A reminder to everyone:

From the very beginning, the core mechanism of Curve is centered around the division of dividends related to CRV.

It requires a continuous influx of new stablecoin mutual aid programs to generate additional CRV locks (new sunk costs), and the new stablecoin projects attract veCRV holders through their own inflation to earn transaction fee distributions and the interest spread between actual inflation allocations versus expenditures.

As for its "algorithmic advantage" in stablecoin trading, it resembles the demand caused by the technical deficiencies of ETH during that era, rather than having any irreplaceable characteristics of its own.

This is why there is no ecological niche for a "stablecoin swap" like Curve on other high-speed public chains - it's simply unnecessary. With new DEXs continuously optimizing pool fee curves based on Uni V3, Curve's small vertical domain has long been overshadowed. It is currently being outpaced by Sui's Cetus, with Uniswap leaving its tail lights far behind in trading volume.

Thus, the Ponzi attribute is Curve's fundamental trait, and this scheme has been running for 5 years, belonging to the category of longevity or even an "immortal" scheme.

If we judge by the standards of a dividend scheme, after the Luna crash in 2022, Curve's inflow (TVL) has already plummeted off a cliff, and it has continued to decline after multiple incidents/events including Michael's house purchase, two hacks, stETH's unraveling, and the FTX collapse.

In comparison to CRV's price during this period, it can be said that CRV as a scheme is actually in a state of soft exit, relying on historical trading liquidity and Binance's shell value to sustain itself.

If you examine the Curve data after the launch of Resupply in March, you will find that both TVL and Volume have more than doubled.

Therefore, it can be said that Resupply is a "restart scheme" for Curve after returning to the fundamental division of dividends, but now even the restart scheme has collapsed.

Veteran players in the old scheme can compare this to Huohuo or MBI; in such cases of multiple failed restarts, how should one play?

As a scheme, the market has already given Curve an outrageous number of chances. The last one was Zhang Yufa.

Everyone has been too lenient towards the foreign scheme leaders.