$CRV
Stablecoin trading depends on deep liquidity and tight pricing, and Curve built its reputation on exactly that. Its vote-escrow model also shaped how protocols compete for liquidity incentives, creating the so-called "Curve wars." That system is clever, but it can reward the pursuit of emissions over real trading demand. When assessing CRV, it helps to separate genuine fee-generating activity from incentive-driven liquidity that may leave once rewards fade.
Stablecoin trading depends on deep liquidity and tight pricing, and Curve built its reputation on exactly that. Its vote-escrow model also shaped how protocols compete for liquidity incentives, creating the so-called "Curve wars." That system is clever, but it can reward the pursuit of emissions over real trading demand. When assessing CRV, it helps to separate genuine fee-generating activity from incentive-driven liquidity that may leave once rewards fade.