Bitcoin🥇Ethereum🥈 CRV🦙CVX👑FXN🔥Frax🎩 Entrepreneur's mind🧠 Athlete's body🥋 Artist's soul🦋
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Joined January 2021
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⚖️ USDT / USDe @CurveFinance
⏳20X Liquidity efficiency of $1M TVL
👀Juicy APR as well (~15%)
Dan🦙💨 retweeted
$230 million in 24-hour trading volume for ethereum:0xf939e0a03fb07f59a73314e73794be0e57ac1b4e. And that’s on-chain volume only. No centralized exchange volume. No CEX trading whatsoever. @CurveFinance
True. I tested it.🫱🏻🫲🏽
Holding $CVX beats $xCVX in most scenarios.
$xCVX only works when leverage is high like 2–3x and you catch a big move at the same time.
At ~1.2x with 5% round-trip fees, it’s usually a worse trade.
@protocol_fx
A short demo of how the leveraged token, $xCVX can lose more $CVX -equivalent value during a fall than it regains during recovery because its leverage rises as prices drop, then changes in backing can reduce its exposure to the rebound.
@protocol_fx @kmets_ Any thoughts?
Dan🦙💨 retweeted
Attention all Curvers and Convexers, this is your captain speaking.
Ladies and llamas, as we prepare for takeoff, please ensure your seatbelts are securely fastened, your seatbacks and tray tables are in their full upright and locked positions, and all carry-on luggage is securely stowed either in the overhead bins or completely underneath the seat in front of you. All electronic devices must now be switched to moon mode. Lightly carbonated beverages and snacks will be served once we have reached cruising altitude.
Please enjoy the flight and thank you for flying Credi-Curve airlines 🫡
$CRV 🤝 $CVX
Dan🦙💨 retweeted
(1/5) $CVX is now fully minted! 🎉
On Oct 15, the @ConvexFinance token hit its hard-coded 100M max supply (block 26,200,161).
WHAT HAPPENED
- No new CVX can ever be minted
- The final 120.8 CVX went out in a batch of reward claims
👇
Dan🦙💨 retweeted
We don't know why Defillama AI says that @CurveFinance annual revenue is less than $5m.
- It's simply not true.
- We estimate it $15.2m - $27.64m is our data.
- Maybe it was an AI Slop?
Our manually verified data for that:
- $7.19m fees for veCRV holders
- $20.45m bribes that protocol brought for all kind of veCRV holders (incl. @ConvexFinance owning a huge veCRV stake)
- $15.23m veCRV holders yearly income, EXCLUDING vlCVX bribes (so direct veCRV bribes only!)
With all due respect, DeFiLlama appears to lack bribe coverage and proper attribution of fees and bribe revenue to token holders.
You can dig into all numbers yourself👇
After yesterday's post about Curve, I got a few replies worth addressing.
First, I really don't want to be bearish on @CurveFinance. I love the protocol.
I'm using @DefiLlama AI for this analysis, so some figures might not be perfectly accurate.
A lot of people pointed out that Curve no longer depends entirely on its DEX business. That's true, but look at the numbers:
> 2023: ~$40M revenue, with 64% coming from DEX activity.
> Today: less than $5M revenue, with DEX still representing 34%.
Bribes have become a much bigger part of the business, which is actually encouraging given where CRV trades today.
But crvUSD minting and lending activity remain relatively small. I'm really hoping @yieldbasis helps revive this side of the ecosystem.
Dan🦙💨 retweeted
Our AI (SI?) agent @chadosdiary actually plotted the total fees charged by stablecoin/stablecoin swaps (@CurveFinance vs others). Curve optimizes for these fees essentially.
Thanks @lordjorx for touching on this topic
After yesterday's post about Curve, I got a few replies worth addressing.
First, I really don't want to be bearish on @CurveFinance. I love the protocol.
I'm using @DefiLlama AI for this analysis, so some figures might not be perfectly accurate.
A lot of people pointed out that Curve no longer depends entirely on its DEX business. That's true, but look at the numbers:
> 2023: ~$40M revenue, with 64% coming from DEX activity.
> Today: less than $5M revenue, with DEX still representing 34%.
Bribes have become a much bigger part of the business, which is actually encouraging given where CRV trades today.
But crvUSD minting and lending activity remain relatively small. I'm really hoping @yieldbasis helps revive this side of the ecosystem.
Dan🦙💨 retweeted
It's only dead if you give up
I'm not giving up on privacy. I'm doubling down.
firefly.social/post/x/210138…
Heads up💀:
More than 50% of Uniswap v4 hooks are reportedly malicious !!!!!!!!!!!!!!!!!!!!!!! They lure you in with great price quotes but switch the execution price at the very last second during settlement. They are stealing user assets through wallets, aggregators and trading apps which resulting in final payouts shrinking by up to 50%.
🚬21 banks are building a GENIUS + MiCA USD stablecoin for 2027.
👑Curve was built for exactly this. Stableswap exists for assets that should trade at ~$1.
👀Large institutional size hits Curve with far less slippage than a generic Uniswap pool.
🚀Curve now is not only a DEX
— it is DEX + crvUSD + LlamaLend.
Conversion is the first hop. Lending and on-chain usage are the second.
So the setup is simple:
➡️more regulated dollars on chains
➡️more stable-to-stable flow
➡️Curve is the King of FOREX in Defi
@CurveFinance
🚨HUGE: 21 of the world's LARGEST banks are teaming up to launch their OWN stablecoin.
Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, Wells Fargo, Fidelity and 14 others will form a new company to issue a dollar-backed stablecoin, with a launch targeted for the first half of 2027.
This is the SECOND major stablecoin consortium this year.
The first, Open USD, claimed 140+ partners including Visa and BlackRock but lost credibility when multiple "founding members" denied they had agreed to join.
Dan🦙💨 retweeted
Jordi is bullish because Curve revenue is growing while CRV inflation keeps falling.
I think the bigger bull case is what Curve itself is turning into.
Calling it a DEX barely covers it anymore.
Curve started with stablecoin liquidity. FX was already part of the expansion path years ago.
Now there is FXSwap.
crvUSD.
Llamalend.
And increasingly, Curve governance is deciding where protocol-native credit capacity gets deployed.
YieldBasis is the cleanest example.
It didn’t just plug into Curve for BTC liquidity.
Curve DAO authorized a crvUSD credit line that can scale toward 1B as the system proves it can absorb more.
Curve provides the market.
crvUSD provides the credit.
YieldBasis uses that capital to scale.
The resulting activity pushes volume back through Curve.
More crvUSD utility.
More Curve volume.
More fees.
More reason for the next protocol to build there.
Resupply is another piece.
Curve DAO recently raised the sreUSD Llamalend credit line from $15M to $30M.
Different structure. Same direction.
Curve is no longer only waiting for traders to show up and swap tokens.
It is starting to help finance the systems that create the flow.
Llamalend V2 pushes it further.
More assets can sit on either side of isolated lending markets.
Curve LP positions can become collateral.
Yield-bearing assets can become collateral.
The same stack can host the liquidity, the collateral, the borrowing market and the liquidation route.
Think about the old DeFi route for launching an asset:
Find a DEX.
Bribe liquidity.
Find a lending market.
Find collateral utility.
Find an oracle.
Find somewhere liquidations can clear.
Then spend months duct-taping the whole fugger together.
Curve is slowly pulling those pieces into one place.
A pool stops being the destination.
It becomes where the market starts.
That changes the CRV thesis too.
Less inflation while Curve is only a stablecoin DEX is nice.
Less inflation while more protocols use Curve for liquidity, lending, collateral, settlement and credit is a different beast.
YieldBasis is one.
Resupply is another.
What happens when there are ten?
Twenty?
When projects stop coming to Curve asking:
“Where should we put the pool?”
and start asking:
“How much of our market can we build here?”
Curve spent years paying heavily to bootstrap liquidity.
Now emissions keep falling while the stack keeps growing around that liquidity.
Jordi might be right that 2027 becomes Curve’s first positive year.
I just don’t think profitability is where the story ends.
By then we may have a bigger problem:
calling this thing a DEX at all.
I'm very bullish on CRV itself too.
@CurveFinance spent hundreds of millions on incentives and CRV emissions years ago. That's normal in a protocol's early phase. What isn't normal is growing revenue while inflation keeps falling; very few protocols get there.
CRV had another emissions halving a few weeks ago, bringing inflation to just above 6% of circulating supply. The protocol is sustainable even at current emissions, and that's the part I like most.
Stack that with how bullish I am on @yieldbasis and crvUSD growth, and there's a clear path for much more revenue to flow back to the protocol. My take is that 2027 will be their first positive year.
My real doubt is whether Curve remains the reference DEX for stablecoin liquidity. I think it will, but new DEXs and new tech keep showing up and a few look interesting.
