Gaming CRV FarmingAug 19, 2021
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?