The CLever beta program has been running for over two months now, and has recently completed its fourth bribe round (round 19, by Convex reckoning)! As the CLever beta marches on the team is excited to share an update about where the project is at and a little about what the roadmap looks like (stay tuned for airdrop details at the end!) Huge thanks to everyone who has deposited and helped us with testing! You guys are the real heroes!
The markets are downright scary right now, but the Aladdin team behind CLever is practically giddy. It’s weird. Where others see market chaos and uncertainty, we see real DeFi like Curve functioning perfectly through an incredible stress test and validating the Aladdin thesis that Curve (and Convex, by extension) represent serious, foundational long-term infrastructure. While we take no pleasure in it, we also see that people using typical DeFi leverage are being liquidated in positions they thought were safe, when the prices swing crazily as whales play whale games. There is plenty more to be said on the subject, but for the purpose of this CLever update, suffice it to say that the team is more certain than ever that CLever brings something super powerful and much needed to DeFi and we remain fully committed to making it real.
The Numbers
Some of CLever’s cumulative stats:
- Total CVX Locked：86,858
- CVX Rewards Harvested：3,694
- clevCVX Claimed：39,672
- clevCVX Burned for CVX in Furnace: 3,085
- Number of Users: 102
Harvests by round:
- Round 16 (2022–05–03) → 772 CVX
- Round 17 (2022–05–17) → 756 CVX
- Round 18 (2022–05–31) → 847 CVX
- Round 19 (2022–06–14) → 1319 CVX
The average cost to reinvest bribes into CVX each round was 0.167 ETH, so our users have collectively saved over 68 ETH in harvesting gas costs so far!
Even while CLever is only in beta mode and leverage is not yet enabled, user are saving serious money on gas and enjoying the convenience of bribe harvest & swap automation!
clevCVX Liquidity and the End of Beta
The CLever smart contracts have so far worked flawlessly throughout the beta period and based on our ongoing monitoring of the system we don’t see any major problems that would need to be addressed before launching liquidity. Though the liquidity launch plans are proceeding a bit slower than we hoped, we are making good progress on this front. We will launch the CLEV token using a home-grown IDO to sell CLEV tokens for CVX (more details to come, anon!). For those of you paying attention, our sister platform Concentrator is about to launch a novel fundraise IFO for its token, and while the IFO format isn’t quite right for CLever, we will be using some lessons learned from that process to ensure that the CLever token launch goes smoothly.
Alpha leak: Airdrop!
One aspect of the CLever tokenomics that we felt was important to publicly nail down now is the airdrop, especially as the huge CVX “unlockening” is happening at the end of this month, to ensure that there is some clarity in the community about these plans. Aladdin feels strongly that early users who take the risk of deploying funds in contracts that are not yet fully battle-tested deserve compensation for that risk, and therefore, just like with Concentrator, we have allocated part of the tokens to airdrop to those early users.
The CLever airdrop will be executed in two tranches totalling 5% of CLever tokens. The first airdrop will be calculated based on a snapshot taken at 00:00 UTC June 20, 2022, and will award 3% of CLEV tokens to users based on their usage of CLever from launch to the snapshot time. The second airdrop will distribute the remaining 2%, and will be allocated based on usage of CLever between the first snapshot time (00:00 UTC June 20, 2022) and the launch of the CLever token sale.
Onwards!
CLever has a bright future ahead, and we are very excited to bring our community of early users with us as we show the DeFi world a better way to earn more from farming. CLever has several very interesting irons in the fire beyond just the launch of CVX liquidity, including the application of our superior leverage mechanism to other high yielding assets, and potential partnerships (not the least of which is a potential composability integration with Concentrator!) Aladdin builds for the long term and the bear market is the perfect time to work. By the time the next bull market hits we think Concentrator could be considered one of those core infrastructure pieces that makes the DeFi world work. Will you be with us, Anon?
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