Beyond the "Curve Wars" narrative, another reason we like $BTRFLY is because of the yield enhancement strategies they apply to their treasury assets (CRV, CVX and gOHM)...
1. CRV:
2. CVX:
3. and finally, gOHM:
Thoughts: It's so much easier to have conviction in a trade (and HODL in the rough times) when you deeply understand what you are buying AND what they are doing (because you do it yourself). Then the narrative is just the layer on top.
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1. First you need to understand that all big DeFi protocols (@MIM_Spell, @FantomFDN, @CreamdotFinance) are playing a game -> they want as much VOLUME (TVL=total value locked) as possible. Why? cos fees init bro. At the same time, guys like me want the best % return on stables.
2. That's where Curve ( $CRV ) comes in - it's THE dominant marketplace for stablecoin swaps (managing treasuries etc). Curve is where ALL the action takes place. There is no second best.
It's a sentiment check for greed/fear. Red = market vulnerable (expensive to go long) and frothy. Green = people scared to long. I also want to pay the least to be long.
2. Set "stink bids" i.e. trigger orders to open if the market suddenly drops a few %. These happen when whales want to grab liquidity lower and stop out the little guy. I'm happy having no position when needed. Patience is a virtue.