SDCRV Voting Power & APY Calculator
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Most people who hold CRV, the governance token of Curve Finance, face a tough choice: lock it for up to four years to get full voting power, or keep it liquid and lose influence over the protocol. SDCRV solves this problem by turning locked CRV into a liquid token that still lets you vote and earn rewards. It’s not a new coin you buy on an exchange like Bitcoin-it’s a derivative, a digital representation of locked CRV that moves freely while keeping your governance rights intact.
How SDCRV Works: Liquidity Without Sacrificing Voting Power
When you lock CRV directly on Curve, you get veCRV-voting escrow CRV. The longer you lock it, the more voting power you earn. Locking for four years gives you the maximum. But your CRV is frozen. You can’t sell it, trade it, or use it elsewhere. That’s where SDCRV comes in.
Stake DAO’s liquid locker lets you convert your CRV into sdCRV. You don’t get 100% of the voting power of a 4-year lock. You get about 80%-equivalent to locking CRV for two years. But here’s the catch: you can still trade sdCRV on decentralized exchanges like Curve’s own sdCRV/CRV pool. You can stake it to earn yield. You can even use it in other DeFi protocols. All while still voting in Curve’s governance proposals.
This isn’t magic. It’s math. The system uses a continuous re-locking mechanism. Every time your sdCRV position is updated, the protocol automatically extends the lock period to keep your voting power steady. That’s why even if you hold sdCRV for just a week, you still get the same voting weight as someone who locked CRV for two full years. It’s designed to mimic the average behavior of long-term holders without locking up your assets.
SDCRV vs. veCRV: The Real Trade-Off
Let’s say Alice has 10,000 CRV. She could lock it for four years and get 10,000 veCRV-maximum voting power. But her CRV is gone. She can’t move it.
Or she could convert it to 10,000 sdCRV. She gets about 8,000 veCRV equivalent in voting power. But she can sell half of it if she needs cash. She can stake it on Stake DAO and earn 19.89% APY (as of December 2023). She can still vote on proposals to change Curve’s fee structure or reward distributions.
That’s the trade-off: 20% less voting power for total liquidity. For most users, especially those who don’t plan to hold CRV for four years, it’s a win. You’re not giving up control-you’re just giving up a bit of it to stay flexible.
But if you’re a long-term believer who wants maximum influence over Curve’s future, then direct veCRV locking still makes sense. SDCRV isn’t meant for ultra-long-term holders. It’s for people who want to stay active in governance without freezing their capital.
The Three Flavors of SDCRV: sdCRV, vsdCRV, and asdCRV
Stake DAO doesn’t stop at one token. It offers three variants, each with different benefits:
- sdCRV-The base version. Convert CRV, get voting power and yield. Simple.
- vsdCRV-Boosts your voting power. You need to hold SDT (Stake DAO’s native token) to unlock this. It can push your voting power close to 90% of maximum veCRV. Great if you’re serious about influencing Curve’s decisions.
- asdCRV-Boosts your yield. Instead of earning just from Curve’s rewards, you get extra incentives from Stake DAO’s ecosystem. Ideal if you care more about income than voting.
You can’t hold all three at once. You pick one path. vsdCRV is for governance warriors. asdCRV is for yield farmers. sdCRV is for everyone else-those who want balance.
Why SDCRV’s Irreversible Conversion Matters
Here’s the biggest gotcha: once you convert CRV to sdCRV, you can’t go back. Not even a little. You can stake, unstake, sell, or trade sdCRV-but you can’t swap it for CRV again. This is intentional. It prevents users from gaming the system-like locking CRV, getting voting power, then cashing out before a vote.
But it’s also the most common point of confusion. On Reddit, users report losing thousands because they didn’t realize the conversion was final. Stake DAO’s interface warns you twice. Discord moderators say 28% of support tickets come from people who regretted the swap.
If you’re new to DeFi, test with a small amount first. 100 CRV. Convert it. See how it works. Then decide if you’re ready to lock up your whole position. There’s no undo button.
Where to Get SDCRV and How to Use It
You have two ways to get sdCRV:
- Convert CRV directly on Stake DAO’s website using MetaMask or another Ethereum wallet.
- Buy it on a DEX like Curve Finance’s sdCRV/CRV pool or Uniswap.
Converting directly gives you full control and avoids slippage. Buying on a DEX is faster but may cost more due to price differences. Always check the exchange rate before confirming.
Once you have sdCRV, you can:
- Stake it on Stake DAO to earn 19.89% APY (as of late 2023)
- Use it as collateral in lending protocols like Aave or Compound
- Vote in Curve’s governance polls
- Swap it for other tokens on DEXs
Stake DAO’s interface is clean but technical. Beginners should watch their video tutorials. The Discord server has over 14,500 members and responds to questions in under 10 minutes during peak hours.
How Big Is SDCRV? And Who’s Using It?
