Possible Yearn rival Convex Finance Climbs $1 billion in total value locked

While much of the marketplace reels out of a catastrophic pullback that has retreated DeFi’s closely-watched total value locked (TVL) figure down from time highs, one routine will be shrugging off the macro weight and surging up the TVL leaderboard.  Ethereum-based Convex Finance ($CVX) split a billion dollars in TVL earlier today, rising as large as $1.14 billion and briefly breaking up the top-20 in size, per DeFilama. $1,000,000,000+ TVL pic.twitter.com/NDOVabZB11— Convex Finance (@ConvexFinance) June 1, 2021

Convex team lead”c2tp” informed Cointelegraph in a meeting that the team was overwhelmed by the support. We’re very thankful for everyone who shares their vision. The community getting the word out has been the significant contributing factor, in addition to a show of support from the Curve team,” they said.Convex was made to be an optimizer for its Curve protocol, a stage that enables swaps of comparable assets like between different stablecoins or even ETH and also Lido’s staked ETH. Its CRV token has a timelock functionality, where users bet CRV for several years ahead for veCRV, which makes it possible for consumers to”boost” the benefits for staking in Curve pools. “We want to extrapolate the complex things off, like how much veCrv is required to increase how much liquidity. But we also want to be spacious enough to show everyone what’s going on behind the scenes as well as the advantages we provide,” said c2tp of Convex’s services. “On top of veCrv to liquidity equilibrium, locking a token for a few decades can be a significant step for most individuals. We hope our system provides confidence in the value of our tokens so you can join the ecosystem while still remaining liquid.” The launch hasn’t been without play, however. Many observers have argued that since Convex optimizes Curve rankings the project is a Danger to Yearn.Finance, whose return vaults rely heavily on Curve.So @ConvexFinance entered the stadium to compete using @iearnfinance and @StakeDAOHQ, struggling to perpetually lock your $CRV in to #veCRVThey perform by providing huge farming incentives ( $SUSHI, $CVX, $SDT )This fight only has one big winner: pic.twitter.com/Fl8bG6bd80— SEM (@0xSEM) May 18, 2021

But, c2tp refused this notion, saying that Yearn and Convex compliment each other in what’s finally a positive-sum DeFi ecosystem:”We do not see it as direct competition. There are distinct platforms with unique objectives. There’s also a whole lot to gain when programs integrate with each as part of the larger defi system. We encourage anyone to utilize that which we have to offer in addition to build on top. Defi isn’t a winner takes all, but a thing which becomes more powerful as all the pieces fit together.” Likewise, a Yearn representative ignored the notion of these protocols battle with one another, noting that a sizable part of Convex’s TVL is delegated by Yearn.  “We love to watch this,” said Weaver, a member of Yearn’s expansion team of Convex’s achievement. “Many in crypto spend their time looking for ways to pit tribes against one another, but zoom out today and you also see 19M additional veCRV boosting Yearn vaults, thanks to Convex. You asked if this was a vampire attack on Yearn. I really don’t understand what the opposite of that is, but this new lego is draining boosties in to Yearn.”

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