Stablecoin Market Share, TVL Growth, and a CRV Farming Saga
AUG 12, 2021 • 4 Min Read
Disclosure: Delphi Ventures and members of our team have invested in LUNA, ETH, SOL, DYDX, CVX, CRV, and YFI. These statements are intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
Key Takeaways
While Twitter goes crazy over penguin NFTs, there have been a few things in DeFi that flew under the radar. One key DeFi project we’re watching is Convex Finance. As a fledgling (3-month-old) protocol, Convex Finance has achieved a new milestone by officially flipping Yearn in terms of CRV earned per day. The imminent 15% reduction in CRV emissions this month could also serve as a catalyst as the battle for CRV emissions intensifies.
BadgerDAO and Yearn have surprisingly deployed significant portions of their TVL into Convex vaults, which paves the way for Convex to dominate Curve-based strategies (Convex currently holds $5.07 billion in TVL). On top of just trading at a TVL/FDV ratio of 0.1, each CVX in circulation currently has a claim to approximately 4.3 locked up veCRV – which gives Convex considerable amounts of political leverage over Curve liquidity gauges. Perhaps Convex Finance could further benefit from Andre’s latest product tease?
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