As of December 2023, SDCRV had locked 118.26 million veCRV equivalent-about 14.6% of Curve’s total governance power. That’s $450 million in value at CRV’s $0.50 price. It’s the second-largest liquid locker behind Convex Finance’s vlCVX, but it’s growing.
Users are mostly intermediate to advanced DeFi participants. 78% of sdCRV holders also use other protocols like Aave, Yearn, or Uniswap. 63% hold their position for six months or longer. That tells you this isn’t a speculative play-it’s a tool for serious participants in Curve’s ecosystem.
Stake DAO’s user base is growing. The protocol now works on Optimism and Arbitrum, not just Ethereum. That means lower fees and faster transactions. The next update, sdCRV v2, scheduled for Q2 2024, will let users convert *part* of their sdCRV back to CRV. That’s a direct response to user feedback. It’s rare to see a DeFi project listen so clearly.
Risks and Limitations
SDCRV isn’t risk-free. Its entire value depends on Curve Finance staying dominant in stablecoin trading. Curve handles 68% of all stablecoin DEX volume. If that drops, so does the demand for veCRV-and therefore sdCRV.
Regulators are watching. The SEC has signaled it may treat governance tokens as securities. If Curve gets hit with legal pressure, sdCRV could lose its utility overnight.
And then there’s the irreversible conversion. One mistake, and your CRV is gone. No refunds. No exceptions.
Finally, the APY isn’t guaranteed. It’s based on Curve’s reward emissions, which change based on governance votes. If the community votes to reduce incentives, your yield drops.
Is SDCRV Right for You?
Ask yourself these questions:
- Do you want to vote on Curve’s future but still need access to your CRV?
- Are you holding CRV for 6 to 24 months-not four years?
- Do you understand that you can’t reverse this swap?
- Are you okay with 80% of the voting power instead of 100%?
If you answered yes to all four, SDCRV is one of the smartest tools in DeFi right now. It solves a real problem without forcing you to choose between control and cash.
If you’re looking for maximum influence and don’t need liquidity, stick with veCRV. If you’re just speculating on CRV’s price, don’t touch SDCRV-buy CRV directly.
But if you’re in the middle? You’re exactly who SDCRV was built for.
What is SDCRV in simple terms?
SDCRV is a liquid version of locked CRV from Curve Finance. It lets you earn rewards and vote in Curve’s governance without locking your tokens away. You can trade it, stake it, or use it in other DeFi apps-while still keeping most of your voting power.
Can I convert SDCRV back to CRV?
No, you cannot convert sdCRV back to CRV. The process is irreversible. Once you swap CRV for sdCRV, your CRV is permanently locked in the system. You can only stake, unstake, or sell sdCRV on exchanges.
How much voting power does SDCRV give me?
sdCRV gives you about 80% of the voting power you’d get from locking CRV for four years. That’s equivalent to locking for two years. If you boost it with vsdCRV (by holding SDT), you can get up to 90%.
What’s the APY on SDCRV staking?
As of December 2023, staking sdCRV earns around 19.89% APY. This comes from Curve’s reward emissions and additional incentives from Stake DAO. The rate changes based on governance decisions and market conditions.
Is SDCRV safe?
SDCRV is built on audited smart contracts and has been live since 2021 with no major exploits. But like all DeFi, it’s not risk-free. Your funds are tied to Curve Finance’s health, and irreversible conversion means one mistake can cost you. Always start small and learn the mechanics before committing large amounts.
Where can I buy SDCRV?
You can buy sdCRV on decentralized exchanges like Curve Finance’s sdCRV/CRV pool, Uniswap, or SushiSwap. Or you can convert CRV directly on Stake DAO’s website using MetaMask or a similar wallet.
How is SDCRV different from Convex Finance’s vlCVX?
Convex’s vlCVX is similar but for CVX tokens, not CRV. SDCRV is specific to Curve Finance’s governance. SDCRV offers more direct access to Curve’s voting system, while Convex is a layer on top that simplifies staking across multiple protocols. SDCRV also has unique boosting options like vsdCRV and asdCRV that Convex doesn’t replicate.
Reggie Herbert
sdCRV is just a glorified IOU with voting rights attached. You’re not ‘liquid’-you’re just trading one form of lockup for another. The 80% voting power is a scam disguised as flexibility. Real holders lock for four years and eat the volatility. This is DeFi’s version of a payday loan.
Sarah Locke
OMG I JUST GOT MY FIRST sdCRV AND I’M SO EXCITED!!! 🥳 This is the future of DeFi-finally, you can vote AND have cash on hand! I staked 500 CRV and now I’m earning almost 20% APY while still helping shape Curve’s future. If you’re scared, just start with 10 CRV. You’ll thank me later! 💪✨
Tatiana Rodriguez
Okay, I’ve been holding CRV since 2021 and I’ve watched every iteration of liquid staking, and honestly? SDCRV is the first thing that actually feels like it respects both the user and the protocol. It’s not magic, it’s not a bubble-it’s a carefully engineered solution to a real problem: the tyranny of the 4-year lock. The fact that they’re already working on partial unlocks in v2? That’s not just responsive, that’s revolutionary. Most protocols ignore feedback until their TVL crashes. Stake DAO is listening. That’s rare. And beautiful. I’ve switched all my CRV over. No regrets. Not even a little.
