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TVL $27MAPY 14.71%medium riskUpdated Feb 1, 2025

Stake DAO CRV

Convert CRV to sdCRV through Stake DAO liquid locker to earn veCRV-like rewards while maintaining liquidity.

ProtocolStakeDAO
Networkethereum
SymbolSDCRV
CategoryYield Vaults
Underlying Assets
CRVsdCRVSDT
Contract Address0xd1b5651e55d4ceed36251c61c50c889b36f6abb5

What is Stake DAO CRV (sdCRV)?

Stake DAO CRV (sdCRV) is Stake DAO's liquid locker token for Curve's CRV. By depositing CRV into Stake DAO's locker, users receive sdCRV which represents their share of the protocol's aggregated veCRV position. This provides liquidity while still earning governance rewards.

How the sdCRV System Works

  1. Deposit CRV into Stake DAO's liquid locker
  2. Receive sdCRV tokens 1:1 (initially)
  3. Stake DAO permanently locks CRV as veCRV
  4. sdCRV holders earn share of veCRV rewards
  5. sdCRV remains liquid and tradable
Key Insight: Stake DAO aggregates all deposited CRV into one large veCRV position, maximizing voting power and boost benefits.

veCRV Economics

Curve's vote-escrow model:

  • CRV locked up to 4 years for veCRV
  • veCRV holders vote on gauge emissions
  • veCRV holders receive 50% of Curve trading fees
  • veCRV provides boost on CRV farming

sdCRV allows participation in this system without direct locking.

Yield Sources

sdCRV rewards include:

  1. Curve protocol trading fee share
  2. Bribe revenues from gauge vote markets
  3. Additional Stake DAO incentives (SDT)

Fee Structure

Stake DAO takes 15% of rewards as performance fees, distributed to the SDT ecosystem.

sdCRV Market Dynamics

sdCRV trades on secondary markets:

  • Usually trades close to CRV price
  • May trade at discount during low demand
  • Conversion to sdCRV is one-way (CRV is permanently locked)
  • Exit via secondary market sale only

Risk Disclosures

Irreversibility Risk: CRV deposited cannot be withdrawn. sdCRV can only be sold on secondary markets. Liquidity/Depeg Risk: sdCRV may trade at significant discount to CRV during market stress or if confidence in Stake DAO drops. Smart Contract Risk: Exposure to Stake DAO and Curve contracts. Locker mechanisms are complex. Governance Risk: Changes to Curve or Stake DAO governance affect reward distribution. Protocol Viability Risk: Stake DAO must remain operational for sdCRV to maintain value. Bribe Market Risk: A significant portion of yield may come from bribe markets, which can be volatile.

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Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

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