Market value of 90 billion US dollars? Surpassing Ethereum? Sorry, CRV is down 95%

Editor's Note: This article comes fromDeepChain (ID: deepchain-eva)Editor's Note: This article comes from

DeepChain (ID: deepchain-eva)

DeepChain (ID: deepchain-eva)

, Author: CRV Homie, reproduced by Odaily with authorization.

"The market value of 90 billion U.S. dollars surpasses that of Ethereum."

DeFi project Curve's governance token CRV debuted at its peak.

New leeks: Dig, sell and pick up, shuttle together!

Old Leek: I have only heard of VCR, what is CRV? Is it a car?

There was a one-day collapse of YAM before, but can CRV, which occupies the C position in the market, survive for a long time?

secondary title

Competing for the first mine, digging out 10,000 US dollars in half an hour

Binance announced the listing of CRV, OKEx announced the listing of CRV, and Huobi announced the listing of CRV...

Before everyone could react, another piece of heavy news hit: the price of CRV on Uniswap reached $30. According to this figure, the market value of CRV exceeded $90 billion, surpassing the market value of Ethereum of $47.8 billion.

YAM, which collapsed in one day, was left behind, and CRV has become the new "darling" of DeFi.

Like yesterday’s YAM, the influx of hot money is for mining, enter at the earliest time, and compete for the “top mine”.

But unlike YAM, in fact, Curve officially ended pre-mining on August 10.

It is understood that more than 9,000 addresses participated, and a total of 151.5 million CRV tokens were shared. That is the 5% mentioned above, the part that will be unlocked linearly within 1 year.

In the early hours of this morning, some Twitter users revealed that the official round of CRV liquidity mining has started.

One stone caused a thousand waves, and more than 200 million US dollars of hot money poured into Curve's fund pool from all directions this morning.

OKLink DeFi data shows that at 7 o'clock in the morning on August 14, Curve's cumulative lock-up amount was only about 252 million U.S. dollars. In just 7 hours, this figure soared to 423 million U.S. dollars. Among all DeFi projects Ranked fifth, in the more subdivided track of the exchange, Curve's lockup amount is definitely the first.

Of course, as a leading project in the DeFi field, Curve's returns are not cheap.

Unlike pre-mining, which has a linear unlocking mechanism, the current mining is mining now, and there is no limit. The old Farmer, who followed the principle of "mining, selling and withdrawing", had a great time digging on Curve with his proficient mining experience.

Even a large user said that he dug out 10,000 US dollars in half an hour.

For the "old leeks" who can't even tell the difference between DeFi and DiFi, they are at a loss. What exactly are you digging?

What exactly is CRV, the pinnacle of debut?

A few days ago, the topic of old leeks and new leeks was widely discussed. Regarding the CRV in front of them, many old leeks said: wait, I haven’t figured out YAM yet, why is there another CRV?

CRV is the governance token of the DeFi project Curve.

Investors who follow the DEX track more or less have a certain understanding of Curve. It is a liquidity aggregation protocol built on Ethereum, similar to a decentralized exchange. Users can exchange stable coins such as DAI, USDC, USDT, TUSD, BUSD, and sUSD, as well as BTC-anchored coins on Ethereum on this platform.

You can understand it this way, this is a dedicated stablecoin exchange.

Curve was launched in January 2020 and soon became a star project in the DeFi field.

Although it is a DeFi project, Curve was still managed by a team in the early days and was relatively centralized. In order to achieve decentralization, Curve launched the decentralized organization Curve DAO. CRV is the governance token of Curve DAO.

Although it is a DeFi project, Curve was still managed by a team in the early days and was relatively centralized. In order to achieve decentralization, Curve launched the decentralized organization Curve DAO. CRV is the governance token of Curve DAO.

The total amount of CRV tokens is 3.03 billion, and the initial issuance is 1.3 billion (accounting for 43% of the total). The specific distribution method is as follows:

62% is allocated to liquidity providers (of which the pre-mining round accounts for 5%, which will be released linearly within one year, and the official round accounts for 57%);

30% is allocated to shareholders (team and early investors), locked for 2 years, and linearly unlocked in the next 2-4 years;

3% allocated to employees, unlocked linearly over 2 years;

5% is allocated to the community reserve pool.

How to participate in mining activities CRV rewards?

texttext》。

Quickly mine Curve head mines! CRV Express Tutorial

YAM collapses in one day, will CRV last?

There was a one-day collapse of YAM before, is CRV safe for the latecomer?

Compared with YAM, which has not been audited by the contract, CRV is naturally much safer.

But even so, there are still some uncertainties.

At 11:44 this morning, just 16 minutes before Huobi, OKEx and Binance launched CRV, the blockchain security team SlowMist Technology issued a security reminder, saying that they should be alert to the risks of CRV token contracts.

SlowMist said that someone released the CRV contract in advance and pre-mined 250,000 CRV. The contract sets the same data and related permissions as the official. Due to the soaring popularity of CRV, Curve officials had to accept the contract. Since the contract is not an official contract, and the pre-mining violates the fairness of CRV itself, there is a risk that the official may replace the contract in the future, so we need to be vigilant and continue to pay attention.

This news was also confirmed by the CurveFinance official team.

Wan Hui, founding partner of Primitive Ventures, also said that CRV's DAO code was Front Run by others after it was open sourced.

That is to say, among the 1.3 billion coins initially issued by CRV, some people have already obtained 250,000 coins in advance.

We agreed to run a 100-meter race together, but you ran 10 meters first. Is this still a fair game?

However, SlowMist’s statement does not seem to stop everyone’s enthusiasm for mining, because since SlowMist’s announcement, CRV’s capital pool has been rising.

As the capital pool grows larger, CRV mining has once again become a game for big players. Retail investors with small funds are dissuaded by high handling fees, while big players occupy a dominant position and mine, sell and withdraw.

The retail investors caught in this wave may feel that the threshold is high, or because of the small amount of funds, they choose to take orders in the secondary market of the exchange.

Speaking of exchanges, after decentralized trading protocols such as Uniswap became popular, traditional centralized exchanges may feel pressure and crisis, and they are actively participating in the immediate DeFi boom. Of course, the most direct way is to launch tokens of various DeFi projects.

After the three major exchanges announced the listing of CRV, small and medium-sized exchanges followed suit one after another, and even some perpetual contracts listed CRV. The trend of competition is clear at a glance.

The listing of CRV on the exchange has given retail investors who want to participate in this DeFi boom a convenient opportunity. Driven by FOMO sentiment, the price of CRV has risen to $30, and at the same time, they have been deeply involved.

Because the CRV currency price has fallen all the way since reaching a high of 188 US dollars, as of press time, it has fallen by a maximum of 95.2%!

From COMP to YFI, from YAM to today's CRV, from skyrocketing thousands of times to a one-day crash, the madness and magic of the DeFi field in 2020 makes people feel like they are dreaming back to 2017.

text