曲線引領 DeFi

比特幣在 10 萬美元的心理門檻前停滯不前，而 Alts 迎頭趕上，導致 BTC 的市場份額暫時跌破 55%。

Bitcoin price struggles to break past the psychological threshold of $100,000, while Alts catch up, causing BTC's market share to temporarily fall below 55%.

比特幣價格難以突破 10 萬美元的心理關口，而 Alts 則迎頭趕上，導致 BTC 的市佔率暫時跌破 55%。

The DeFi sector has performed well, rising over 20% in the past 7 days, with Curve Finance's token CRV leading the DeFi sector with a weekly increase of over 50%. Among large-cap DeFi tokens, its performance is second only to THE, which benefited from Binance's listing, and Curve's ecosystem protocol Convex token CVX.

DeFi板塊表現良好，近7天漲幅超20%，其中Curve Finance的代幣CRV週漲幅超50%領跑DeFi板塊。在大盤 DeFi 代幣中，其表現僅次於受益於幣安上市的 THE，以及 Curve 的生態系統協議 Convex 代幣 CVX。

Why has CRV risen, what is its potential, and which related tokens in the ecosystem are worth paying attention to? The author built a position in CRV below 0.3 and has been "CX" for several months. Below, I will briefly discuss the logic behind holding CRV.

CRV為何上漲，潛力如何，生態中有哪些相關代幣值得關注？作者在CRV 0.3以下建倉，已經「CX」幾個月了。下面我簡單談談持有CRV背後的邏輯。

Direct Factor: Institutional Entry News

直接因素：機構進入新聞

After the news was released, CRV surged from 0.5 USDT to break through 0.8 USDT. Institutions like BlackRock are betting on the Ethereum ecosystem and entering DeFi through the BUIDL fund. Curve serves as the infrastructure for stablecoin pairs and currency exchanges, and the market is betting on Curve's potential for institutional adoption.

消息發布後，CRV從0.5 USDT飆升至突破0.8 USDT。像貝萊德這樣的機構正在押注以太坊生態系統，並透過 BUIDL 基金進入 DeFi。 Curve 作為穩定幣對和貨幣兌換的基礎設施，市場押注於 Curve 的機構採用潛力。

In my article "Viewpoint: To Exit the Altcoin Bear Market, DeFi Needs to Revive" from August this year, I predicted that traditional finance would go on-chain through existing DeFi infrastructure, citing Curve, Pendle, and Aave as examples. Since then, Aave has established a partnership with the Trump family, and Curve has introduced institutions like BUIDL into RWA. Pendle may be the next target worth betting on.

我在今年8月份的文章《觀點：退出山寨幣熊市，DeFi需要復興》中，我以Curve、Pendle、Aave為例，預測傳統金融將透過現有的DeFi基礎設施上鍊。此後，Aave 與川普家族建立了合作夥伴關係，Curve 將 BUIDL 等機構引入 RWA。 Pendle可能是下一個值得押注的目標。

Looking Back, Bearish Pressure Has Been Exhausted

回顧過去，看空壓力已耗盡

Why was I confident in bottom-fishing CRV when it was continuously declining? The judgment back in June was that the bearish sentiment and selling pressure on Curve Finance had bottomed out.

為什麼在CRV不斷下滑的情況下我對抄底有信心呢？ 6月的判斷是Curve Finance的看跌情緒和拋售壓力已經觸底。

Note: Currently, Frax Finance has become the second-largest holder of CVX, with CLever being the largest. The holding logic for FXS will be discussed later.

註：目前，Frax Finance 已成為 CVX 的第二大持有者，其中 CLever 為第一大持有者。 FXS 的持有邏輯將在後面討論。

For a long time, the biggest risk for Curve Finance was undoubtedly the massive borrowing positions of founder Michael Egorov, who mortgaged CRV tokens to borrow stablecoins, and these positions were completely liquidated in June.

長期以來，Curve Finance 面臨的最大風險無疑是創始人 Michael Egorov 的大量借貸頭寸，他抵押 CRV 代幣借入穩定幣，而這些頭寸在 6 月就被徹底清算。

Some have referred to the liquidation as "clever cashing out," as there may not have been enough liquidity to support the sale of such a large amount of tokens, leading to a gradual liquidation through borrowing positions. However, another perspective is that the project founder was forced to sell most of his tokens at the bottom.

