Currently, any project gets 1.79$ in CRV emissions per 1$ spen | Blockchain Whispers
Currently, any project gets 1.79$ in CRV emissions per 1$ spent on bribes. This is dependent on CRV price (so i expect this number to rise). At some point we will reach an equilibrium (where every dollar spend on bribes will result in the same $ amount on CRV emissions). This will be the point where it is economically more efficient for protocols to accumulate CVX and vote on their pools themselves instead of bribing CVX holders. At this point I will sell my CVX as all the growth will be priced in. I expect this equilibrium point to be reached somewhere between 2 - 2.5 $ in bribes per vlCVX. This estimate would result in a CVX price around 200$.
Convex recently started to offer the same mechanics for Frax Finance (FXS), this expansion gives Convex a larger value proposition and I expect that more protocols with veTokenomics will soon be represented by Convex (Ribbon, I am looking at you ). This would make Convex a Meta Governor. In this part you learned why and how Convex Finance won the first round in the Curve Wars. Now protocols look to gain control over CVX tokens. Which ones and what methods they use will be explained in Vol. 3 of this series.
