Curve Wars event
Overview
The term 'Curve Wars' refers to the rivalry between decentralised finance protocols vying for veCRV tokens, the vote-locked version of Curve's CRV token. Holders of veCRV determine the distribution of Curve's CRV emissions and, by extension, the deepest stablecoin liquidity pools. Yearn Finance and Stake DAO were the initial competitors, but the conflict intensified when Convex Finance launched on May 17, 2021, amassing over one billion dollars in total value locked within two weeks and surpassing Yearn. This competition introduced vote 'bribes', whereby protocols compensate veCRV or vlCVX holders to steer emissions towards their own pools. The situation grew sufficiently contentious that in November 2021 Curve activated its Emergency DAO in response to what it termed a governance attack.
Within The Counterparty graph, Curve Wars connects to 1 tracked entity, most strongly to Curve Finance.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 1 of 1 total).
| Relation | Connected entity | Confidence |
|---|---|---|
launched | Curve Finance | 85% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
What are the Curve Wars about?
The contest concerns control of veCRV, the vote-escrowed version of CRV that governs the distribution of Curve's liquidity-mining emissions across pools, thereby determining which protocols obtain deep, low-cost liquidity.
What are 'bribes' in this context?
These are payments — additional token rewards — made by protocols to veCRV holders in exchange for votes that direct CRV emissions toward the payer's pool.