After months of skirmishes, the #veSolidWars were officially kicking off and the excitement was palpable.
Then... ALL HELL BROKE LOOSE.
My attempt at a recap. 👇🧵
Quick Background
When @AndreCronjeTech announced his new AMM Solidly, he distributed ownership to the top #Fantom protocols as ranked by TVL.
This ignited a battle for control that eventually coalesced into a struggle for control between two teams: @SolidexFantom + @0xDAO_fi
As the day began, we heard from the holdouts...
👉 @SpookySwap would remain neutral
👉 @SynapseProtocol would delay / go solo for now
👉 In the final minutes, @fraxfinance joined #0xDAO
This meant folks LPing things like $WeVE were watching their stacks get eaten alive and earning none of the expected $SOLID or $SEX to make up for the loss.
@SolidexFantom would eventually publish a full disclosure of the issue even as they were quickly addressing UI bugs in the system displaying wild yields.
It was bad news though for the rekt and their partners, as there would be no systematic fix until the next round (next week).
Oh... and somewhere in here Putin started dropping bombs on our brothers and sisters in Ukraine.🤦♂️😩
So where does this leave us?
👉 @SolidexFantom is working on a fix for next week
👉 Partners are still accruing value from their allocations
👉 Yield farmers redeployed to incentivized pools
👉 Many are demanding recompense from #Solidex
👉 Still no launch details from @0xDAO_fi
How am I playing it?
👉 Still farming all I can, pools I'm in below
👉 Still bullish $WeVE, just bought some more
👉 Still love this shitshow, even on the hard days
👉 Second highest amount of bribes / ETH ever
👉 Decrease in total bribes / $ due to market volatility
👉 Bribes largely flat, but $TRIBE + $LUNA increased
👉 One returning briber in $DAI, one drop out in $MTA
Payouts were about $.38 / vlCVX (40% APR).
What does this tell us?
That none of the drama in #crypto is hurting the $CVX #Votium flywheel.
Average bribes (ETH) and briber qtys have continued to increase + that trend seems likely to continue.
And when the market recovers / catalysts arrives, people will take notice.