Fobisik

To all of you curve fanboys here’s some food for thought on Curve and Egorov Two years after the $100M loan and mansions… The protocol actually works. This is the part most criticism gets wrong Q3 2025 numbers: $29B in trading volume, $7.3M in protocol revenue, $2.3B TVL and roughly 44% of all Ethereum DEX fees over a 30 day window at year end By DEX fundamentals, Curve is top tier That makes what comes next worse, not better CRV is at $0.21. Still down 98% from the cycle highs Annualize Q3 revenue: ~$29M Annual emissions on the current schedule: 115.5M CRV per year, cut from 137M in August At $0.21, that’s ~$24M of sell pressure every year The protocol generates ~$29M in fees and mints ~$24M in dilution to LPs Net to the average CRV holder who didn’t farm: nothing The math gets worse when you look at who holds the veCRV Convex liquid lockers hold over 40% of veCRV. Yearn and StakeDAO take more Egorov and Swiss Stake hold roughly 15% directly 100% of swap revenue routes to veCRV That means Egorov’s personal share alone pulls something on the order of $4M-5M per year in fees, before counting Yield Basis, before any token appreciation Retail CRV holders capture once again zero of that flow September 2025 Egorov launches Yield Basis. Raises $5M at $50M FDV and it gets 15x oversubscribed Then he goes to the Curve DAO and proposes minting $60M of crvUSD - Curve’s own stablecoin, to seed three Bitcoin pools running on his new private protocol Curve mints $60M crvUSD as a community liability Pools run on Yield Basis. His protocol… 35-65% of YB revenue routes back to veCRV 25% of YB tokens reserved for the Curve ecosystem Read it twice The Curve community provides $60M of stablecoin liquidity to bootstrap his new venture, and the consolation is partial revenue share from pools that wouldn’t exist without that capital It passed because Egorov controls enough voting power that the outcome was decided before voting opened April 2025. Egorov relocks all his veCRV for the maximum 4 years, until 2029 The 30% team allocation - 900M CRV vesting over 4 years - finished distributing in August 2025 He already pulled what he wanted out via loans and OTC during the unlock window. What’s left got locked into governance. Locked CRV votes the same as unlocked CRV The cash was extracted years ago. The residual is now permanent control of the protocol The May 2025 vote nobody talks about Egorov asks the DAO for a $6.2M Swiss Stake AG grant. Rejected. 54.46% against Yearn and Convex coalitions made up roughly 90% of the opposition That was a real moment. The community said no Months later: revised proposal, 17.45M CRV (~$6.6M) for the same entity. Approved Founder lost a vote, restructured the ask, got the money anyway This is governance in name only DeFi just hasn’t built the infrastructure to call it what it is Until emissions drop below revenue, until veCRV concentration breaks, until the founder stops routing community capital into personal ventures, CRV is a sell on every meaningful rally You can like Curve the protocol and short CRV the token at the same time. Both are true

Curve's founder pulled $100 MILLION out of his own token to buy two Australian mansions and left holders with a token that dumped 98% In 2023 Curve Finance founder Michael Egorov took out $100 million in stablecoin loans across Aave, Frax, Inverse, Abracadabra and other protocols His collateral was 427 million CRV, which was 47% of the circulating supply of his own token Lookonchain traced $31 million in stablecoins flowing from Egorov to Bitfinex in April 2023 One month later his wife bought a $41 million mansion in Melbourne, right next door to the $18 million home they had purchased the year before That's $59 million in Australian real estate funded by loans against the token his own community was holding In July 2023 Curve was hacked for $70 million through a Vyper bug, CRV crashed and his positions almost got liquidated A liquidation would have created tens of millions in bad debt across Aave, Frax and other protocols and triggered a DeFi wide catastrophe To avoid this Egorov sold 106 million CRV in OTC deals at $0.40 per token, well below the market price, to a roster that included Justin Sun, convicted felon Michael Patryn, Jeffrey Huang, DWF Labs and several anonymous wallets He raised $42 million in stablecoins from these deals while community holders watched CRV dump In April 2024 he had to do it again, selling another 159 million CRV in OTC to 33 different buyers for $63 million In June 2024 CRV crashed 24% in 3 hours and he got fully liquidated for $140 million across 5 protocols The liquidation created $10 million of bad debt that the community had to absorb Ethereum developer Eric Conner did the math: "He got 100 million in stables out of a 140 million CRV position. He just transferred the rektage to the community instead" Egorov's response was that he was "committed to building Curve more than ever" thanks to veTokenomics, meaning he locked his remaining CRV to keep control of governance CRV is down 98% from its all time high and Egorov still owns the two mansions and the protocol When the founder of your protocol uses your bag as collateral for his mansion, you're not an investor You're his ATM