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Where is the value of CRV, which has risen six times in half a month?



At the time of writing Blue Fox Notes, Curve’s locked assets reached 1.24 billion US dollars, and the entire DeFi field was 7.82 billion US dollars, and Curve accounted for about 15.8%. In the entire DeFi field, it is second only to Aave and Maker, and surpasses Uniswap and Balancer, which are also DEXs.

It took only half a month for Curve’s locked assets to surge sixfold, from more than $200 million to more than $1.2 billion.

The amount of locked assets in Curve increased by 4 times in 2 days DEFIPULSE

The biggest reason for Curve’s sharp increase in locked assets is that Curve launched CRV tokens on August 13. When the CRV token was launched, its locked assets increased from around $200 million to over $800 million within 2 days. In just two or three days, Curve has tasted the sweetness of liquidity mining.

Twitter 2.0 may integrate Signal protocol to launch encrypted private message function: On November 27th, Twitter user Jane Manchun Wong (@wongmjane) said that Twitter will integrate Signal protocol to develop encrypted private message function in Twitter’s IOS application You can see the code adoption of the Signal protocol. Perhaps affected by this, the mobile privacy payment project MobileCoin’s native token MOB, which cooperates with the Signal app, has risen sharply since the early hours of this morning, once touching $3.72, and is now at $1.64.

Note: The Signal protocol (formerly known as the TextSecure protocol) is a non-interconnected encryption protocol that can be used to provide end-to-end encryption for voice calls, video calls, and instant messaging sessions. The protocol was developed by Open Whisper Systems in 2013 and was first introduced in the open source TextSecure application, which was later updated to Signal.

Jinse Finance previously reported that on November 27, Musk disclosed the PPT of his speech at Twitter on social media, involving Twitter 2.0 planning content, including advertising as a service, video, encrypted private messages, long tweets, and blue label verification. The function is optimized, but the payment function page does not introduce related plans. [2022/11/27 21:05:13]

Not only the amount of locked assets, but Curve’s trading volume also ranks among the top three, ranking second among the three small DEX giants (Uniswap, Curve, and Balancer).

STEPN’s official wallet address transferred about 84 million U.S. dollars on May 25: According to the news on May 29, the data shows that the STEPN (GMT) official wallet address was transferred out from 16:50 to 17:09 on May 25, Beijing time 83,674 BNB and 1,369,176 SOL were purchased, with a total value of about 84 million US dollars. The specific transfer addresses are (BNB) 0xb7D0749a64345552Ef01fF54D6864202215A09a1; (SOL) Ffbor3Zx46oGPK59S7drZjcTSt8mygZGWc5qkcHLPtWV. [2022/5/30 3:49:27]

Curve's trading volume in the last 7 days ranks second among DEXs, DUNEANALYTICS

The mayor of Lugano announced that Bitcoin has become the official currency of local Italian-speaking residents: On May 4, the mayor of Lugano (Lugano), a city in southern Switzerland, announced that he has decided to make Bitcoin the official currency of local Italian-speaking residents. currency. Lugano has been aiming to become the cryptocurrency capital of Europe.

Tether CTO Paolo Ardoino highlighted his opinion on the decision in Lugano. He said that crypto people are a tribal and nomadic group. They like to go to places that feel like home, and where encryption is supported so their beliefs are recognized. He further stated that crypto people like what Tether and Lugano are doing, they want to find a place to settle together, obviously, there is no encryption center in Europe, this is the real missing part.

Ardoino believes that Bitcoin can do great things. He sees it more as a social tool than a financial one. Speaking about Crypto Valley (Zug), he noted that Lugano has the potential to surpass its status.

Additionally, he noted that in just one month of the announcement of the partnership, the city has started talking to several businesses and companies looking to move their operations to the area. (The Coin Republic)[2022/5/4 2:50:08]

Curve’s trading volume in the last 7 days accounted for 18.1% of the DEX market, DUNEANALYTICS

Glassnode: Open interest in the BTC futures market hits a new high: Jinse Finance reported that according to data from the blockchain analysis company Glassnode, although transactions on the BTC chain remain calm, the leverage ratio in the derivatives market has been actively growing, which shows that The surge in interest in BTC price action rather than trading in the spot market has resulted in relatively lukewarm demand for BTC in the spot market. For derivatives, the futures perpetual open interest is usually the total value of all open interest in the continuous contract market, measured in BTC, and in the face of the recent price drop, the perpetual open interest has reached 264,000 A new all-time high for BTC, up +42% since Dec. 4, 2021, surpassing the previous high of 258,000 BTC set on Nov. 26. On first principles, a drop in price would lead to a liquidation for long traders, and the growth in open interest in recent days hints at layered bets by short traders on market weakness.

Binance users account for the vast majority of futures open interest, especially as the exchange has seen a noticeable increase in market share in recent weeks. Since the massive liquidation on Dec. 4, Binance has absorbed 9.4% of Bitcoin futures open interest and now firmly dominates with a 30% market share. In second place by market share of open interest is FTX with 19%, surpassing the Chicago Mercantile Exchange (CME), which saw a jump in market dominance when it launched the $BITO ETF in October, but now Ranked third, accounting for 15% of futures open interest. [2022/1/13 8:47:22]

In the DEX market, Curve currently occupies 18.1% of the market share, and its trading volume in the latest week exceeded 500 million US dollars.

