Curve large-scale funding proposal rejected: Yearn and Convex jointly oppose, concerns over centralization in DeFi governance emerge

【BiTu】Curve Finance founder Michael Egorov recently proposed a fund allocation plan to distribute 17.45 million CRV tokens, equivalent to approximately $6.2 million, to the development company Swiss Stake AG. The funds will mainly be used for ecosystem development, technological research and development, and protocol iteration, directly supporting a core development team of about 25 members under Swiss Stake AG.

From the proposal details, the purpose of the funds is quite clear: optimize existing Curve infrastructure, promote the new version and expand features of the Llamalend lending system, develop on-chain foreign exchange trading modules, while also enhancing user interface experience and cross-chain interoperability. These directions are beneficial for the protocol’s long-term competitiveness.

However, the voting results were unexpected — 54.46% of participants voted against, with only 45.54% supporting. More notably, there is a clear利益格局 behind these opposition votes: addresses associated with Yearn Finance and Convex Finance almost monopolized all 90% of the opposition votes.

The divided voting has sparked deeper reflection within the community. Many members pointed out that this incident exposes a tricky issue: Is Curve’s governance decision-making tilting towards a few large holders? On the other hand, some suggested that Swiss Stake AG should be more transparent about past fund usage, providing a clear account of historical expenditures before approval of a new round of financing. Others believe that instead of a one-time large token payout, a phased payment approach would be better, which can avoid impacting the CRV price and leave more room for observation for the project and community.