Degen Edition 3 - Conic Finance

Investment Thesis

Out of the numerous tokenomic designs that emerged (and failed) last cycle, the vote-escrowed model proved objectively most ‘feasible’, as evidenced by Curve’s dominant position in TVL amongst DEXs. Control over a protocol’s gauge emissions made sense to many, assigning real value to governance tokens. The second-order expectations that liquidity would follow did as well. However, maximizing yield on a token on Curve became a feat edging out smaller and passively managed portfolios due to high gas fee...