## Curve

Our largest rewards program ever came to an end in June after ~7 months of continuous steep reductions.

**Analysis of the situation:**
1. The APR for LPing into stETH's main curve pool is now consistently lower than that of holding plain stETH;
2. We don't expect 1. to change anytime soon. Trading fees on the ETH/stETH pair are unlikely to provide LPs with half of the staking rewards rate at any TVL level in the same order of magnitude as the current one;
3. There is now a lower APR, higher SC risk, less composability and higher complexity in LPing stETH/ETH in curve vs. holding stETH.
4. As such, the only expectation that is reasonable to have is that more TVL will continue to outflow from the pool as LPs realize it is all cons and no pros LPing here (at least for the medium term).

**Data:**
- In the of June, since the incentives end, the pool lost around **~24%** of it's ETH denominated TVL (which is actually less than I would have thought).

More data visibility here: https://dune.com/embeds/374112/712351
And: https://dune.com/LidoAnalytical/Curve-ETHstETH

## Maker

Resulting from the above, the semi-recent Maker vault for minting DAI against curve stETH/ETH LP tokens is being offboarded since post rewards cut, [all previous capital in this vault withdrew](https://maker.blockanalitica.com/vault-types/CRVV1ETHSTETH-A/history/?type=total_debt).


Source: [link](https://twitter.com/MakerDAO/status/1674111724319047681)
And full data on that vault [here](https://maker.blockanalitica.com/vault-types/CRVV1ETHSTETH-A/history/?type=total_debt).

## Balancer

Similarly, the original wstETH-WETH balancer mainnet pool (historically the second deepest liquidity venue for (w)stETH) has also stopped receiving LP incentives, previously via veBAL and vlAURa bribes, from our side.

**Data:**
- This has resulted in a **~22%** loss of it's ETH denominated TVL (quite in line with the curve pool).
- A caveat for the balancer pool (when compared with curve's) is that due to its core pool status, it is still receiving BAL emissions independently of any Lido's additional bribes.

More data visibility here: https://dune.com/queries/111960/227438
And: https://dune.com/LidoAnalytical/Balancer-WETHwstETH