market ==> 中心化交易所 ==> 去中心化交易所（AMA）==> VE(3,3)

自动做市商 Curve 在 2020 年 8 月推出了「投票锁定」功能，该功能允许 CRV Token 持有者锁定其 Token 最多可达四年的时间，以换取 veCRV（投票托管 CRV）。反之，VeCRV 又能为哪些流动性池能获得 CRV 奖励来进行投票，而投票权则会偏向那些锁定自己 Token 时间更长的人。

在那段时间内，它似乎是个体矿工最大化回报率的工具：通过锁定他们的部分 CRV 奖励，他们可以将更多的奖励引导到他们最喜欢的矿池中，从长远来看矿工可以获得更大的盈利。然而，恰恰相反的是，其他协议已被证明是该系统的主要受益者，而不是个体矿工。人们正在这场被称之为「Curve Wars」的竞争中竞相比赛积攒 CRV Token 。

谁积累了最多 veCRV，谁就控制了 CRV 奖励释放量。==> 投票锁定系统——也称为「Ve 经济模式」

和 OHM 一样，ve(3,3) 协议的实际价值小于其国库账面价值，但 Token 交易时的价格总额要高于国库价值。交易价格越高，协议的 APY 也就越高。持有者质押的 Token 随时间推移不断变基而数量增加，但 Token 的价值也会被一定地稀释。此外，协议产生的费用也会被加入到金库当中

• token ~ transferable, used for incentives via emission

• ve ~ non-transferable, locked up by depositing base token into the voting escrow contract, period from 1 week to 4 years

• ve lockers vote which permissionless pools should be incentivized

• ve lockers accumulate all protocol fees

• total_supply = token.total_supply

• locked_supply = ve.total_supply

• circulating_supply = total_supply - locked_supply

• percentage of locking = locked_supply / total_supply

• percentage of circulate = circulating_supply/ total_supply

important deviations from the standard:

1. Weekly emissions are adjusted as a percentage of circulating supply.

   Morecirculating supply, more emission of the token. ==> 稀释不锁仓人的份额，增重锁仓人的份额。举例，如果 percentage of circulate = 0 (percentage of locking = 100%)， Weekly emissions = 0， 那么 holder 的持仓比不变；如果 percentage of circulate = 100% (percentage of locking = 0%)， Weekly emissions = 2, 000, 000, 那么 a

2. ve lockers increase their holdings proportional to the weekly emission

   Our goal is to ensure that ve lockers are never diluted. If there is a 5% supply increase through emission, ve lockers increase 5% of its holdings.

3. ve locks are NFTs

   可交易，保证 VE 的 流动性。

If all participants lock, emission decreases to 0, if only 50% of participants lock, emission is 50%, however lockers increase proportionally to emission.

1. 交易池产生的 100% 费用给 ve(3,3) lockers

2. 交易费越高的池子，代币奖励（incentives）越多

3. ve(3,3) lockers 决定哪个池子拿到代币奖励

4. ve(3,3) lockers 只能获得 他投票池子 100% 奖励

把交易费和激励（incentives）联系起来。交易费越高，代币奖励（incentives）越多

fees themselves are correlated to the protocols token price. volatility is a blessing if prices go up, but a curse when prices go down.

The veCRV model popularized paying out fees in stable coins, this in itself, changes how participants think about fees. If CRV prices go down, you can purchase a cheaper claim on a greater percentage of stable fees.

• to provide fees in an asset not correlated to the primary system asset. This means that by owning a % of supply, you are taking a bet on future fee growth of the protocol.

• ve(3,3) does not distribute fees in the native token (buyback), or as a stable (sell pressure), but instead as the asset in which the fee was accrued, and these are simply passed on.

MakerDAO, Ethereum, Yearn, buyback. Uniswap all fees to LPs, none accrue to UNI holders, Sushi 50% LPs, 50% SUSHI holders (for xSUSHI). Curve 50% LPs, 50% CRV holders who locked CRV for veCRV

Token emission is considered a bootstrapping mechanism. The goal is for these block rewards to eventually stop, and fees alone should be enough incentives for participants.

incentivize of fees vs. liquidity

align emission to incentives,

The goal is to give the most incentives (emission) to the liquidity with the highest fees

Bootstrapping ==> a situation in which an entrepreneur starts a company with little capital, relying on money other than outside investments.

• Fees earned by the protocol should go to ve(3,3) lockers

• Emission by the protocol should go to pools with the highest fees

• ve(3,3) lockers decide which pools receive emissions

• ve(3,3) lockers receive fees only for pools they voted for.

