# Curve 学习笔记

By [June](https://paragraph.com/@june-3) · 2022-01-27

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什么是 Curve:

1.  **stablecoins** decentralised exchange
    
2.  **low fees and low slippage**
    
3.  liquidity pools like Uniswap, 每笔交易获取0.04%手续费
    
4.  stake CRV ==> veCRV (vote-escrowed CRV 托管投票CRV) ==> 50% 所有交易费奖励（converted to stablecoins）
    

CRV token

1.  必须要 staking(lock) 【只能ETH主网】，转换成**veCRV**，才有功能，
    
2.  可以锁仓不同时间，从一周到4年。时间越长，投票权越大。1年=0.25，4年=1
    
3.  staking ==> 获得 admin fee （50% on all trading fees）
    
4.  fees buy **3CRV**, the LP token for the TriPool（3Pool） ==> 转换成 stable coin
    
5.  voting ==> DAO 提议和奖励分配 ==> [DAO Dashboard](https://dao.curve.fi/dao)
    
6.  boosting ==> 选中pool，投票增强流动池奖励，最高2.5x
    
7.  [current circulating supply](https://dao.curve.fi/inflation)
    

![The CRV Matrix](https://storage.googleapis.com/papyrus_images/4444e1ac7298a9b4ece842551d22f168176e29dce75073496e0d531fff2bddba.png)

The CRV Matrix

什么会影响 **APY**

*   质押人数和金额。每周奖励不变，质押人越多，相对的你的奖励越少
    
*   币价。币价上升，数量不变，每周奖励金额大
    
*   每周总奖励个数。取决于项目方
    

![APY for staking CRV](https://storage.googleapis.com/papyrus_images/6cffc70cc000649c3cced84e772d3c8bad7d3a2982249e12bdd3f3961b1c3bc9.png)

APY for staking CRV

CRV token

什么是Gauges \[仪表系统，衡量系统\]

1.  为 inflation 设计的
    
2.  每个pool 都有自己的 gauge, 每个 gauge 都有自己的 weight 和 type
    
3.  weight 由veCRV 投票决定，weight 决定 CRV 的 inflation 去哪
    
4.  veCRV 随着解锁时间减少而减少
    

什么是Weights

1.  750 000 CRV 日增量
    
2.  DAO 决定哪些池子获得CRV ==> 用veCRV投票决定
    
3.  投票只能在ETH主网，但可以投其他网的池子（Fantom，Arbitrum）
    
4.  每10天，可以改变你的投票weights
    
5.  [当前weights](https://dao.curve.fi/minter/gauges)
    
6.  Large weight doesn’t mean it’ll have a higher APY. Also depends on pool value
    
7.  gauge weights are updated once a week on Thursdays around midnight UTC
    
8.  72% ==> Y pool is currently receiving around 72% of the daily CRV inflation, all liquidity providers in the Y pool share 72% of the daily CRV
    

Token Economics

*   inflation 是怎么回事，固定的吗
    
*   目的 ==> 激励流动性提供者，让更多的人参与Curve
    
*   Inflation ==> 最后让 liquidity providers 对协议占控制权
    

![](https://storage.googleapis.com/papyrus_images/976d4a4743051255374690a008d365c6c8592b3a47fa688ef53e4989c6f3bffe.png)

Pool

*   sUSD, 有来自 Synthetix的奖励
    
*   iEarn ==> yearn
    
*   c ==> compound ==> lend protocol
    
*   renBTC & wbtc
    
*   MetaPools ==> \[GUSD, \[3Pool\]\] ==> need GUSD and 3Pool LP tokens.
    
*   Pool Factory ==> 每个人都可以创建 mepool，Mcap 至少 $3m
    

Deposit 有什么操作技巧

1.  池子里什么少，存什么 ==> bonues ; 取的话，存量越多，取越便宜
    
2.    
    

* * *

Staking of $CRV for veCRV must be done on Ethereum. Rewards voting for cross-chain gauges occurs on Ethereum.

LP tokens (Liquidity provider token) ==> When you deposit into a Curve pool, you receive a counterparty token that represents your share of the pool.

**yCRV** is not wrapped CRV, it's a wrapped representation of ownership of yUSDC+yUSDT+yDAI+yTUSD deposits in the Curve Y pool (i.e. your share of the pool). Each pool on Curve has an LP token with a different name.

*   The SNX distributed is based on the number of people staking their LP tokens on Mintr which means your share of rewards gets lower if more people start staking
    
*   The price of SNX (the price of SNX going up would make the yearly bonus go up)
    
*   The size of weekly rewards (48,000 SNX as of today) could also be lowered as Synthetix reevaluates its partnership with Curve
    

The veCRV model popularized paying out fees in stable coins, this in itself, changes how participants think about fees. This changes the thinking of owning CRV from a denominated value (such as USD) to instead as a percentage of fee ownership. If CRV prices go down, you can purchase a cheaper claim on a greater percentage of stable fees.

[https://resources.curve.fi/base-features/understanding-crv](https://resources.curve.fi/base-features/understanding-crv)

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*Originally published on [June](https://paragraph.com/@june-3/curve)*