$CRV Halves

Curve’s $CRV token officially celebrated its fourth birthday with its most notable emissions reduction to date.

The emissions reduction was officially triggered at Aug-12-2024 10:21:59 PM UTC

The way that $CRV emissions reductions work is that once per epoch the update_mining_parameters() function can be called permissionlessly directly on the $CRV token address to officially write the new mining parameters.

Technically, if nobody called the function for some time, the officially max supply would actually trickle upwards slightly.

Curve has enjoyed a handful of emissions decreases over its first three years, but this cut is more significant than most, dropping from around 20% to 6%.

The fourth birthday marked the end of all emissions except the "Community" emissions. "Community" emissions represent the $CRV tokens streamed to Curve pools and other targets via gauges.

The "Community" emissions schedule is scheduled to continue for centuries, with a rate of decrease modeled after the the Bitcoin halving, except more continuous (occurring annually at a pace that puts it on track for a halving every four years).

Therefore, the community emissions has completed the equivalent of its first "halving." You can observe the effect of the cut in community emissions on the Curve pools, from snapshots taken before and after the cut.

Between the cuts to the community emissions and the discontinuance of all other emissions, this is therefore the most significant emissions cut in Curve history, from an annual inflation rate in the double digits to just around 6%

The entire $CRV emissions schedule was determined and set at launch, and can never be altered, a true experiment in decentralized government going strong at the age of four!