Curve DAO Token (CRV)
Curve DAO Token is based on the ERC-20 token standard as defined at EIP-20.
Contract Source & Deployment
The Curve DAO Token
contract is deployed to the Ethereum mainnet at: 0xD533a949740bb3306d119CC777fa900bA034cd52.
Source code is available on Github.
For a broader understanding of the use case of the CRV token, check out Understanding CRV.
Tokenomics¶
The total supply of 3.03 billion is distributed as follows:
- 62% to community liquidity providers
- 30% to shareholders (team and investors) with a vesting period of 2-4 years
- 5% to the community reserve
- 3% to employees with a 2-year vesting period
The initial supply of approximately 1.3 billion (~43%) is distributed as follows:
- 5% to pre-CRV liquidity providers with a 1-year vesting
- 30% to shareholders (team and investors) with a vesting period of 2-4 years
- 3% to employees with a 2-year vesting period
- 5% to the community reserve
Transfer and Allowance¶
approve
¶
CRV.approve(_spender: address, _value: uint256) -> bool:
Warning
Approval may only be from zero -> nonzero
or from nonzero -> zero
in order to mitigate the potential race condition described here: https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729
Function to approve _spender
to transfer _value
tokens on behalf of msg.sender
.
Returns: true (bool
).
Emits: Approval
Input | Type | Description |
---|---|---|
_spender | address | Spender address. |
_value | uint256 | Amount to approve. |
Source code
event Approval:
_owner: indexed(address)
_spender: indexed(address)
_value: uint256
allowances: HashMap[address, HashMap[address, uint256]]
@external
def approve(_spender : address, _value : uint256) -> bool:
"""
@notice Approve `_spender` to transfer `_value` tokens on behalf of `msg.sender`
@dev Approval may only be from zero -> nonzero or from nonzero -> zero in order
to mitigate the potential race condition described here:
https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729
@param _spender The address which will spend the funds
@param _value The amount of tokens to be spent
@return bool success
"""
assert _value == 0 or self.allowances[msg.sender][_spender] == 0
self.allowances[msg.sender][_spender] = _value
log Approval(msg.sender, _spender, _value)
return True
allowance
¶
CRV.allowance(_owner: address, _spender: address) -> uint256
Getter method to check the amount of tokens that _owner
has allowed _spender
to use.
Returns: amount of tokens (uint256
) that _owner
has allowed _spender
to use.
Input | Type | Description |
---|---|---|
_owner | address | Owner address. |
_spender | address | Spender address. |
Source code
allowances: HashMap[address, HashMap[address, uint256]]
@external
@view
def allowance(_owner : address, _spender : address) -> uint256:
"""
@notice Check the amount of tokens that an owner allowed to a spender
@param _owner The address which owns the funds
@param _spender The address which will spend the funds
@return uint256 specifying the amount of tokens still available for the spender
"""
return self.allowances[_owner][_spender]
transfer
¶
CRV.transfer(_to: address, _value: uint256) -> bool
Warning
Vyper does not allow underflows; thus, any subtraction in this function will revert if there is an insufficient balance.
Additionally, transfers to ZERO_ADDRESS
are not allowed.
Function to transfer _value
tokens from msg.sender
to _to
.
Returns: true (bool
).
Emits: Transfer
Input | Type | Description |
---|---|---|
_to | address | Receiver address of the tokens. |
_value | uint256 | Amount of tokens to transfer. |
Source code
event Transfer:
_from: indexed(address)
_to: indexed(address)
_value: uint256
@external
def transfer(_to : address, _value : uint256) -> bool:
"""
@notice Transfer `_value` tokens from `msg.sender` to `_to`
@dev Vyper does not allow underflows, so the subtraction in
this function will revert on an insufficient balance
@param _to The address to transfer to
@param _value The amount to be transferred
@return bool success
"""
assert _to != ZERO_ADDRESS # dev: transfers to 0x0 are not allowed
self.balanceOf[msg.sender] -= _value
self.balanceOf[_to] += _value
log Transfer(msg.sender, _to, _value)
return True
transferFrom
¶
CRV.transferFrom(_from: address, _to: address, _value: uint256) -> bool:
Warning
Vyper does not allow underflows; thus, any subtraction in this function will revert if there is an insufficient balance.
