What Are the Curve Wars in DeFi?

[Chawla Solutions]

The Curve Wars are one of the most complex and influential power struggles in the DeFi ecosystem—centered around Curve Finance, one of the largest decentralized exchanges (DEXs) for stablecoin swaps.

At the heart of Curve’s system lies the CRV token, which users can lock as veCRV (vote-escrowed CRV). This locked version grants voting power over where Curve's liquidity incentives—in the form of CRV emissions—are directed.

Here’s where the “war” begins:
Protocols want their own Curve liquidity pools to receive the most rewards. To do that, they must gain control of as much veCRV as possible. Instead of fighting alone, they form alliances, offer bribes for votes, and launch meta-protocols that optimize and outsource the voting power game.

Major players in the Curve Wars include:

• Convex Finance – which allows users to earn yield and vote power without locking directly

• Yearn Finance – which bundles DeFi strategies including veCRV voting

• StakeDAO and Redacted Cartel – focused on governance accumulation and vote leasing

This dynamic has created a secondary economy of governance, where protocols buy influence, rent voter power, and engage in vote marketplaces. It's a brilliant mix of yield farming, tokenomics, and political strategy.

Why it matters:
Control over CRV emissions directly affects liquidity, TVL, and protocol growth. The Curve Wars show how DeFi governance is no longer just democratic—it’s become a battleground for power and yield.