Convex

The Curve Wars never had a lending equivalent due to structural differences between swap and lending risk, but a new proposal by Mezo team may change this. The proposal involves veBTC holders directing MEZO emissions toward markets that have demonstrated creditworthiness. This could lead to a similar power struggle as seen in the Curve Wars.

The Curve Wars have introduced a lending equivalent with veCRV and gauges deciding where emissions go, leading to liquidity becoming political. Yearn and Stake DAO start hoarding veCRV, while Convex rewrites the power structure by aggregating votes. The Mezo team proposes a mechanism for lending where emissions and risk pricing happen together.