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Curve's stranglehold on Ethereum's DEX landscape is staggering—the protocol captures 44% of all decentralized exchange fees, not just stablecoin swaps. Think about that. Protocol revenue recently clawed back to 2022 levels when CRV was trading between $3-6, yet the token now hovers around $0.40. The disconnect is wild.
Meanwhile, votemarket is distributing $808k weekly across 79 different campaigns, all fighting tooth and nail for a slice of Curve's liquidity. That's serious capital flowing into vote incentives. The competition is fierce, the economics are messy, and with Egorov's ongoing leverage unwind, the pressure points keep multiplying. What does it all mean for CRV holders? The protocol's dominance in DEX fees suggests real utility, but the token price tells a completely different story.