The Curve Finance (CRV) project has come under scrutiny for the fact that founder and CEO Michael Egorov holds roughly 60% of the network’s voting power - a conscious choice to prevent other larger holders from controlling the network. YFI co-founder and CEO Andre Cronje tweeted a screenshot of CRV votes locked in on August 23, which show the founder holding a majority of control.
- With a majority control, votes made by other participants will no have effect on CurveDAO
- Cronje also noticed it would take 150 million CRV to reduce Egorov’s voting power to 50%; this is 15 times the current circulating supply
- Egorov responded, saying that the move was required to counter Yearn.finance’s large control of voting power
- Further criticism was levied when it was discovered that Egorov maxed out the vote lock at 5 years; the longer a vote is locked, the more power it has
- Egorov said that it was an “overreaction”, "terribly sorry" and that it would be fixed in the “proper way”, with the balance of power being distributed more fairly in the weeks to come
Related Reading:
- Curve hits $1 billion in total value locked in
- YFI token rakes in over $300 million for Curve
