I’m scared of the bull market because of what $FXN and its product #FX100# are capable of giving us… also its stable $FXUSD. Just do the calculations, just do it…. FEW 🤯 Quick numbers ($FXUSD at $1): 🟢FXN $19.5 mcap $3.2M 🟢FDV $39M 🟢fxUSD supply $69M $FX100 (100x + 15-min liq protection) already did $400M+ testnet volume. Mainnet fees + fxUSD growth = direct value to FXN/veFXN 😎 Tiny base + real product = the upside that scares.

Crypto has been brutal since January. The market has punished almost everyone. $BTC and $ETH have struggled, altcoins have seen even steeper declines, and many portfolios have been cut in half. For many investors, it wasn't just about losing value, it was watching their capital sit idle with no way to generate returns. In markets like this, simply holding assets isn't enough. Capital needs to stay productive. That's where @protocol_fx stood out. Instead of relying on a bull market, fx built products that give users opportunities to earn regardless of market conditions. With $fxSAVE , users could deposit their stables and earn yield instead of letting it sit idle. For traders, xPOSITION provided leveraged exposure to assets like $BTC and $ETH using @protocol_fx unique design while sPOSITION gave users a way to benefit from market downturns instead of just enduring them. Long-term supporters could also lock $FXN through veFXN, participating in governance while aligning themselves with the protocol's long-term growth. At the center of it all is $fxUSD, a decentralized stablecoin backed by yield-bearing collateral. Rather than simply acting as a place to park funds, it serves as the foundation for a system designed to keep capital working. The result wasn't immunity from a weak market, But while much of crypto was focused on surviving, fx continued giving its users ways to generate yield, hedge risk, and put their assets to work. Bear markets expose weak products. They also highlight the protocols that continue creating value when prices aren't going up. @protocol_fx has been one of them.

For the longest time, I thought ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 was just another governance token. I stopped looking at the token and started looking at the protocol. The more I learned about @protocol_fx, the more I realized I had been looking at it the wrong way. What makes ethereum:0x365accfca291e7d3914637abf1f7635db165bb09 interesting isn’t just governance. It’s how everything in the ecosystem connects. Once I understood how veFXN, protocol revenue, staking, and value accrual fit together, it completely changed the way I think about the token. Instead of asking, “What can this token do today?” I started asking, “What happens if more people keep using this protocol over the next few years?” That became a much more interesting question. That was me at first. Now I see it differently.

Royals DeFi Investigation - @ConvexFinance / $CVX - Part 1 - The liquidity management and governance powerhouse behind Curve, Frax, f(x) & Resupply Convex started in May 2021, right after the DeFi summer of 2020, with its core mission to find a way to make @Curvefinance easier and more efficient to use, and it quickly ended up becoming one of DeFi’s most impactful governance and incentive layers across some of the most influential protocols, then and now. At a basic level, Convex now solves simple but very important needs, as it creates very simplified access to the ve locking engines of Curve, @fraxfinance, and also provides improved earning opportunities for the assets of the mentioned ones, but as well @protocol_fx & @ResupplyFi. Let’s look closer at the setup of Convex in relation to Curve & how it looks in practice. Curve, a decentralized exchange, known for stable swaps with deep liquidity, is where users deposit liquidity into pools and earn rewards, Convex builds directly on top of it, to help users earn boosted rewards on their LP positions without having to lock CRV themselves for up to four years. Like mentioned, originally to receive these boosted rewards, you would have had to lock CRV yourself, but with about 53% of all veCRV, Convex holds the largest share of locked Curve existing. So instead of locking, users can deposit their supported LP tokens through Convex and receive for example $CVX as rewards (their own ecosystem token) for it. Similar setups also exist for Fraxfinance’s ecosystem token $FRAX (prev. $FXS) and the token from f(x), $FXN. The locked token supply of Convex across these ecosystems looks like this currently: - 29.6M veFXS - 52.15% of total - 158.3k veFXN - 52.66% of total - 5M $RSUP - 19.51% of total On top of that, it gives users liquid wrappers like cvxCRV, cvxFXS, and cvxFXN, which represent the underlying locked positions while staying liquid and usable across DeFi. Now that we’ve clarified the economic reason to use Convex for exposure to Curve, Frax, or f(x), there is another important layer to understand, in these ecosystems, as governance rights are tied to their locked tokens, so locking them translates into voting power. Means, when users choose to route their position through Convex, they are not only optimizing yield, but also effectively giving up direct governance control for as long as they use that setup. Convex then aggregates that governance power and has a strong incentive to use it in a way that supports the broader ecosystem, because the stronger those protocols are, the more valuable the entire Convex setup becomes. The way this works for users is clean, especially if you are an LP, you deposit your Curve, Frax, or f(x) position into Convex and let the protocol handle the boost, the emissions routing, and the reward flow. The rewards are partly distributed in CVX & if you hold them, you can also lock CVX for 16 weeks through vlCVX and use that voting power for gauge weights, DAO proposals, and fee and bribe share inside the protocol. Overall CVX has a fixed maximum supply of 100 million tokens, and new CVX is minted proportionally when CRV rewards are claimed through Convex itself. That is why Convex has operated at meaningful scale since the start, with roughly $585.9M in TVL, $222.1M in cumulative revenue, about $10.6M in treasury assets today & because of this massive importance when it comes to these mentioned protocols, that’s also the reason, Convex was also deeply tied into the Curve Wars back then. Personally, I like Convex because it solved one of DeFi’s most important capital efficiency problems & scaled that solution into an incentive machine that still rules several of the most relevant ve token systems in DeFi. What do you think, is Convex still one of the most important liquidity management hubs in DeFi, or are some voices right when they say the golden days of Convex are already over? Convex.

🚨🗣️ Hansi Flick on the team's overall performance: "It was a difficult game. This is normally not our standard, in the first half for example, and we have to be better."

My sweet girl. We took this picture by the lake a couple years ago. It doesn’t feel the same without you. The spot where you should be standing is empty now, and Abby and I felt it yesterday. Missing you so much today. 💔