The number of trademark applications related to "Yuan Universe" has exceeded 4,400: According to news on November 24, Tianyancha APP data shows that as of November 17, there have been more than 4,400 applications for "Yuan Universe" related trademarks, of which more than 3,000 are currently in the status of "Awaiting substantive review". Up to now, more than 700 companies have applied for Metaverse-related trademarks. As of November 8, nearly 400 companies have registered trademarks related to Metaverse, and as of the end of September, about 130 companies have registered trademarks related to Metaverse. (Golden Ten) [2021/11/24 7:07:56]

Curve's stablecoin transaction has the lowest slippage, which is lower than CEX. This is one of its greatest value. Traders who conduct large stablecoin transactions and tokenized btc (wbtc, renbtc, sbtc, etc.) transactions will first choose Curve. This is its current market positioning and advantages.

From the perspective of the number of users, Curve has more than 12,000 users, which is almost the same as Balancer, but there is still a gap from Uniswap. However, Uniswap is currently facing competition from various swaps, especially Sushiswap directly prying Uniswap’s liquidity (currently Sushiwap’s mining liquidity exceeds 600 million US dollars, more than 66% of Uniswap), which will put more and more pressure on Uniswap , about Sushiwap, please refer to Blue Fox's previous "Sushiswap: The Evolution of Uniswap?" ". While Curve’s advantage in the stablecoin trading market is relatively stable, mStable did not launch a sufficient impact on Curve as expected. (About mstable "mStable: Will Curve feel pressure?")

Curve users exceed 12,000, DUNEANALYTICS

After the launch of the CRV token, Curve has driven a sharp increase in the amount of locked assets in the entire DeFi field. The most obvious benefit is renBTC, and then wBTC.

Less than a week after wBTC launched the CRV token on Curve, its locked assets increased by approximately $100 million. The impact on renBTC is more obvious. Within 4 days after Curve launched the token, the locked assets of renBTC soared from US$60 million to a maximum of more than US$170 million, nearly tripling.

wBTC and renBTC can meet the needs of Bitcoin holders to participate in DeFi activities. These users can maintain exposure to Bitcoin and at the same time earn liquidity income from mining. With the launch of CRV tokens, price discovery is basically completed, and the rate of return on user asset lock-up can be calculated, which greatly stimulates user participation.

wBTC locks up $100M after Curve launches CRV token, DEFIPULSE

renBTC Triples Locked Assets After Curve Launches CRV Token, DEFIPULSE

CRV is Curve's governance token. There are four uses:

Governance voting (with time weight, the weight decreases as the unlock time approaches)

Value capture mechanism (incentivize specific token pools)

Lock-in incentives (incentives for long-term liquidity providers)

Fee burn (subject to future governance decisions)

From the above information, we can see that CRV itself has great value as a Curve governance token. One of the most important points is that CRV holders can decide Curve's future fee capture, locking mechanism, burning mechanism, etc. This means that the total amount of CRV may be deflationary in the future, and CRV can charge transaction fees in the future. Of course, how it evolves depends entirely on the community governance of CRV holders.

Therefore, when evaluating CRV value, we can see the possibility of the future. As long as Curve can maintain the number one position in the encrypted market for stable currency transactions and tokenized cross-chain asset transactions, then CRV has the opportunity to capture greater value.

CRV tokens were launched on August 13, 2020. The total number of tokens is 3.03 billion, of which 62% are allocated to liquidity providers, and 5% of liquidity mining is allocated to liquidity before the launch of CRV tokens These 5% tokens have a one-year unlock period, 57% of the 62% are allocated to liquidity providers after the launch of CRV tokens, and this part will be gradually released in the next 6 years ; 30% of the total amount is allocated to the founding team and investors (with a 2-4-year unlocking period), 3% to employees (2-year unlocking period); 5% is used as a community reserve.

From the intuitive point of view of the picture, the unlocking plan of CRV along with the timeline is as follows:

Curve Token Release Trend Chart

Judging from its token release plan, by the end of 2020, there will be about 100 million CRVs. According to the current price, the diluted market value of this number is about 360 million U.S. dollars, which is roughly equivalent to the current market value of REN (380 million U.S. dollars ).

As of the writing of Blue Fox Notes, the market supply of CRV is 13,558,734, while the locked CRV is 3,599,082, and the lock-up ratio is 26.5%. Assuming that the lock-up ratio remains unchanged, the real circulation of CRV at the end of the year is about 73 million. Assuming that the price of CRV remains unchanged, its circulating market value at the end of the year will be around US$265 million; assuming the price doubles at the end of the year ($7.2), then its circulating market value at the end of the year will be around US$530 million.

According to the current overall situation of DeFi and considering the fundamentals of Curve, this valuation is not high in the DeFi field. At present, there is a premise here that the DeFi bubble has not burst, and the overall DeFi market can continue.

According to Curve's design, if liquidity providers want to increase the returns provided by their liquidity, they can obtain it by locking CRV. The longer the liquidity provider locks CRV, the greater the amount of locked CRV, the ratio of CRV token rewards will increase, and the maximum increase can reach 2.5 times.


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The article is contributed by the blockchain analysis of Niu Qi.

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