Plain English
The Curve War is the multi-protocol competition to influence where Curve Finance directs its CRV emissions. Stablecoin issuers and DeFi protocols accumulate veCRV (vote-escrowed CRV) — directly or via wrappers like Convex (CVX) — to vote their stablecoin pools onto reward gauges, which subsidizes liquidity for their token.
How it actually works
CRV holders lock their tokens up to 4 years to receive veCRV, which has weekly votes for which pools get emissions. More votes for your pool → higher LP yields → more LPs → deeper liquidity for your stablecoin. Convex aggregates CRV votes from anyone who deposits, in exchange for CVX rewards.
What it means for you
The Curve War is mostly an inside-baseball strategy played by Frax, Lido, MakerDAO, and stablecoin issuers. As a participant, the way to play it is via CVX (one-token exposure to the entire dynamic) or by LPing in the most-bribed pools, where the boosted yield often beats elsewhere by a meaningful margin.
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Educational content only. Not investment, tax, or legal advice.