Curve is so popular ($21B TVL) that it’s even bigger than some developing countries (e.g. Solana has $14B TVL*).
The owners of the shopping mall love it as well! By owning a piece of the mall, they get to collect fees, receive cool freebies and get to own more of the mall. And because it’s such a popular place, merchants from all around the world want to give freebies here and win more customers! All they ask for in return is a chance to sell in Curve’s beautiful shopping mall and get in front of their customers.
So why doesn’t someone just build another shopping mall? Do we all have to fight for Curve? Well, it took a long time to build Curve and people don’t want to leave! The best deals are here and people want to be seen here. It’s the go-to place and it’s one-of-a-kind.
Okay fine, we have to try and become an owner of this shopping mall then because I love getting free stuff! How do we become an owner? It turns out, Curve sells pieces of the mall every year in its CRV token, so all we have to do is buy more of that. Once we get a piece of CRV, we get rewarded with more CRV – we’re going to be rich!
But not so fast…there’s some owners already and they want to own as much CRV as possible because they also love Curve, the rewards and all the freebies they get.
Sharing is caring! Just let me have a piece of this Curve pie!
It’s too bad, but some owners are really good at finding CRV tokens and buying them, so new owners can’t get much. Who are they and what are they doing?
Their names in order of size are Convex and Yearn.
· Convex = The young bull who was an overnight success. They started in mid-May and just started to buy CRV (veCRV to be exact) from existing owners, held onto it and let it grow more CRV!
· Yearn = The seasoned veteran in the space. They’ve been around since mid-2020, but Yearn owners care more about instant profit, so once they get CRV, they sell it!
Convex and Yearn have different strategies. That’s why the results of owning CRV are so different. At writing, Convex farmed about 80M CRV while Yearn is at around 30M despite the age difference! The good news here is that it shows there’s different ways to play and different ways to win!
Yep. Anyone can just start buying CRV like what Convex has done, but that doesn’t mean we’ll be able as big as them. So we’ll have to think a little bit differently and act a bit differently.
As OHMies, we can work together with OlympusDAO to buy CRV. In fact, why buy just CRV when we can buy CVX (Convex’s token) too!
There’s also other players who are entering the game like Frax and it’s possible we can work together with them to enter the wars as a tag-team.
There are so many ways to get CRV and so many new players who also want to get in. Only time will tell what strategy is the best. And that’s the best part about playing. One thing is for sure, the way we want to play this game, we want as many people to win as possible. Let the games begin!