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Do you recall the Curve Wars?
On April 1, the Terra community published a new chapter.
Terra developed something dubbed the "4pool" in what looks to be a clear attempt to position UST and another rapidly expanding algorithmic stablecoin, FRAX, as the market leaders in this sector.
To begin, though, a brief tutorial on the Curve Wars.
Although no guns were fired, Curve Finance has evolved into a war for whichever enterprise can deliver the most liquid money to its particular pool. Naturally, the prize for the highest level of liquidity is token payouts.
These enticing benefits are distributed using Curve’s native governance token, CRV. After amassing a sufficient number of tokens, you can vote to have more token awards given to your pool.
This has generated a significant incentive to increase liquidity, collect tokens, and repeat. Entire initiatives have sprung up to exploit this basic concept.
The curve is critical for stablecoins since it also offers the deep liquidity required to sustain a token’s dollar peg. Stablecoins with little liquidity can quickly be disrupted if a whale purchase or sells a large amount of the token. As a result, stablecoin suppliers now have an additional reason to join in the Curve Wars.
At the moment, the largest stablecoin pool is known as “3pool.” It offers extremely high liquidity for USDC, USDT, and DAI. In this scenario, deep liquidity equates to $3.2 billion.
Terra’s upcoming launch 4pool is quite similar and consists of the following currencies: UST, FRAX, USDT, and USDC. Additionally, they’ll be attempting to maximize the token prizes on Curve in order to entice new members.
Additionally, did you notice anything missing from that stablecoin list? By removing DAI and maximizing the overall incentives paid to individuals giving liquidity to the new pool, monies that could have increased to 3pool’s depth will not arrive, perhaps causing DAI to fail.
