Curve And The Convex Wars



Convex and the Curve Wars

*Recently, the Curve Wars for the governance of Curve have been gradually evolving into a “Convex War” over the governance of Convex — essentially. Instead of luring in CRV holders to obtain control over their veCRV and voting rights, protocols directly bribe the holders of Convex’ vlCVX tokens, which are locked for 16 weeks, which gives them control over the underlying veCRV governance power of Convex.
This way, each vlCVX holder received around $2.75 for each locked CVX since September 2021.

*After a somewhat timid start, tokenized incentives are being used more and more, and many projects are now proposing bribes. The returns in the first few weeks have been excellent, though it remains to be seen if they will last. For example, some holders earned a 10% return on their veCRV in 5 weeks by voting for the MIM pool and receiving SPELL tokens in bribes.



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