Every week, a potential new 2,000,000 tokens are available as incentives on pools. These 2,000,000 tokens are distributed based on the current voting weights for pools.

Locked ve(3,3) tokens will be given to each project in the top 20, it is then up to each project to create their pools and vote for their initial distribution or have their communities vote for their initial distribution.

It is up to them to decide what they will incentivize, be it their own token, stable coin, or other liquidity.

LPs with 0 ve* balance, will earn a maximum of 40%.

VE ==> Vested Escrow ==> gauge rewards and gauge voting

Uniswap ==> 两个币组成的交易池，用户提供2种币，作为流动性的供给方，收取使用交易池的交易者一定手续费。

1. 无常损失 ==> 做空波动性

Uniswap distributes all fees to LPs, none accrue to UNI holders.

Sushiswap distributes 50% of fees to LPs and 50% of fees to SUSHI holders who stake their SUSHI for xSUSHI. The 50% of fees is used to buyback SUSHI and distributed into xSUSHI.

Its main goal is to let users and other decentralised protocols exchange stablecoins (DAI to USDC for example) through it with low fees and low slippage.

it uses liquidity pools like Uniswap. To achieve this, Curve needs liquidity (tokens) which is rewarded by those who provide it.

As a result, some pools on Curve are “incentivized”. That means that on top of trading fees and lending fees, the companies (currently Synthetix and Ren) will give rewards to people providing liquidity to the pools with their coins.

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

CRV token

• main purpose ==> incentivise liquidity providers on the Curve Finance platform as well as getting as many users involved as possible in the governance of the protocol

• current circulating supply

• utility ==>

  • voting

  • staking

    • CRV can now be staked (locked) to receive trading fees from the Curve protocol

    • A community-lead proposal introduced a 50% admin fee on all trading fees

    • Those fees are collected and used to buy 3CRV, the LP token for the TriPool, which are then distributed to veCRV holders.

  • boosting

• veCRV ==> vote-escrowed CRV 托管投票CRV

  • meaning CRV locked for a period of time. The longer you lock CRV for, the more veCRV you receive

• 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 (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 their partnership with Curve

Curve distributes 50% of fees to LPs and 50% of fees to CRV holders who locked their CRV for veCRV as stable coins.

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.

• APR represents the annual rate charged for earning or borrowing money.

• APY takes into account compounding, but APR does not.

• The more frequently the interest compounds, the greater the difference between APR and APY.

ve(3,3) 将会结合 Curve 等协议的「ve」投票托管机制和 OlympusDAO 等 DeFi 2.0 协议的 (3,3) 变基质押（rebase）机制。用户通过将 Token 进行更长时间的锁仓，获得更高的激励和协议治理中更大的权重。

和 OHM 一样，ve(3,3) 协议的实际价值小于其国库账面价值，但 Token 交易时的价格总额要高于国库价值。交易价格越高，协议的 APY 也就越高。持有者质押的 Token 随时间推移不断变基而数量增加，但 Token 的价值也会被一定地稀释。此外，协议产生的费用也会被加入到金库当中

自动做市商 Curve 在 2020 年 8 月推出了「投票锁定」功能，该功能允许 CRV Token 持有者锁定其 Token 最多可达四年的时间，以换取 veCRV（投票托管 CRV）。反之，VeCRV 又能为哪些流动性池能获得 CRV 奖励来进行投票，而投票权则会偏向那些锁定自己 Token 时间更长的人。

在那段时间内，它似乎是个体矿工最大化回报率的工具：通过锁定他们的部分 CRV 奖励，他们可以将更多的奖励引导到他们最喜欢的矿池中，从长远来看矿工可以获得更大的盈利。然而，恰恰相反的是，其他协议已被证明是该系统的主要受益者，而不是个体矿工。人们正在这场被称之为「Curve Wars」的竞争中竞相比赛积攒 CRV Token 。

谁积累了最多 veCRV，谁就控制了 CRV 奖励释放量。==> 投票锁定系统——也称为「Ve 经济模式」

-- 律动

https://andrecronje.medium.com/ve-3-3-44466eaa088b

https://andrecronje.medium.com/ve-3-3-ouroboros-part-1-fee-distribution-5dcf131dc82e

https://theblockbeats.info/news/28869

https://www.investopedia.com/personal-finance/apr-apy-bank-hopes-cant-tell-difference/

https://theblockbeats.info/news/28861?search=1

market ==> 中心化交易所 ==> 去中心化交易所（AMA）==> VE(3,3)