有些人將此次清算稱為“聰明套現”，因為可能沒有足夠的流動性來支持如此大量的代幣出售，導致透過借入頭寸逐步清算。然而，另一種觀點是，專案創始人被迫在底部拋售了大部分代幣。

Curve founder Michael Egorov still has locked CRV. From a different perspective, the way to maximize interests is to work hard on BUIDL, allowing the CRV token to have a higher value when unlocked, the long-term value of the team is highly tied to the protocol token.

Curve創辦人Michael Egorov仍然鎖定CRV。從不同的角度來看，利益最大化的方式就是在BUIDL上下功夫，讓CRV代幣解鎖後擁有更高的價值，團隊的長期價值與協議代幣高度捆綁。

Michael Egorov sold nearly 1.6 million CRV OTC at a price of 0.4 USDT during last year's liquidation crisis. Buying at the end of June had a lower cost basis than most institutions/whales, while many institutions had already cut losses and exited.

Michael Egorov 在去年的清算危機期間以 0.4 USDT 的價格出售了近 160 萬枚 CRV OTC。 6月底買入的成本基礎低於大多數機構/鯨魚，而許多機構已經削減損失並退出。

CRV's trading volume on CEX had been significantly higher than tokens of similar market cap for an extended period, but the price remained stagnant, suggesting that there had been sufficient turnover of chips.

CRV在CEX的成交量長期明顯高於同類市值的代幣，但價格卻停滯不前，顯示晶片的成交量充足。

Curve has been online for 4 years, and the inflation rate has dropped to 6.3%. Based on a 42.4% lock-up rate, the actual inflation entering circulation for CRV is only about 3%.

Curve上線4年，通膨率已降至6.3%。以42.4%的鎖定率計算，CRV實際進入流通的通膨率僅3%左右。

Looking Ahead, Innovations and Growth Points

展望未來，創新與成長點

What innovations and growth points does Curve Finance have in the future, according to market speculation?

市場猜測，Curve Finance未來還有哪些創新和成長點？

Potential on-chain foreign exchange products, soft liquidation mechanism lending LlamaLend, crvUSD. Since its launch, crvUSD has generated nearly $150 million in revenue for the Curve protocol.

潛在的鏈上外匯產品，軟清算機制借貸LlamaLend，crvUSD。自推出以來，crvUSD 已為 Curve 協議創造了近 1.5 億美元的收入。

The launch of scrvUSD helps promote the adoption of crvUSD. What advantages do crvUSD and the soft liquidation mechanism lending have?

scrvUSD的推出有助於促進crvUSD的採用。 crvUSD和軟清算機制借貸有什麼優點？

Curve Finance is also expanding into ecosystems outside of EVM.

Curve Finance 也正在擴展到 EVM 以外的生態系統。

Ecosystem Projects, Positive News Gradually Spreading

生態項目，利多消息漸傳

Convex (CVX)

凸 (CVX)

Convex holds the most CRV and has the right to Curve's earnings. Whenever the value of CRV rises, the intrinsic value corresponding to each CVX also increases. It is akin to a leveraged version of CRV, with a higher increase in this round of growth compared to CRV.

Convex持有最多的CRV並有權獲得Curve的收益。每當CRV的價值上升時，每個CVX對應的內在價值也會增加。它類似CRV的槓桿版，本輪成長率相比CRV有更高的漲幅。

CLever (CLEV)

聰明 (CLEV)

Holds the most CVX, further nested. Relatively low market cap.

容納最多的 CVX，進一步嵌套。市值相對較低。

Frax Finance (FXS)

弗拉克斯金融 (FXS)

Frax Finance is the second-largest holder of CVX. It also has the L2 chain Fraxtal, a stablecoin product FRAX, a dual-token model staking product (sfrxETH, frxETH), lending products… it has everything. Fra

Frax Finance 是 CVX 的第二大持有者。還有L2鏈Fraxtal、穩定幣產品FRAX、雙代幣模型質押產品（sfrxETH、frxETH）、借貸產品…應有盡有。弗拉