curve finance

A special mid-week episode is in order as we discus the string of events that led to one of the largest risks DeFi has faced in a long time.
What happened to Curve, what's at risk, and what can we learn from all of this?

 

*CORRECTION: The address that exploited the CRV/ETH pool controls .082% of the circulating supply, not the 8% accidentally mentioned in this segment.
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🚀Join Ryan & David at Permissionless II in September.
https://bankless.cc/GoToPermissionless 

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📣 STADER LABS | ETHX LIQUID STAKING
https://bankless.cc/Stader 

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BANKLESS SPONSOR TOOLS:

🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://k.xyz/bankless-pod-q2   ⁠

🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING
https://bankless.cc/MetaMask  

⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum   ⁠

🛞MANTLE | MODULAR LAYER 2 NETWORK
https://bankless.cc/Mantle  ⁠

👾POLYGON | VALUE LAYER OF THE INTERNET
https://polygon.technology/roadmap 

🗣️TOKU | CRYPTO EMPLOYMENT SOLUTION
https://bankless.cc/Toku 
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TIMESTAMPS

0:00 Intro
7:23 EVM Exploit Explained
13:21 MEV Bot Sidequest
18:21 CRV Contagion
23:43 CORRECTION: SEE SHOWNOTES*
31:43 The OTC Bailout
35:43 Buying Mansions On Leverage
41:43 Second Order Risks
47:43 Who is to Blame?
53:43 Are we in the Clear?
56:43 Lessons Learned
1:01:43 Risks and Disclaimers
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RESOURCES

DeFi's Contagion Curveball
https://www.bankless.com/defi-contagion-curveball 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures ⁠ 

The Curve Wars are the DeFi trenches. Deep in the realm of liquidity and incentives, a battle of tokenomics rages on. Many might not be clued into the mountains being moved in the Curve War, but CurveMarketCap is here to settle it all.

Will there be one automated market maker to rule them all? Does he who control the liquidity control the universe? Tune in and find out!

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📣 ALTO IRA | THE CRYPTO RETIREMENT ACCOUNT
https://bankless.cc/AltoIRA 

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BANKLESS SPONSOR TOOLS: 

👀 POLYGON | LAYER 2 DEFI
https://bankless.cc/Polygon 

❎ ACROSS | BRIDGE TO LAYER 2
https://bankless.cc/Across 

🦊 METAMASK | THE CRYPTO WALLET
https://bankless.cc/metamask 

💳 LEDGER | THE CRYPTO LIFE CARD
https://bankless.cc/Ledger 

🧙‍♂️ ALCHEMIX | SELF REPAYING LOANS
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🦄 UNISWAP | DECENTRALIZED FUNDING
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Topics Covered:

0:00 Intro
5:00 CurveMarketCap aka Gerrit Hall
9:56 What is Curve?
16:15 The Curve Wars
24:52 Governance & Rewards
32:54 Convex Finance
40:01 Bribing as a Good?
48:00 The Curve Community
53:16 Valuing Convex & veTokens
57:33 Uniswap vs Curve v2
1:06:08 PAC.xyz
1:11:13 Closing & Disclaimers

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Resources:

CurveMarketCap
https://twitter.com/CurveCap?s=20 

Conway's Game of Life
https://newsletter.banklesshq.com/p/ether-is-equity 

Llama Airforce
https://llama.airforce/#/convex/flyer 

PAC:
https://www.pac.xyz/ 

PAC Discord: 
https://discord.com/invite/Y95mnqewpb 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures