Ust declares war Dai, the new curve war is imminent?

Small universe and big planet 2022-04-03 02:16:57 阅读数:822

ust declares war dai new

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 .

Who has a better chance of winning ?

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 .

Who's taking advantage of it ?

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

author :Azuma

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