The Curve attack incident last week has been making headlines. Originating from a vulnerability in the Vyper smart contract programming language, over $45 million in liquidity from four pools within the Curve ecosystem was drained.Arguably, the core issue of the Curve incident was no longer about bugs at the programming language level. Instead, the massive liquidation faced by the founder of Curve, which threatened to collapse the DeFi sector, became the primary cause of market anxiety.Some believe that the root causes behind this exploit are the persistent liquidity challenges Curve has been encountering, the irredeemable yield problems in DeFi, and the months-long struggle by the Curve founder. However, the real underlying issue highlights a famous paradox of Web3.0: “Even though users possess tokens that represent voting rights, they cannot influence the development of the ecosystem or the project.”<img src="https://miro.medium.com/v2/resize:fit:875/1*EaI3p2-aD3uEweRlDqOHHQ.png" />Why does the Curve attack reflect the difficulty of realizing rights in Web3.0? This requires understanding Curve itself.Curve is a decentralized trading platform specializing in stablecoin exchanges, managed via smart contracts and the governance model of DAO (Decentralized Autonomous Organization). Theoretically, holders of Curve’s DAO token, CRV, can participate in the governance decisions of the protocol. Through voting, they can decide on critical matters such as protocol upgrades, the addition or removal of supported assets, and the distribution of transaction fees.<h2 id="header-0">But, do the DAO users holding CRV truly have the rights to determine Curve’s development and management?</h2>The answer is no. The prolonged impact of the Curve attack primarily stems from Curve’s continuous liquidity challenges. The root cause of these liquidity issues lies in Curve founder Michael Egorov’s decision to use his CRV as collateral to obtain significant loans across multiple lending protocols. According to crypto researcher 0xLoki, Michael Egorov currently has collateralized 292 million CRV (equivalent to 181 million USD).If these loans were used for Curve’s development, it would merely be a business risk. However, this borrowed money was used by Michael Egorov for personal consumption.May-June 2023: Purchasing luxury houses, fraud allegations, and “loan cash-outs”.On May 28th, the Australian Financial Review reported that Curve founder Michael Egorov and his wife, Anna Egorova, spent 41 million USD to purchase a luxurious residence, Avon Court, in Melbourne. This acquisition set the record for the highest property transaction in Victoria, Australia for the year. Moreover, it was revealed that they had also bought a two-story, five-bedroom Italian-style mansion in March of the previous year for 18.25 million USD.<img src="https://miro.medium.com/v2/resize:fit:864/1*PYmUy6G0svdWUFY-kB1vkg.png" />Upon revelation, the news caused a significant uproar within the Curve community, primarily because DAO members were unaware of the incident and had not voted to approve it.This begs the question: Do the voting rights represented by CRV or any other token truly hold the power to determine the path of decentralized development?If the Web3 industry aims to permeate the lives of 90% of ordinary people, it’s imperative to resolve this paradox. Otherwise, those entering the industry will forever be footing the bill for “leadership issues”, hindering the progress of the sector.Yet, the correct path to overcome this paradox can be witnessed in SuperEx DAO!Under the Web 3.0 framework and with shared goals and values, SuperEx aims to foster a global consensus DAO and ensure effective governance of SuperEx DAO through DAO fund incentives. Currently, SuperEx has established comprehensive DAO communities in 22 different countries and regions and has completed the process of decentralizing authority and community self-governance.On SuperEx DAO, one can witness the “authenticity” and “effectiveness” of DAO member rights!Contrary to the Curve community, in DAO management, decision-making, and funds governance, SuperEx’s founding team doesn’t directly participate. Instead, governance is by the DAO members autonomously, making it one of the globally decentralized organizations based on Web3.0 with a high degree of autonomy.<h2 id="header-1">1. True Decentralization of the Team</h2>SuperEx doesn’t directly participate in DAO management; all management roles within the DAO are elected by DAO members.<h2 id="header-2">2. High Autonomy of the Community</h2>SuperEx does not directly involve itself in DAO decisions. DAO decision-making occurs through proposals and voting to ensure that everyone within SuperEx DAO has a say and can reach a consensus.<h2 id="header-3">3. DAO Fund Incentive with High Autonomy</h2>To ensure effective governance of the SuperEx DAO organization, SuperEx has established a DAO organization fund to maintain and incentivize DAO teams across various countries and regions. However, in the management and utilization of the DAO funds, SuperEx does not participate directly, ensuring transparency, openness, and community self-governance.SuperEx’s vision is to lead user communities in self-governance through DAO, facilitating their joint growth and entry into the Web 3.0 world. Hence, SuperEx places immense emphasis on the growth of DAO members by establishing a DAO growth plan, DAO academy, and more.<h2 id="header-4">4. DAO Growth Plan</h2>One of SuperEx’s core values is to lead the global SuperEx DAO organization and its members towards joint growth. DAO members get opportunities to represent SuperEx at various cutting-edge conferences globally, share stages with top figures in the crypto industry, and exchange knowledge — a priceless experience.<h2 id="header-5">5. DAO Academy</h2>In collaboration with DAO communities worldwide, SuperEx has co-founded the DAO Academy to offer free learning opportunities for many DAO members. The academy has already conducted numerous public courses with over 30,000 attendees.<h2 id="header-6">6. Exclusive Benefits for DAO Members</h2><blockquote>1. DAO members can become SuperEx P2P merchants without a deposit.2. VIP rewards are distributed before each IEO event to support members in purchasing more shares.3. Text versions of AMA Q&amp;As are held regularly in the community with SuperEx DAO members.</blockquote>SuperEx DAO Fund Incentives- Initial Incentives: SuperEx creates a special wallet for each country or region’s DAO team, investing 5% of SuperEx’s platform profits in that country or region into this fund every month. The public key address of the wallet is open to all DAO members, monitored by DAO team members. Quarterly targets are set for each country’s or region’s DAO team. On achieving these targets, additional rewards are added.(New DAO teams will receive an additional 12% of platform profits for support within 5 weeks.)- Ongoing Incentives: Based on the quarterly targets set by the DAO team, there will be continuous token increases once these targets are met.- NFT Incentive Measures: Members making significant contributions to the DAO community will receive exclusive NFT rewards.- DAO Marathon Competitions: SuperEx encourages DAOs to collaborate with third-party teams, projects, communities, and organizations to host events similar to AMAs and other partnerships. The effectiveness of these events is evaluated based on redistributed costs and the number of participants.The marathon is divided into monthly and annual competitions, where all DAOs compete across multiple metrics such as trading volume, team development, and the number of IEOs/listings introduced to the platform. SuperEx provides monthly and annual bonuses to the best-performing DAO teams.How to Join SuperEx DAOAll SuperEx users, or those who share SuperEx’s values and are willing to participate in building the Web 3.0 ecosystem, are eligible to join and create SuperEx DAO. Simply submit the form and provide the required information, and the SuperEx DAO will review it.Click the link to fill out the application form: <a href="https://bit.ly/377IAOt" rel="noopener noreferrer nofollow">https://bit.ly/377IAOt</a><img src="https://miro.medium.com/v2/resize:fit:800/1*AYiEUK4gEU4RfSDbapwvvQ.gif" />

Behind the Curve incident, it provoked deep reflection in the Web3 field

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