An overview of AndreCronjeTech’s curve competitor on the Fantom network and its prelaunch effects.
Andre recently announced finalized plans of his Ve(3,3) project on Fantom. This “ve” model inspired by Curve has attracted billions of dollars of attention and has risen to a pretty interesting “Vamp War.”
A detailed thread on what exactly this new project (confirmed to be @solidswap, & $ROCK) can be found by @jackniewold https://twitter.com/jackniewold/status/1483962639579422721?s=21
I will be focusing on what has happened in the ecosystem in the last few days and what has led to these so-called “vamp wars.” Starting off, the top 20 projects in TVL on Fantom will receive the rights to vote for $ROCK emissions. The snapshot many think will happen on 1/23.
In an attempt to get into the top 20 TVL, projects have arisen with the goal of trying to maintain as much TVL as possible before this snapchat date. Most notably, @_veDAO_ has now over $1.3 Billion in TVL only 48hrs after launch. Below is their whitepaper:
This sniping of liquidity has caused many notable names in the ecosystem to fight back; including Spooky Swap, Liquid Driver, SpiritSwap, SCREAM, Tomb.finance, etc. They all bonded together and created @0xDao_fi in an attempt to combat VeDao.
Long story short, @0xDao_fi uses its name recognition and an updated and improved tokenomics to hopefully top veDao in TVL. 0xDao’s launch date is planned to be Friday at 3pm ET. Most notably, 0xDao has eliminated any team rewards and promises higher yields.
Oh yeah– yields. Here’s a screenshot of the current veDao yields. Due to all of $Weve being released in a 4 week span, APRs are insane right now. Whether you’re a fan or not, 100%+ APR on stables is nothing to ignore. Notably, FRAX staking is yielding 155% APR!
To conclude, let’s take a look at Fantom TVL as a whole. veDao believes their project alone has brought in over $500m to the ecosystem.
A quick look at Multichain (Previously Anyswap)’s graph on bridging volume tells a clear story, Fantom is beating everyone else by 6x.
Needless to say, I’m excited for the weeks ahead.
Thanks for your time — Juanbug