Additionally, transfers to ZERO_ADDRESS
are not allowed.
Function to transfer _value
tokens from _from_
to _to
.
Returns: true (bool
).
Emits: Transfer
Input | Type | Description |
---|---|---|
_from | address | Address to send tokens from. |
_to | address | Receiver address of the tokens. |
_value | uint256 | Amount of tokens to transfer. |
Source code
event Transfer:
_from: indexed(address)
_to: indexed(address)
_value: uint256
@external
def transferFrom(_from : address, _to : address, _value : uint256) -> bool:
"""
@notice Transfer `_value` tokens from `_from` to `_to`
@param _from address The address which you want to send tokens from
@param _to address The address which you want to transfer to
@param _value uint256 the amount of tokens to be transferred
@return bool success
"""
assert _to != ZERO_ADDRESS # dev: transfers to 0x0 are not allowed
# NOTE: vyper does not allow underflows
# so the following subtraction would revert on insufficient balance
self.balanceOf[_from] -= _value
self.balanceOf[_to] += _value
self.allowances[_from][msg.sender] -= _value
log Transfer(_from, _to, _value)
return True
Minting and Burning¶
New CRV tokens can only be minted by the minter
contract.
minter
¶
CRV.minter() -> address: view
Getter for the minter contract address. The minter address can only be set once (at deployment) and not altered after.
Returns: minter contract (address
).
mint
¶
CRV.mint(_to: address, _value: uint256) -> bool:
Function to mint _value
and assign them to _to
.
Returns: true (bool
)
Emits: Transfer
Input | Type | Description |
---|---|---|
_to | address | Receiver of the minted tokens. |
_value | uint256 | Amount to mint. |
Source code
event Transfer:
_from: indexed(address)
_to: indexed(address)
_value: uint256
@external
def mint(_to: address, _value: uint256) -> bool:
"""
@notice Mint `_value` tokens and assign them to `_to`
@dev Emits a Transfer event originating from 0x00
@param _to The account that will receive the created tokens
@param _value The amount that will be created
@return bool success
"""
assert msg.sender == self.minter # dev: minter only
assert _to != ZERO_ADDRESS # dev: zero address
if block.timestamp >= self.start_epoch_time + RATE_REDUCTION_TIME:
self._update_mining_parameters()
_total_supply: uint256 = self.total_supply + _value
assert _total_supply <= self._available_supply() # dev: exceeds allowable mint amount
self.total_supply = _total_supply
self.balanceOf[_to] += _value
log Transfer(ZERO_ADDRESS, _to, _value)
return True
mintable_in_timeframe
¶
CRV.mintable_in_timeframe(start: uint256, end: uint256) -> uint256
Getter for the mintable supply between start
and end
timestamps. The value is dependent on the current emission rate
of the token.
Returns: mintable tokens (uint256
).
Input | Type | Description |
---|---|---|
start | uint256 | Start timestamp. |
end | uint256 | End timestamp. |
Source code
@external
@view
def mintable_in_timeframe(start: uint256, end: uint256) -> uint256:
"""
@notice How much supply is mintable from start timestamp till end timestamp
@param start Start of the time interval (timestamp)
@param end End of the time interval (timestamp)
@return Tokens mintable from `start` till `end`
"""
assert start <= end # dev: start > end
to_mint: uint256 = 0
current_epoch_time: uint256 = self.start_epoch_time
current_rate: uint256 = self.rate
# Special case if end is in future (not yet minted) epoch
if end > current_epoch_time + RATE_REDUCTION_TIME:
current_epoch_time += RATE_REDUCTION_TIME
current_rate = current_rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT
assert end <= current_epoch_time + RATE_REDUCTION_TIME # dev: too far in future
for i in range(999): # Curve will not work in 1000 years. Darn!
