Timeline of the Decline
January 2022
$60.09
All-Time High - Peak euphoria
May 2022
$20.00
Curve rewards decline, wars cool off
November 2022
$4.00
CRV near-liquidation crisis
Current
$2.50
Post-collapse trading
What Went Wrong
-
Curve Wars Exhaustion
The battle for CRV emissions cooled as yields declined and protocols lost interest in bribing for votes.
-
CRV Liquidation Crisis
Michael Egorov's massive CRV loans created liquidation fears that impacted the entire Curve ecosystem.
-
DeFi Yield Compression
As DeFi matured, yields compressed across the board, reducing the value proposition of CVX accumulation.