曲线引领 DeFi

比特币在 10 万美元的心理门槛前停滞不前，而 Alts 迎头赶上，导致 BTC 的市场份额暂时跌破 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%.

比特币价格难以突破 10 万美元的心理关口，而 Alts 则迎头赶上，导致 BTC 的市场份额暂时跌破 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板块表现良好，近7天涨幅超20%，其中Curve Finance的代币CRV周涨幅超50%领跑DeFi板块。在大盘 DeFi 代币中，其表现仅次于受益于币安上市的 THE，以及 Curve 的生态系统协议 Convex 代币 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为何上涨，潜力如何，生态中有哪些相关代币值得关注？作者在CRV 0.3以下建仓，已经“CX”几个月了。下面我简单谈谈持有CRV背后的逻辑。

Direct Factor: Institutional Entry News

直接因素：机构进入新闻

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.

消息发布后，CRV从0.5 USDT飙升至突破0.8 USDT。像贝莱德这样的机构正在押注以太坊生态系统，并通过 BUIDL 基金进入 DeFi。 Curve 作为稳定币对和货币兑换的基础设施，市场押注于 Curve 的机构采用潜力。

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《观点：退出山寨币熊市，DeFi需要复兴》中，我以Curve、Pendle、Aave为例，预测传统金融将通过现有的DeFi基础设施上链。此后，Aave 与特朗普家族建立了合作伙伴关系，Curve 将 BUIDL 等机构引入 RWA。 Pendle可能是下一个值得押注的目标。

Looking Back, Bearish Pressure Has Been Exhausted

回顾过去，看空压力已耗尽

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.

为什么在CRV不断下滑的情况下我对抄底有信心呢？ 6月份的判断是Curve Finance的看跌情绪和抛售压力已经触底。

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.

注：目前，Frax Finance 已成为 CVX 的第二大持有者，其中 CLever 为第一大持有者。 FXS 的持有逻辑将在后面讨论。

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.

长期以来，Curve Finance 面临的最大风险无疑是创始人 Michael Egorov 的大量借贷头寸，他抵押 CRV 代币借入稳定币，而这些头寸在 6 月份就被彻底清算。

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.

一些人将此次清算称为“聪明套现”，因为可能没有足够的流动性来支持如此大量的代币出售，导致通过借入头寸逐步清算。然而，另一种观点是，项目创始人被迫在底部抛售了大部分代币。

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创始人Michael Egorov仍然锁定CRV。从不同的角度来看，利益最大化的方式就是在BUIDL上下功夫，让CRV代币解锁后拥有更高的价值，团队的长期价值与协议代币高度捆绑。

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 在去年的清算危机期间以 0.4 USDT 的价格出售了近 160 万枚 CRV OTC。 6月底买入的成本基础低于大多数机构/鲸鱼，而许多机构已经削减损失并退出。

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的交易量长期明显高于同类市值的代币，但价格却停滞不前，表明芯片的成交量充足。

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上线4年，通胀率已降至6.3%。以42.4%的锁定率计算，CRV实际进入流通的通胀率仅为3%左右。

Looking Ahead, Innovations and Growth Points

展望未来，创新与增长点

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

市场猜测，Curve Finance未来还有哪些创新和增长点？

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.

潜在的链上外汇产品，软清算机制借贷LlamaLend，crvUSD。自推出以来，crvUSD 已为 Curve 协议创造了近 1.5 亿美元的收入。

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

scrvUSD的推出有助于促进crvUSD的采用。 crvUSD和软清算机制借贷有什么优势？

Curve Finance is also expanding into ecosystems outside of EVM.

Curve Finance 还正在扩展到 EVM 之外的生态系统。

Ecosystem Projects, Positive News Gradually Spreading

生态项目，利好消息渐传

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并有权获得Curve的收益。每当CRV的价值上升时，每个CVX对应的内在价值也会增加。它类似于CRV的杠杆版，本轮增长相比CRV有更高的涨幅。

CLever (CLEV)

聪明 (CLEV)

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

容纳最多的 CVX，进一步嵌套。市值相对较低。

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。还有L2链Fraxtal、稳定币产品FRAX、双代币模型质押产品（sfrxETH、frxETH）、借贷产品……应有尽有。弗拉