if end >= current_epoch_time:
current_end: uint256 = end
if current_end > current_epoch_time + RATE_REDUCTION_TIME:
current_end = current_epoch_time + RATE_REDUCTION_TIME
current_start: uint256 = start
if current_start >= current_epoch_time + RATE_REDUCTION_TIME:
break # We should never get here but what if...
elif current_start < current_epoch_time:
current_start = current_epoch_time
to_mint += current_rate * (current_end - current_start)
if start >= current_epoch_time:
break
current_epoch_time -= RATE_REDUCTION_TIME
current_rate = current_rate * RATE_REDUCTION_COEFFICIENT / RATE_DENOMINATOR # double-division with rounding made rate a bit less => good
assert current_rate <= INITIAL_RATE # This should never happen
return to_mint
burn
¶
CRV.burn(_value: uint256) -> bool
Function to burn _value
tokens of the function caller by sending them to ZERO_ADDRESS
.
Retruns: true (bool
).
Emits: Transfer
Input | Type | Description |
---|---|---|
_value | uint256 | Amount of tokens to burn. |
Source code
event Transfer:
_from: indexed(address)
_to: indexed(address)
_value: uint256
@external
def burn(_value: uint256) -> bool:
"""
@notice Burn `_value` tokens belonging to `msg.sender`
@dev Emits a Transfer event with a destination of 0x00
@param _value The amount that will be burned
@return bool success
"""
self.balanceOf[msg.sender] -= _value
self.total_supply -= _value
log Transfer(msg.sender, ZERO_ADDRESS, _value)
return True
CRV Emissions¶
Mining parameters are used to determine token emissions, which are based on epochs (one year). With each passing epoch, the rate
will be reduced, consequently decreasing the overall CRV emissions.
The rate can be adjusted by invoking the update_mining_parameters()
function. Although this function is accessible to anyone, attempts to call it will be reverted if a year has not elapsed since the last update. When successfully executed, the mining_epoch
increments by 1, and the start_epoch_time
updates to the timestamp of the function call. Furthermore, the update_mining_parameters()
function will automatically trigger if someone attempts to mint CRV before a scheduled rate reduction.
The future rate is calculated as follows:
with \(\text{rate}_\text{current}\) fetched from CRV.rate()
.
Yearly Inflation Reduction
Effectively, each rate reduction decreases CRV inflation by approximately 15.9%.
mining_epoch
¶
CRV.mining_epoch() -> int128: view
Getter for the current mining epoch. The mining epoch is incremented by 1 every time update_mining_parameters()
is successfully called. At deployment, mining_epoch
was set to -1.
Returns: mining epoch (int128
).
Source code
mining_epoch: public(int128)
@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
"""
@notice Contract constructor
@param _name Token full name
@param _symbol Token symbol
@param _decimals Number of decimals for token
"""
...
self.mining_epoch = -1
...
@internal
def _update_mining_parameters():
"""
@dev Update mining rate and supply at the start of the epoch
Any modifying mining call must also call this
"""
_rate: uint256 = self.rate
_start_epoch_supply: uint256 = self.start_epoch_supply
self.start_epoch_time += RATE_REDUCTION_TIME
self.mining_epoch += 1
if _rate == 0:
_rate = INITIAL_RATE
else:
_start_epoch_supply += _rate * RATE_REDUCTION_TIME
self.start_epoch_supply = _start_epoch_supply
_rate = _rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT
self.rate = _rate
log UpdateMiningParameters(block.timestamp, _rate, _start_epoch_supply)
start_epoch_time
¶
CRV.start_epoch_time() -> uint256: view
Getter for the start timestamp of the current mining epoch.
Returns: timestamp (uint256
).
Source code
start_epoch_time: public(uint256)
@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
"""
@notice Contract constructor
@param _name Token full name
@param _symbol Token symbol
@param _decimals Number of decimals for token
"""
...
self.start_epoch_time = block.timestamp + INFLATION_DELAY - RATE_REDUCTION_TIME
...
rate
¶
CRV.rate() -> uint256: view
Getter for the current inflation rate of the CRV token emission. The rate is denominated in emissions per second and has a base of 1e18.
To calculate the CRV emission per day:
Returns: current inflation rate (uint256
).
