π³ Convex + Votium Round 13 Kick-Off
It's that time once again, voting gauges are open and tasty birbs (bribes) are beginning to flow in.
And with the events of yesterday, we've got some extra drama surrounding #VotiumR13.
My preview and projections below.
π§΅π
It's that time once again, voting gauges are open and tasty birbs (bribes) are beginning to flow in.
And with the events of yesterday, we've got some extra drama surrounding #VotiumR13.
My preview and projections below.
π§΅π
R12 Recap
Last round saw a total of 5357.47 in $ETH bribes (+1.9%), the second highest amount on record.
While bribes per $USD declined to $13.6M (-15.3%), it was clear that it was driven by prices drops not bribes.
tl;dr - flywheel πͺ + birbs π.
Last round saw a total of 5357.47 in $ETH bribes (+1.9%), the second highest amount on record.
While bribes per $USD declined to $13.6M (-15.3%), it was clear that it was driven by prices drops not bribes.
tl;dr - flywheel πͺ + birbs π.
https://twitter.com/wagmiAlexander/status/1496486152056066055?s=20&t=XSWyh_vi9K4EX9rb0fBFXg
Yesterday's Twist
The #cvxVotium flywheel is a pretty well oiled and drama free machine, which (frankly) I was looking forward to after the chaos of the #veSolidWars.
But clearly, I'm not allowed to have nice things as yesterday we got some big news...
The #cvxVotium flywheel is a pretty well oiled and drama free machine, which (frankly) I was looking forward to after the chaos of the #veSolidWars.
But clearly, I'm not allowed to have nice things as yesterday we got some big news...
https://twitter.com/wagmiAlexander/status/1499520999527747585
Convex announced that they had discovered an exploit and the fix required a mass $CVX unlocking event.
Meaning that anyone who had previously vote-locked their $CVX for 16-weeks could suddenly withdraw it.
This sent price of $CVX reeling down over 20%.
Meaning that anyone who had previously vote-locked their $CVX for 16-weeks could suddenly withdraw it.
This sent price of $CVX reeling down over 20%.
https://twitter.com/kamikaz_ETH/status/1499771796803186689
As it became clear that some of the largest holders were re-locking and even adding to their positions, the price of $CVX began to recover.
And this made sense, as the income generating ROI of $vlCVX increased as the price dropped lower.
π€ 70% APR is pretty hard to resist.
And this made sense, as the income generating ROI of $vlCVX increased as the price dropped lower.
π€ 70% APR is pretty hard to resist.
What does this mean for R13?
The @ConvexFinance team has been clear that this will not disrupt the current gauge.
While $CVX lockers have a choice to either sell or re-lock, either way they will still be able to vote on and receive bribes in R13.
The @ConvexFinance team has been clear that this will not disrupt the current gauge.
While $CVX lockers have a choice to either sell or re-lock, either way they will still be able to vote on and receive bribes in R13.
It will be interesting to see if this impacts the total quantity of $vlCVX in R14 + beyond though.
If it does decline, each remaining locker will "own" a greater share of the total, which would increase their bi-weekly $/vlCVX payouts.
Something to keep our πs on.
If it does decline, each remaining locker will "own" a greater share of the total, which would increase their bi-weekly $/vlCVX payouts.
Something to keep our πs on.
#VotiumR13 Preview
At today's prices and assuming the quantity of bribe tokens remain constant from R12, I'm projecting...
π Bribes/$: $14M - $17M (+7% to +28%)
π Bribes/ETH: 5524 - 6598 (+3% to +23%)
The biggest variable being the $LUNA bribes given their recent gains.
At today's prices and assuming the quantity of bribe tokens remain constant from R12, I'm projecting...
π Bribes/$: $14M - $17M (+7% to +28%)
π Bribes/ETH: 5524 - 6598 (+3% to +23%)
The biggest variable being the $LUNA bribes given their recent gains.
So I'll update as things go, but a few things to remember as new bribes roll in...
π bribe/$ doesn't tell us much given shifting token prices
π bribe/ETH better controls for overall market volatility
π total tokens / bribe is another indicator of trend changes
π bribe/$ doesn't tell us much given shifting token prices
π bribe/ETH better controls for overall market volatility
π total tokens / bribe is another indicator of trend changes
What am I doing with my newly unlocked $CVX tokens?
I'll be honest that there is at least part of me that is tempted to use them to hunt yields elsewhere.
But, I expect I'll end up re-locking them assuming no major surprises in #VotiumR13.
I'm still bullish #CVX.
I'll be honest that there is at least part of me that is tempted to use them to hunt yields elsewhere.
But, I expect I'll end up re-locking them assuming no major surprises in #VotiumR13.
I'm still bullish #CVX.
Anyways, thank you for reading!
If you found this helpful, please like and retweet.
And if you'd like to know more about me, check out the post below and feel free to follow.
βοΈwagmi
If you found this helpful, please like and retweet.
And if you'd like to know more about me, check out the post below and feel free to follow.
βοΈwagmi
https://twitter.com/wagmiAlexander/status/1499763309402337282
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