Thesis (June 2022) To better understand Convex and its valuation, a brief knowledge of Curve is required. Curve is an Automated Market Maker (AMM) that focuses on pools with similar asset types such as synthetic versions of BTC, ETH and stablecoins. Liquidity providers are incentivized as they are able to earn yield in the form of trading fees and CRV tokens without a huge risk of impermanent loss. To prevent huge selling pressure on CRV, Curve invented the ve-model, allowing holders to lock ...