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A team of anonymous devs.
A single idea that capitalized on a massive opportunity.
An attempt to gain a majority of governance power over the then largest DeFi protocol in the world.
This is the story of The Curve Wars 👇
$CRV
Some requests for this one so I'll post my thoughts.
I'd like to see something like this play out for a macro bottom to form.
Does it have to happen? No.
But if I see a high probability setup such as this print, I will engage. If the bottom is in, then I need to see us accept above the October 2020 S/R zone to engage.
Curve is King when it comes to stable swaps.
The USDC/USDT pool on @CurveFinance has around 5M in the pool compared to Uniswap which has 37M in its V3 and V4 pools combined, yet it is doing around 75% of the volume of both Uniswap pools combined (33M vs 43M) with only 1/8th of the capital in its pools.
Because of how efficiently the Curve pool is running, liquidity providers are earning 2.5-5x more in yield on the Curve pool vs the Uniswap pools just off the "base" yield alone (2.5% on Curve vs .6% on Uni V3 and .95% on Uni V4).
When you add in additional rewards and incentives they can earn up to 5.5% APR with a max boost, which is 5-10x more than LP'ers are earning on Uniswap for the same assets.
I talk more about the "max boost" in my upcoming article that will be published within the next few days or so, so stay tuned for that!
"If $BTC rejects at it's own range highs, would expect CRV to continue to range as well and move back to it's range lows also."
BTC did reject at it's range highs and so $CRV did as well (as expected).
We have now taken much of the unswept liquidity that we left behind, and the CRV/BTC pairing is back at it's local lows.
I really like the way this is shaping up on lower timeframes.
Once again with the assumption that we are forming a deviation in HTF demand on the CRV/BTC pairing, this is where CRV/USD should once again begin outperforming against BTC on lower timeframes (sending CRV/BTC back up again for another attempt at re-entry into the larger local range).
So, just like last time, would expect another move back up the range highs soon (not sure if we will take the last local low on our left first or not) and hopefully this time we will break out.