From b5ffde914379cc48e2e8b19f1ee715f8faf3d8db Mon Sep 17 00:00:00 2001 From: "dr. mia von steinkirch, phd" <1130416+mvonsteinkirch@users.noreply.github.com> Date: Fri, 10 Feb 2023 16:03:41 -0800 Subject: [PATCH] Update and rename MEV_and_trading/stablecoins/Curve.md to MEV_and_trading/stablecoins/Curve/README.md --- MEV_and_trading/stablecoins/Curve.md | 81 --------------------- MEV_and_trading/stablecoins/Curve/README.md | 35 +++++++++ 2 files changed, 35 insertions(+), 81 deletions(-) delete mode 100644 MEV_and_trading/stablecoins/Curve.md create mode 100644 MEV_and_trading/stablecoins/Curve/README.md diff --git a/MEV_and_trading/stablecoins/Curve.md b/MEV_and_trading/stablecoins/Curve.md deleted file mode 100644 index 3fad3d9..0000000 --- a/MEV_and_trading/stablecoins/Curve.md +++ /dev/null @@ -1,81 +0,0 @@ -## curve - -
- -### tl; dr - -
- -* Curve, whose unique feature is the low slippage in swapping, is a decentralised exchange (DEX) for stablecoins to swap pairs like USDT/UST or USDC/BUSD.  -* CRV is the native token, whose main utility is governance. -* People need to lock CRV to get veCRV to vote on decisions. The most important one is voting on allocation of rewards. -* Additionally, veCRV holders can vote on proposals and pool parameters. -* Monthly CRV unlocks from the release schedule and the trading fees generated on the platform are distributed to each pool's liquidity provider. -* a new stablecoin design called lending-liquidation amm algorithm (LLAMMA) is being [github-ed](https://github.com/curvefi/curve-stablecoin-js). -* for mev, volume is the key factor to influence price slipage due to the slipage design of curve - -
- ---- - -### curve liquid wrappers war - -
- -* veToken model allows users to lock CRV for up 4 years, receive admin fees (paid in stables), and allows them to vote for CRV emissions for the pool. -* protocols seeking liquidity have the option to bribe ve CRV holders to stream CRV emissions to their pools (nother source of revenue besides admin fees). -* since locking CRV for 4 years is not very attractive for holders, introduce liquid wrappers: cvxCRV, sdCRV, yCRV. -* liquid wrappers allow CRV holders to receive fees and/or bribes without locking it for 4 years and provide a chance to exit the position. -* trade-offs for liquid wrappers are: protocol fees, peg maintenance, and voting power. - - -##### cvxCRV - -* by stacking cvxCRV, holders earn 3crv fees plus a share of 10% of the Convex LPs' boosted CRV earnings, plus CVX tokens. -* the bribe revenue (voting power which can be sold) is distributed among vote-locked CVX. -* the normal revenue from veCRV (fees + bribes) is split between cvxCRV and CVX. -* protocol fee: 0% -* voting power: cvxCRV does not offer voting power, nor does it share bribe revenue. -* losing the curve liquid wrapper war as it does not have voting or bribe revenues and a weak peg? - -
- -##### sdCRV - -* sdCRV is distributing 3crv fees and keeping voting powers with stakers. -* voting power can be delegated to the StakeDAO, it combines market and OTC bribes in order to get the best return. -* users can access the bribes from palarding and votium. -* StakeDAO is not splitting the bribes and admin fees between sdCRV and native token, so staking APR is notably higher. -* Stakers are getting 3CRV, CRV, and bribes, converted into STD rewards. -* to get the highest APR, users have to boost it by locking the native token SDT. -* without veSDT boost, sdCRV stakers are getting a 0.62x boost on their voting power and can boost it up to 1.56x based on veSDT balance, and the total amount of veSDT stakers. -* protocol fee: 16% -* voting power: yCRV does not offer voting power, but shares the bribe revenue. -* StakeDAO is buying sdCRV with the bribe revenue when the peg is below 0.99 and distributing to the stakers. - -
- -##### yCRV - -* staked yCRV offers the highest yield among all wrappers. -* however, the yield will go down and there are remaining rewards coming from the legacy yvBOOST donator contract. -* 1/4 of all yCrv is owned by the treasury boosting yield for all yCRV stakers. -* st-yCRV offers "set & forget" UX where the source of yield comes from: 1) admin fees (auto-compounded into more yCRV), 2) bribes (1 st-yCRV = 1 veCRV worth of voter power which will be sold on bribes market to further increase yield). -* unlike sdCRV, st-yCRV holders are giving up their voting power, so protocols can't use it to cast votes for Curve gauges. -* vl-yCRV is in the final stages of development, which will give voting power but remove fees and bribes in favor of st-yCRV. -* protocol fee: 10% -* voting power: sdCRV offers voting power and bribe revenue, but reduced in favor of veSDT stakers. -* winning the curve liquid wrappers war by offering the highest yield and the easiest UX? - - -
- ---- - -### resources - -
- -* [curve stablecoin paper](https://github.com/curvefi/curve-stablecoin/blob/master/doc/curve-stablecoin.pdf) -* [10M revenue drain in 5 months: mev impact on curve](https://medium.com/@eigenphi/10m-revenue-drain-in-5-months-mev-impact-on-curve-fd5214a0667) -* [cleaning Up of the battlefield of avi and curve](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/MVIdkzGOWx70ap0uA9Nuh7GHXtO1jGopEaIeAK2coC8) diff --git a/MEV_and_trading/stablecoins/Curve/README.md b/MEV_and_trading/stablecoins/Curve/README.md new file mode 100644 index 0000000..c9e761d --- /dev/null +++ b/MEV_and_trading/stablecoins/Curve/README.md @@ -0,0 +1,35 @@ +## curve + +
+ +### tl; dr + +
+ +* curve is a decentralised exchange for stablecoins, with low slippage in swapping. * curve support 3 categories of exchanges: stablecoins, stable pegged assets, and non-stable pegged assets. +* CRV is the native token, whose main utility is governance. veCRV is locked to vote decisions and rewards. monthly CRV unlocks from the release schedule and the trading fees generated on the platform are distributed to each pool's liquidity provider. +* a new stablecoin design called lending-liquidation amm algorithm (LLAMMA) is being [github-ed](https://github.com/curvefi/curve-stablecoin-js). +* for mev, volume is the key factor to influence price slipage due to the slipage design of curve + +
+ +---- + +### in this dir + +
+ +* [curve wars](curve_wars) + +
+ + +--- + +### resources + +
+ +* [curve stablecoin paper](https://github.com/curvefi/curve-stablecoin/blob/master/doc/curve-stablecoin.pdf) +* [10M revenue drain in 5 months: mev impact on curve](https://medium.com/@eigenphi/10m-revenue-drain-in-5-months-mev-impact-on-curve-fd5214a0667) +* [cleaning Up of the battlefield of avi and curve](https://mirror.xyz/0xc19565163aFdEe3783FC970E4Bd0275B11848d34/MVIdkzGOWx70ap0uA9Nuh7GHXtO1jGopEaIeAK2coC8)