Britney Power
Let’s be clear: sdCRV is a derivative instrument with non-trivial counterparty risk, predicated on the continued dominance of Curve’s stableswap pools-which, as of Q4 2023, represent approximately 68% of all stablecoin DEX volume. Any meaningful degradation in market share, regulatory intervention, or smart contract exploit (see: LUNA, Three Arrows, etc.) would render sdCRV’s governance utility meaningless. Furthermore, the 19.89% APY is not a yield-it’s a subsidy, subject to governance vote. This is not an investment. It’s a speculative position dressed in DeFi jargon. Proceed with extreme caution, or better yet, avoid entirely.
justin allen
Y’all are acting like this is some kind of freedom. Meanwhile, the Chinese government just bought 30% of Curve’s liquidity pools through shell companies. You think they’re gonna let you vote on fee structures? Nah. SDCRV is just a Trojan horse for centralized control. Lock your CRV the old way or get owned.
Darlene Johnson
Did you know that Stake DAO’s founder used to work for a hedge fund that shorted crypto in 2018? And that their Discord mod team is full of ex-KYC providers? I’m not saying it’s rigged… but why does the interface ask for your social security number before you can convert? 🤔
Ivanna Faith
sdCRV is lit🔥 but why no airdrop for early adopters? Like come on… I’ve been holding since launch and got nothing. Just vibes and a 20% APY. Lmao
Althea Gwen
So… you’re telling me I give up my CRV forever… for a token that lets me vote… but not as much? And I get paid in more tokens? This feels like paying rent to live in a house you don’t own. 🤷♀️
Durgesh Mehta
I tried sdCRV last month after reading this guide. Converted 200 CRV. Staked it. Voted on the fee proposal. Earned 3.5 CRV in 3 weeks. Simple. Works. No drama. Good for beginners. Try small first.
alex bolduin
There’s something poetic about this. We’re building systems where you can be both free and influential at the same time. Most of history says you have to choose. SDCRV doesn’t solve the problem-it redefines it. Maybe governance isn’t about hoarding power… but about sharing it wisely. Just a thought.
Ann Ellsworth
Let me just say, as someone who’s audited 37 DeFi protocols, the sdCRV contract has a subtle reentrancy vulnerability in the relocking mechanism-specifically in the _updateVotingPower() function. It’s not exploitable yet, but it’s a ticking time bomb. And the team? They’re too busy posting memes on Twitter to fix it. You think you’re voting for Curve… but really you’re voting for a poorly maintained contract. Don’t say I didn’t warn you.
Marsha Enright
Hey newbies-just started with sdCRV? Awesome! 💛 Here’s a pro tip: Always check the slippage on DEX swaps. The sdCRV/CRV pool on Curve has low liquidity sometimes, and you can get ripped off if you’re not careful. Use 0.5% max slippage. And if you’re unsure, join the Discord. The community is super helpful. I got my first 50 CRV converted with help from a mod in 7 minutes. You got this!
Sharmishtha Sohoni
Can vsdCRV be staked too? Or just sdCRV?
Nelia Mcquiston
I used to think liquidity meant freedom. Now I think it means responsibility. SDCRV doesn’t make you rich. It makes you a participant. And that’s more valuable than any APY. I vote every week now. Not because I have to. Because I can. And that changes everything.
Mani Kumar
sdCRV is a suboptimal solution for retail investors. Institutional actors with long-term capital should retain veCRV. The 20% voting power discount is a structural inefficiency that undermines protocol security. This is a band-aid, not a cure.
Philip Mirchin
Man, I’m from Nigeria and I’ve seen DeFi go through 3 bull and bear cycles. SDCRV? This is the real deal. I converted my CRV, used it as collateral on Aave, voted on a proposal that cut fees-and still made money. No one in Lagos even knows what veCRV is. But they know sdCRV. That’s power. Keep building.
Lawal Ayomide
Why do you think they made it irreversible? So you can’t run when the price drops. That’s not security. That’s a trap. I saw someone lose $18k because they didn’t read the fine print. This isn’t innovation. It’s manipulation.
samuel goodge
One must consider the ethical implications: if governance power is fungible, then democracy becomes commodified. SDCRV, while technically elegant, reduces civic participation to a financial instrument. The user is no longer a citizen of the protocol-they are a stakeholder with a yield-bearing asset. This is not progress. It is the financialization of collective will. We must ask: at what cost does liquidity come? And who, ultimately, benefits?