Curve 的 CRV 代币成为 DeFi“CRV 大战”的核心力量

Curve Finance 的 CRV 代币因 Yearn Finance 和 Convex Finance 在收入模型中使用它而受到关注。 CRV 持有者受益于治理权、交易费和更高的奖励。由此引发的“CRV 大战”使得 Convex 在 veCRV 持有量方面超越了 Yearn。 Convex 的激励结构，包括增加奖励和 CVX 代币发行，导致大量资产涌入该协议。 Yearn 继续使用 Convex 的产品来提高产量，而 Convex 则进一步推动 veCRV 锁定，从而产生飞轮效应。竞争格局和增加奖励的潜力正在引起 DeFi 领域的关注。

Curve Finance's CRV Token Emerges as a Central Pillar in DeFi Landscape

Curve Finance 的 CRV 代币成为 DeFi 领域的核心支柱

Curve Finance, a decentralized exchange specializing in stablecoin trading, has witnessed a surge in prominence amidst the growing influence of Yearn Finance and Convex Finance. Both projects have integrated Curve's governance token, CRV, into their revenue models, fueling a competitive landscape dubbed "The Great CRV War."

Curve Finance是一家专门从事稳定币交易的去中心化交易所，随着Yearn Finance和Convex Finance影响力的不断增强，其知名度也随之上升。这两个项目都将 Curve 的治理代币 CRV 整合到了他们的收入模式中，加剧了被称为“CRV 大战”的竞争格局。

CRV's Enhanced Role

CRV 的增强作用

Users who lock in CRV are granted not only governance rights but also trading fees from the automated market maker and amplified rewards. This elevated status has attracted significant demand for CRV, culminating in a 29% surge in its value over the past seven days. Currently, 61% of the circulating CRV supply is staked, indicating the growing appetite for the incentives associated with token lock-in.

锁定CRV的用户不仅获得治理权，还获得自动做市商的交易费用和放大的奖励。这种提升的地位吸引了对 CRV 的巨大需求，最终导致其价值在过去 7 天内飙升了 29%。目前，流通 CRV 供应量的 61% 已被质押，这表明人们对与代币锁定相关的激励措施的兴趣不断增长。

The Convergence of Yearn and Convex

渴望与凸的融合

Convex Finance, a newcomer to the DeFi arena, has swiftly surpassed Yearn Finance in terms of total veCRV (voting escrowed CRV) held, despite its recent launch. However, it's important to note that Yearn utilizes Convex's offerings to enhance the returns of its vaults.

Convex Finance 是 DeFi 领域的新来者，尽管刚刚推出，但就持有的 veCRV（投票托管 CRV）总量而言，已迅速超过 Yearn Finance。然而，值得注意的是，Yearn 利用 Convex 的产品来提高其金库的回报。

Yearn's Backscratcher Vault

渴望的背抓金库

Yearn employs its Backscratcher vault to lock CRV, leveraging veCRV's amplified rewards to boost the yields of vaults employing Curve strategies. According to Yearn's report, the Backscratcher provides a competitive edge, as strategies can be copied but the boosts derived from veCRV cannot.

Yearn 利用其 Backscratcher 金库来锁定 CRV，利用 veCRV 的放大奖励来提高采用 Curve 策略的金库的收益率。根据 Yearn 的报告，Backscratcher 提供了竞争优势，因为策略可以复制，但 veCRV 带来的提升却无法复制。

Convex's Vaulted Incentives

Convex 的拱形激励措施

Convex enables users to stake Curve LP (liquidity provider) tokens to qualify for substantial rewards resulting from the massive inflow of enhanced incentives from locked CRV. Moreover, depositors of Curve LP tokens into Convex receive the protocol's CVX token as an additional bonus.

Convex 使用户能够质押 Curve LP（流动性提供者）代币，以获得因锁定 CRV 带来的大量增强激励流入而获得的丰厚奖励。此外，将 Curve LP 代币存入 Convex 的储户将收到该协议的 CVX 代币作为额外奖励。

Convex's Flywheel Effect

凸的飞轮效应

Convex's veCRV, which grants these amplified rewards, originates from a separate module with its own incentive scheme, encompassing both standard Curve incentives and CVX tokens. This ingenious design has propelled Convex into the top 14 projects in terms of total value locked ($2.3 billion), a remarkable feat achieved within a mere 17 days of its inception.

Convex 的 veCRV 授予这些放大的奖励，它源自一个具有自己的激励计划的单独模块，包括标准 Curve 激励和 CVX 代币。这一巧妙的设计使 Convex 跻身锁定总价值（23 亿美元）前 14 名的项目，这是在其成立仅 17 天内就取得的非凡成就。

Industry Perspectives on CRV's Surge

行业对CRV激增的看法

Experts in the venture capital sector, such as Michael Dempsey of Compound, question why more projects do not implement a locking mechanism similar to CRV's. This highlights the potential underutilization of such incentives in the DeFi space.

风险投资领域的专家，例如Compound的Michael Dempsey，质疑为什么更多的项目没有实施类似于CRV的锁定机制。这凸显了 DeFi 领域此类激励措施可能未得到充分利用。

Sushiswap's Potential Entry

Sushiswap 的潜在进入点

Sushiswap, another decentralized exchange, appears to be following suit. A proposal authored by Yearn founder Andre Cronje and developer Banteg proposes the inclusion of a token-locking feature.

另一家去中心化交易所 Sushiswap 似乎也在效仿。 Yearn 创始人 Andre Cronje 和开发者 Banteg 撰写的一项提案建议包含令牌锁定功能。

Convex's Dominance and Yearn's Acquisition

Convex 的主导地位与 Yearn 的收购

Convex's remarkable success has garnered substantial attention within the DeFi ecosystem. Last week, Yearn purchased 1.4 million CVX tokens, signaling its recognition of Convex's significance. Investors are closely monitoring the unfolding competition, seeking opportunities to capitalize on the "Great CRV War."

Convex 的巨大成功在 DeFi 生态系统中引起了广泛关注。上周，Yearn 购买了 140 万个 CVX 代币，表明其对 Convex 重要性的认可。投资者正在密切关注正在展开的竞争，寻找从“CRV大战”中获利的机会。

Conclusion

结论

The integration of CRV by Yearn Finance and Convex Finance has solidified its position as a primary revenue driver in the DeFi space. The ongoing "Great CRV War" is expected to further enhance the value of CRV and drive innovation within the DeFi ecosystem.

Yearn Finance 和 Convex Finance 对 CRV 的整合巩固了其作为 DeFi 领域主要收入驱动因素的地位。正在进行的“CRV大战”预计将进一步提升CRV的价值并推动DeFi生态系统的创新。