自动做市商 Curve 在 2020 年 8 月推出了「投票锁定」功能，该功能允许 CRV Token 持有者锁定其 Token 最多可达四年的时间，以换取 veCRV（投票托管 CRV）。反之，VeCRV 又能为哪些流动性池能获得 CRV 奖励来进行投票，而投票权则会偏向那些锁定自己 Token 时间更长的人。

在那段时间内，它似乎是个体矿工最大化回报率的工具：通过锁定他们的部分 CRV 奖励，他们可以将更多的奖励引导到他们最喜欢的矿池中，从长远来看矿工可以获得更大的盈利。然而，恰恰相反的是，其他协议已被证明是该系统的主要受益者，而不是个体矿工。人们正在这场被称之为「Curve Wars」的竞争中竞相比赛积攒 CRV Token 。

谁积累了最多 veCRV，谁就控制了 CRV 奖励释放量。==> 投票锁定系统——也称为「Ve 经济模式」

和 OHM 一样，ve(3,3) 协议的实际价值小于其国库账面价值，但 Token 交易时的价格总额要高于国库价值。交易价格越高，协议的 APY 也就越高。持有者质押的 Token 随时间推移不断变基而数量增加，但 Token 的价值也会被一定地稀释。此外，协议产生的费用也会被加入到金库当中

• token ~ transferable, used for incentives via emission

• ve ~ non-transferable, locked up by depositing base token into the voting escrow contract, period from 1 week to 4 years

• ve lockers vote which permissionless pools should be incentivized

• ve lockers accumulate all protocol fees

• total_supply = token.total_supply

• locked_supply = ve.total_supply

• circulating_supply = total_supply - locked_supply

• percentage of locking = locked_supply / total_supply

• percentage of circulate = circulating_supply/ total_supply

important deviations from the standard:

1. Weekly emissions are adjusted as a percentage of circulating supply.

   Morecirculating supply, more emission of the token. ==> 稀释不锁仓人的份额，增重锁仓人的份额。举例，如果 percentage of circulate = 0 (percentage of locking = 100%)， Weekly emissions = 0， 那么 holder 的持仓比不变；如果 percentage of circulate = 100% (percentage of locking = 0%)， Weekly emissions = 2, 000, 000, 那么 a

2. ve lockers increase their holdings proportional to the weekly emission

   Our goal is to ensure that ve lockers are never diluted. If there is a 5% supply increase through emission, ve lockers increase 5% of its holdings.

3. ve locks are NFTs

   可交易，保证 VE 的 流动性。

If all participants lock, emission decreases to 0, if only 50% of participants lock, emission is 50%, however lockers increase proportionally to emission.

1. 交易池产生的 100% 费用给 ve(3,3) lockers

2. 交易费越高的池子，代币奖励（incentives）越多

3. ve(3,3) lockers 决定哪个池子拿到代币奖励

4. ve(3,3) lockers 只能获得 他投票池子 100% 奖励

把交易费和激励（incentives）联系起来。交易费越高，代币奖励（incentives）越多

fees themselves are correlated to the protocols token price. volatility is a blessing if prices go up, but a curse when prices go down.

The veCRV model popularized paying out fees in stable coins, this in itself, changes how participants think about fees. If CRV prices go down, you can purchase a cheaper claim on a greater percentage of stable fees.

• to provide fees in an asset not correlated to the primary system asset. This means that by owning a % of supply, you are taking a bet on future fee growth of the protocol.

• ve(3,3) does not distribute fees in the native token (buyback), or as a stable (sell pressure), but instead as the asset in which the fee was accrued, and these are simply passed on.

MakerDAO, Ethereum, Yearn, buyback. Uniswap all fees to LPs, none accrue to UNI holders, Sushi 50% LPs, 50% SUSHI holders (for xSUSHI). Curve 50% LPs, 50% CRV holders who locked CRV for veCRV

Token emission is considered a bootstrapping mechanism. The goal is for these block rewards to eventually stop, and fees alone should be enough incentives for participants.

incentivize of fees vs. liquidity

align emission to incentives,

The goal is to give the most incentives (emission) to the liquidity with the highest fees

Bootstrapping ==> a situation in which an entrepreneur starts a company with little capital, relying on money other than outside investments.

• Fees earned by the protocol should go to ve(3,3) lockers

• Emission by the protocol should go to pools with the highest fees

• ve(3,3) lockers decide which pools receive emissions

• ve(3,3) lockers receive fees only for pools they voted for.