Calculating Daily Emissions
\(\text{daily_emission} = \frac{5181574864521283150}{10^{18}} * 86400 = 447688.07\)
update_mining_parameters
¶
update_mining_parameters()
Function to update the mining parameters for the token. By updating, the newly decreased inflation rate is applied. This function is callable by anyone. However, the call will revert if block.timestamp
is less than or equal to start_epoch_time
+ RATE_REDUCTION_TIME
, indicating that one year has not yet passed and therefore the rate cannot be updated yet.
Emits: UpdateMiningParameters
Source code
event UpdateMiningParameters:
time: uint256
rate: uint256
supply: uint256
YEAR: constant(uint256) = 86400 * 365
# Supply parameters
INITIAL_SUPPLY: constant(uint256) = 1_303_030_303
INITIAL_RATE: constant(uint256) = 274_815_283 * 10 ** 18 / YEAR # leading to 43% premine
RATE_REDUCTION_TIME: constant(uint256) = YEAR
RATE_REDUCTION_COEFFICIENT: constant(uint256) = 1189207115002721024 # 2 ** (1/4) * 1e18
RATE_DENOMINATOR: constant(uint256) = 10 ** 18
INFLATION_DELAY: constant(uint256) = 86400
# Supply variables
mining_epoch: public(int128)
start_epoch_time: public(uint256)
rate: public(uint256)
start_epoch_supply: uint256
@external
def update_mining_parameters():
"""
@notice Update mining rate and supply at the start of the epoch
@dev Callable by any address, but only once per epoch
Total supply becomes slightly larger if this function is called late
"""
assert block.timestamp >= self.start_epoch_time + RATE_REDUCTION_TIME # dev: too soon!
self._update_mining_parameters()
@internal
def _update_mining_parameters():
"""
@dev Update mining rate and supply at the start of the epoch
Any modifying mining call must also call this
"""
_rate: uint256 = self.rate
_start_epoch_supply: uint256 = self.start_epoch_supply
self.start_epoch_time += RATE_REDUCTION_TIME
self.mining_epoch += 1
if _rate == 0:
_rate = INITIAL_RATE
else:
_start_epoch_supply += _rate * RATE_REDUCTION_TIME
self.start_epoch_supply = _start_epoch_supply
_rate = _rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT
self.rate = _rate
log UpdateMiningParameters(block.timestamp, _rate, _start_epoch_supply)
start_epoch_time_write
¶
CRV.start_epoch_time_write() -> uint256
Function to get the current mining epoch start while simultaneously updating mining parameters if possible. If updating is not possible, the function will only return the start timestamp of the current epoch.
Returns: start timestamp of the epoch (uint256
).
Source code
start_epoch_time: public(uint256)
@external
def start_epoch_time_write() -> uint256:
"""
@notice Get timestamp of the current mining epoch start
while simultaneously updating mining parameters
@return Timestamp of the epoch
"""
_start_epoch_time: uint256 = self.start_epoch_time
if block.timestamp >= _start_epoch_time + RATE_REDUCTION_TIME:
self._update_mining_parameters()
return self.start_epoch_time
else:
return _start_epoch_time
future_epoch_time_write
¶
CRV.future_epoch_time_write() -> uint256
Function to get the next mining epoch start timestamp while simultaneously updating mining parameters if possible. If updating is not possible, the function will only return the start timestamp of the future epoch.
Returns: start timestamp of the future epoch (uint256
).
Source code
@external
def future_epoch_time_write() -> uint256:
"""
@notice Get timestamp of the next mining epoch start
while simultaneously updating mining parameters
@return Timestamp of the next epoch
"""
_start_epoch_time: uint256 = self.start_epoch_time
if block.timestamp >= _start_epoch_time + RATE_REDUCTION_TIME:
self._update_mining_parameters()
return self.start_epoch_time + RATE_REDUCTION_TIME
else:
return _start_epoch_time + RATE_REDUCTION_TIME
Admin Controls¶
The controls over the Curve DAO Token are strictly limited. The admin
of the contract can only modify the name
, admin
, or minter
1.
