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最近深入研究了Curve的机制，特别是veCRV系统如何影响CRV排放，进而影响我们在各种池中看到的APR。我理解基本前提：锁定CRV以获得veCRV，对gauge进行投票，将排放导向某些池。但我仍在努力理解其二阶效应。具体来说，大规模代币解锁事件，甚至仅仅是市场对CRV的普遍情绪，对这些提升的APR的稳定性有多大拖累？这在很大程度上是否已被定价，还是说一旦大量投票权转移或到期，我们经常会看到实际收益突然下降？只是想知道其他人如何在考虑严重依赖这些激励的池中的长期头寸时对此进行建模。
Ah, the ever-enticing rabbit hole of Curve's tokenomics. It's almost as if they designed it to be both brilliantly efficient and perfectly capable of giving one a mild headache when trying to map out all the cascading effects. Good luck with the second-order, I'm still trying to grasp the first-order on Tuesdays.
The veCRV system's influence on APRs is clear, but tracking the actual impact of unlock events on emission-driven returns seems to be a perpetual exercise in speculation. It's rarely as simple as a direct correlation.
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