Small universe and big planet 2022-04-03 02:16:57 阅读数:822
Who reaps the benefits ？
4 month 2 Japan ,Terraform Labs member Ezaan Put forward new proposals in the community , It is suggested to introduce new measures to stabilize currency liquidity “ Gold standard ”4pool.
say concretely ,4pool It's going to be a UST、FRAX、USDC、USDT Make up a new Curve Liquidity pool ,Terra and Frax Finance Will pass Curve Concentrate its stable currency liquidity to major ecological 4pool Inside . According to the plan ,4pool Initially, it will be in Fantom、Arbitrum Test with Ethereum main network .
Who is the target ？
Although in the content of the proposal ,Ezaan There is no direct mention of DAI, And didn't use some too drastic statements , But in essence , This can almost be regarded as UST（ And of course FRAX） For the current decentralization and stability DAI A positive declaration of war . Why do you say that , We need to stabilize the current situation and Curve The role played in it speaks of .
CoinMarketCap data display , As of the issue of DAI and UST The total circulation supply of is 96 Eva 165 Billion （Odaily Star daily ：FRAX The supply of has also reached 27 Billion ）, In absolute terms ,UST Has completed the right to DAI Overtaking , It has become the largest decentralized stable currency . However ,UST Our main positions are still concentrated in Terra Ecological Interior , In Ethereum and many other EVM Compatible with ecological ,DAI Still occupy a larger market share for a long time .
At this time 4pool In the proposal ,Ezaan Make it clear that the purpose of the proposal is to expand UST In Ethereum （ And other things EVM Compatible with ecology ） Market share in , So it goes without saying who the spearhead is pointing at .
Curve war Where to start ？
that ,Curve What role does the side play here ？ be familiar with DeFi Most of our readers must have heard of 「Curve War」, Simply speaking , This is the major DeFi To fight for Curve Liquidity incentives , Try every means to accumulate governance tokens veCRV, To control CRV Incentive weight .
If you are not familiar with relevant concepts , I suggest you read this article first 《 Moat or troima ？Curve War Upgrade to CVX The battle of 》.
As DeFi One of the absolute leaders , Stable currency exchange agreement Curve（ Of course Curve Now it is also making efforts to the unstable currency business ） Will pass CRV Inflation to encourage liquidity providers within the agreement . But unlike other agreements , stay Curve Within the economic model , Tokens with direct governance are not CRV, It's a pledge CRV In exchange for veCRV, The latter can directly decide Curve Liquidity incentive range of each pool in the .
stay Curve within , How much can each liquidity pool get CRV incentive , All need to pass veCRV The voting decision of , So who controls veCRV The more , Who can strive for greater incentives for the pool related to their own interests , So as to provide higher APY and APR, Improve the liquidity of relevant pools .
At present ,Curve Stable currency liquidity within “ Gold standard ” by 3pool（ namely 3crv）, It is structured as DAI、USDC、USDT, Other stable currency items are entering Curve after , Often need to work with 3pool Assets jointly form a liquidity transaction pair , That is to X（ A stable currency ）+ DAI + USDC + USDT Form pairing .
Terra Of 4pool What you want to do （ Although not explicitly ） It is to seize 3pool Market share , Even replace the latter's market position , So that DAI from “ Gold standard ” Kick out , hold UST and FRAX Push in . So how can this be achieved ？ The answer is simple —— The market has the final say. , Who has more liquidity , Who can win this potential war in a substantive sense .
So how to expand liquidity ？ The answer is also simple ——veCRV.
Let's rearrange the logic ：
1. 4pool Need preemption 3pool Market size of ;
2. That means 4pool It is necessary to expand the liquidity scale of the stable currency portfolio ;
3. This in turn means 4pool Need to attract more liquidity ;
4. This in turn means 4pool Need to provide higher returns ;
5. This in turn means 4pool More is needed veCRV for 4pool Relevant pools strive for more CRV incentive ;
6. Although there is no news yet , But if 4pool It's on the rise ,3pool（DAI） I'm sure I won't wait to die ;
7. 3pool The counterattack obviously also needs to strive for more veCRV;
8. It's just a fight .
In the proposal ,Ezaan mention Terra and Frax（ Don't forget this helper ） Is holding CVX The two biggest agreements ,CVX yes Convex The governance token of , The latter has successfully mastered a large number of... Through taowa pledge and growth incentive veCRV, It became the whole thing Curve An important role in Ecology . meanwhile ,Terra and Frax It's also Votium（Convex My dolls ） The two biggest motivators .
So ,Terra and Frax Not a whim , I decided to go to Ethereum as soon as I patted my forehead “ destroy ” DAI, But really have a lot of strategic chips .
Put aside the chips on the table and don't say ,Curve War It's not just a formal contest , It is also a contest of capital thickness ,Terra The latest wave “BTC Crazy shopping ” Stunned, I bought a wave of bull market , In fact, we can see the power .
And from MakerDAO（DAI） On the other hand , After years of standing alone , Obviously, the rise of the agreement has brought a certain sense of crisis to the competitors .
In the past month ,MakerDAO The community mentioned several times that it wanted to change its token economy model , To rectify the burden , Rejuvenate . In a recent proposal ,a16z I even designed it myself …… ok ,a16z Your names are coming out ,DAI Of course, the power behind it should not be underestimated .
So after all “ At whose hand will the deer die ”, Maybe .
Although this “ The war ” It hasn't started yet , But we can already try to find some potential profit targets , following , Are some of my personal views .
Take a closer look at the participants in the whole story ,Curve And the governance related roles in its ecology will probably be the one who will reap the benefits . The more intense the fight between the two sides ,Curve Naturally, the happier you are , Because this aspect can bring greater activity to the liquidity pool of the whole agreement , On the other hand, it will also improve veCRV And its source CRV Market demand for .
Empathy , For the bundled part veCRV The role of governance CVX And the governance token of another layer of Dolly agreement , The market demand for these tokens will also increase as the war heats up .
Yes, of course , It's been torn so much , All are Ezaan After the proposal can be passed . In case of failure , Just think I'm talking nonsense .
Source of the article ： Star daily
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