Since the CurveOwnershipAgent
is the current admin of the contract, any changes to these parameters would require a successfully passed DAO vote.
admin
¶
CRV.admin() -> address: view
Getter for the current admin of the contract.
Returns: admin (address
).
Source code
set_admin
¶
CRV.set_admin(_admin: address)
Guarded Method
This function is only callable by the admin
of the contract.
Function to change the admin of the contract.
Emits: SetAdmin
Input | Type | Description |
---|---|---|
_admin | address | New Admin Address |
Source code
event SetAdmin:
admin: address
admin: public(address)
@external
def set_admin(_admin: address):
"""
@notice Set the new admin.
@dev After all is set up, admin only can change the token name
@param _admin New admin address
"""
assert msg.sender == self.admin # dev: admin only
self.admin = _admin
log SetAdmin(_admin)
name
¶
CRV.name() -> String[64]
Getter for the name of the token. Name of the token can be changed by calling the set_name
function.
Returns: token name (String[64]
).
Source code
name: public(String[64])
@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
"""
@notice Contract constructor
@param _name Token full name
@param _symbol Token symbol
@param _decimals Number of decimals for token
"""
init_supply: uint256 = INITIAL_SUPPLY * 10 ** _decimals
self.name = _name
...
symbol
¶
CRV.symbol() -> String[32]
Getter of the token symbol. Symbol of the token can be changed by calling the set_name
function.
Returns: token symbol (String[32]
).
Source code
set_name
¶
CRV.set_name(_name: String[64], _symbol: String[32])
Guarded Method
This function is only callable by the admin
of the contract.
Function to change the token name and symbol.
Input | Type | Description |
---|---|---|
_name | String[64] | New token name. |
_symbol | String[32] | New token symbol. |
Source code
name: public(String[64])
symbol: public(String[32])
@external
def set_name(_name: String[64], _symbol: String[32]):
"""
@notice Change the token name and symbol to `_name` and `_symbol`
@dev Only callable by the admin account
@param _name New token name
@param _symbol New token symbol
"""
assert msg.sender == self.admin, "Only admin is allowed to change name"
self.name = _name
self.symbol = _symbol
set_minter
¶
CRV.set_minter(_minter: address):
Changing the minter
contract is not possible anymore!
This function was only utilized during the initial deployment of the Curve DAO Token. The code permits setting the minter
exclusively when the current minter is ZERO_ADDRESS
, a condition met solely at the time of deployment. Consequently, the minter
variable could only be set once and cannot be changed thereafter.
Guarded Method
This function is only callable by the admin
of the contract.
Function to set the minter contract for the token.
Emits: SetMinter
Input | Type | Description |
---|---|---|
_minter | address | Minter contract address |
Source code
event SetMinter:
minter: address
minter: public(address)
@external
def set_minter(_minter: address):
"""
@notice Set the minter address
@dev Only callable once, when minter has not yet been set
@param _minter Address of the minter
"""
assert msg.sender == self.admin # dev: admin only
assert self.minter == ZERO_ADDRESS # dev: can set the minter only once, at creation
self.minter = _minter
log SetMinter(_minter)
Contract Info Methods¶
avaliable_supply
¶
CRV.avaliably_supply() -> uint256
Getter for the current number of CRV tokens - claimed of unclaimed - in existence.
Returns: currently existing tokens (uint256
).
Source code
totalSupply
¶
CRV.totalSupply() -> uint256
Getter for the total number of tokens in existence.
Returns: total supply (uint256
).
Source code
decimals
¶
CRV.decimals() -> uint256: view
Getter of the decimals of the token.
Returns: decimals (uint256
).
Source code
balanceOf
¶
CRV.balanceOf(arg0: address) -> address: view
Getter for the crv token balance of a specific address.
Returns: balance (uint256
).
Input | Type | Description |
---|---|---|
arg0 | address | wallet to check CRV balance for |
-
Although
set_minter
is technically an admin-guarded function, there is no actual way to change the minter address because the code checks if the current minter is set toZERO_ADDRESS
, which was only true when the contract was initially deployed. ↩