RAAC

Spent some time going through @raacfi’s latest report, and the real alpha (at least to me) isn’t just that they hold voting power. it’s how efficiently they’ve positioned themselves to use it. RAAC now controls ~4.1% of Curve voting power through vlCVX, so they’re already one of the larger players in governance. But the part that makes this interesting is the Kingmaker Ratio. From what they’ve shown, using vlCVX gives them more influence per dollar compared to going the traditional veCRV route. And that changes the whole game a bit. Because on Curve, everything comes down to emissions: who gets them, where they go, and how consistently they can be maintained. Most protocols are stuck in the same loop: they compete for emissions, offer higher incentives, depend on external voters,and as soon as rewards drop, liquidity disappears. RAAC seems to be stepping out of that cycle. By focusing on capital efficiency (through vlCVX) rather than just raw voting power, they’re able to direct emissions toward their own pools in a more sustainable way. So it’s not just “we have influence”, it’s: we can consistently use that influence without constantly increasing costs. That’s the part that stood out to me. The rest of the system supports this pretty well. pmUSD (their gold-backed stablecoin) gives them a strong base — real asset backing, ~$100M+ market cap, and growing presence across Curve pools. They’ve also expanded integrations (Convex, Yearn, Gearbox, OUSD), so the yield side isn’t dependent on a single path. But honestly, the core idea feels simple: most protocols try to sustain yield by spending more RAAC is trying to sustain it by needing to spend less per unit of influence And if that holds, it’s a much more durable model over time. @Raacfi

x.com/i/article/2034…

Introducing $USG — the next evolution of CDP stablecoins. Backed by @CurveFinance LP tokens and @pendle_fi PTs, $USG is set to push DeFi further. A new frontier awaits. Details below.