Wow, what a shit show. Crypto is without a doubt still in the wild wild west phase. If you didn’t hear already, Curve Finance launched their DAO token $CRV. Now, token launches happen all the time, but there were a few underlying conditions that should worry the hell out of you.
You read that right, someone found Curve’s latest Github code and launched it before they could. As one Twitter user so eloquently wrote, “Imagine you are building your own house, all the materials are laid out on site, you go on vacation, some dude builds your house for you and leaves you the keys”. The consensus on both Twitter and Biz was collectively “WTF?”
People were speculating the Curve team did this on purpose to divert any potential outfall after launch, creating a scapegoat.
Others questioned why they “HAD” to adopt a code deployment from someone not within the team launched. Even the king pump and dumper himself thought things were goofy as hell. At one point, the fully diluted market supply of CRV was more than ETH itself… You have to just laugh sometimes.
I’ll admit, I’m no expert on emission schedules, or why Curve chose to emit 2 million tokens per day with a current supply of 400k coins. Seems a bit odd to me. As of this writing, the coin is down from $30 to $10, and had peaked at just over $50. God rest your souls, anons.
I’m not touching this coin with a mile long stick. Sure, I love the Curve project, but this launch was an absolute joke. Be careful out there anons, we are lone riders in the wild wild west of crypto.