Every week, a potential new 2,000,000 tokens are available as incentives on pools. These 2,000,000 tokens are distributed based on the current voting weights for pools.

Locked ve(3,3) tokens will be given to each project in the top 20, it is then up to each project to create their pools and vote for their initial distribution or have their communities vote for their initial distribution.

It is up to them to decide what they will incentivize, be it their own token, stable coin, or other liquidity.

LPs with 0 ve* balance, will earn a maximum of 40%.

VE ==> Vested Escrow ==> gauge rewards and gauge voting

Uniswap ==> 两个币组成的交易池，用户提供2种币，作为流动性的供给方，收取使用交易池的交易者一定手续费。

1. 无常损失 ==> 做空波动性

Uniswap distributes all fees to LPs, none accrue to UNI holders.

Sushiswap distributes 50% of fees to LPs and 50% of fees to SUSHI holders who stake their SUSHI for xSUSHI. The 50% of fees is used to buyback SUSHI and distributed into xSUSHI.

Its main goal is to let users and other decentralised protocols exchange stablecoins (DAI to USDC for example) through it with low fees and low slippage.

it uses liquidity pools like Uniswap. To achieve this, Curve needs liquidity (tokens) which is rewarded by those who provide it.

As a result, some pools on Curve are “incentivized”. That means that on top of trading fees and lending fees, the companies (currently Synthetix and Ren) will give rewards to people providing liquidity to the pools with their coins.

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

CRV token

• main purpose ==> incentivise liquidity providers on the Curve Finance platform as well as getting as many users involved as possible in the governance of the protocol

• current circulating supply

• utility ==>

  • voting

  • staking

    • CRV can now be staked (locked) to receive trading fees from the Curve protocol

    • A community-lead proposal introduced a 50% admin fee on all trading fees

    • Those fees are collected and used to buy 3CRV, the LP token for the TriPool, which are then distributed to veCRV holders.

  • boosting

• veCRV ==> vote-escrowed CRV 托管投票CRV

  • meaning CRV locked for a period of time. The longer you lock CRV for, the more veCRV you receive

• 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 (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 their partnership with Curve

Curve distributes 50% of fees to LPs and 50% of fees to CRV holders who locked their CRV for veCRV as stable coins.

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.

• APR represents the annual rate charged for earning or borrowing money.

• APY takes into account compounding, but APR does not.

• The more frequently the interest compounds, the greater the difference between APR and APY.

ve(3,3) 将会结合 Curve 等协议的「ve」投票托管机制和 OlympusDAO 等 DeFi 2.0 协议的 (3,3) 变基质押（rebase）机制。用户通过将 Token 进行更长时间的锁仓，获得更高的激励和协议治理中更大的权重。

和 OHM 一样，ve(3,3) 协议的实际价值小于其国库账面价值，但 Token 交易时的价格总额要高于国库价值。交易价格越高，协议的 APY 也就越高。持有者质押的 Token 随时间推移不断变基而数量增加，但 Token 的价值也会被一定地稀释。此外，协议产生的费用也会被加入到金库当中

自动做市商 Curve 在 2020 年 8 月推出了「投票锁定」功能，该功能允许 CRV Token 持有者锁定其 Token 最多可达四年的时间，以换取 veCRV（投票托管 CRV）。反之，VeCRV 又能为哪些流动性池能获得 CRV 奖励来进行投票，而投票权则会偏向那些锁定自己 Token 时间更长的人。

在那段时间内，它似乎是个体矿工最大化回报率的工具：通过锁定他们的部分 CRV 奖励，他们可以将更多的奖励引导到他们最喜欢的矿池中，从长远来看矿工可以获得更大的盈利。然而，恰恰相反的是，其他协议已被证明是该系统的主要受益者，而不是个体矿工。人们正在这场被称之为「Curve Wars」的竞争中竞相比赛积攒 CRV Token 。

谁积累了最多 veCRV，谁就控制了 CRV 奖励释放量。==> 投票锁定系统——也称为「Ve 经济模式」

-- 律动

https://andrecronje.medium.com/ve-3-3-44466eaa088b

https://andrecronje.medium.com/ve-3-3-ouroboros-part-1-fee-distribution-5dcf131dc82e

https://theblockbeats.info/news/28869

https://www.investopedia.com/personal-finance/apr-apy-bank-hopes-cant-tell-difference/

https://theblockbeats.info/news/28861?search=1