Curve is an AMM for stablecoins and the biggest protocol in DeFi. Enter the curve wars, which are waged by stablecoin protocols to obtain the deepest liquidity. Ultimately, the winner will become the most stable stablecoin. Curve is a kingmaker, so CRV is a high demand asset. The first participant in the war was Convex, a protocol that boosts yields for Curve gauges. Convex began to accumulate CRV to control liquidity gauges and became the largest holder of CRV. While Convex won at the time, the war to accumulate CVX rages on.
Olympus DAO decided to participate in the wars and forged Redacted Cartel as a weapon to fight for decentralized liquidity. Right off the bat, Redacted created value for Olympus by giving them 10% ownership of market supply in the form of p-tokens. Redacted’s treasury continues to accumulate CRV & CVX in an effort to control the governance of these protocols. This newly acquired voting power will create bountiful bribe revenue, which is added back to the BTRFLY token creating a powerful flywheel (butterfly) effect.
Concave x Redacted
Partnering with Redacted gives us a slice of the biggest metagame in defi. BTRFLY tokens are essentially a leveraged long on CRV & CVX, so it is in Concave's best interest to accumulate them to profit from Curve Wars 2.0 (Convex Wars). Our treasury will generate much value from exposure to a high growth/demand asset that plays an important role in providing liquidity for the multichain. Furthermore, Redacted offers diversification of our treasury. Holding BTRFLY is akin to holding a Curve ecosystem ETF, containing a basket of curve participant tokens (CRV, CVX, OHM, TOKE, FXS). The (3,3) rebase tokenomics smoothens the volatility curve and generates positive cash flow to the treasury regardless of market conditions. It is the perfect financial product for Concave, significantly reducing investment risk and increasing our flexibility.
Our goal is to become an integral part of the Bretton Woods 2.0 movement and shape the future of DeFi. Redacted’s core vision to become a top holder of veCRV and create more value for Olympus resonates with our vision at Concave. Together, Concave & Redacted can strengthen each other and the broader OHM ecosystem.