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Pools

There are less than three hours left to bid on Pools.fyi promoted pool. This is the best way to reach liquidity providers. The auction ends today at 5pm ET.

Curve finds instant PMF. Curve is the latest automated market maker protocol. The premise is to make big trades cheap and give liquidity providers great returns. If these seem at odds, here's how it happens:
  1. The pool is stable with ~zero impermanent loss.
  2. The curve is optimised for stablecoin assets.
  3. The pool lets traders swap between DAI and USDC.
  4. The underlying assets are wrapped in cDAI and cUSDC.

Curve has over $1.5M in its contracts. The USDC-DAI pool has nearly $1M. Deployed three days ago, the USDC-DAI-USDT pool has nearly $600K.
Curve pools grow easily into Pools.fyi Top 20

Curve LPs earn interest between trades. Idle pool assets earn Compound interest rates (7.6% and 4.9%). Trading fees are added on top. The combined returns are impressive.
Early returns in Curve USDC-DAI-USDT
Curve aims for whales. The drawback of wrapping assets is that someone needs to unwrap them. Traders pay the cost and Curve makes it up to them with very low fees. Curve is designed for whale traders.

And it works. The big trades started coming soon after support from dex aggregators ParaSwap and 1inch. Curve consistently has the best prices which is translating into great LP returns and room for better prices.

Bug found by Sam Sun. Curve is new. There was a critical bug that could have drained the pool. Fortunately it was found by legend Sam Sun, disclosed and handled responsibly.

Audits coming soon. The contracts were upgraded after the bug. Curve says an audit has been completed but the results are not yet available.

My take? Wait to get too involved. The risk for new protocols is very high and missing a few weeks of high returns is not a big deal compared to a swift and final -100%.

Demand for Curve will remain high and track demand for DeFi. USDC connects Coinbase to DeFi. USDT connects Binance. These were previously expensive and difficult swaps. Big for everyone.


Today's edition by
 
Caleb Sheridan
Co-founder, Blocklytics
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