Concave

Concave is a DeFi organisation describing itself as a builder cooperative, with CNV as its core asset. It borrows the reserve-currency bonding mechanism but changes distribution: users sell assets to the protocol at a discount in exchange for CNV, the treasury actively manages those assets, and returns are paid to long-term stakers in stablecoins such as DAI and FRAX rather than newly issued tokens, avoiding dilution. Staked positions are minted as tradable NFTs so lock-ups can circulate on secondary markets, and the treasury also accumulates governance voting power in venues such as Curve to route those returns back to the pool.

It sits on the extension of the 2022 reserve-currency protocols, discussed for whether stablecoin dividends can replace inflationary incentives. On-chain data shows treasury value falling from an April 2022 peak of about 16.55 million USD to roughly 6 USD in August 2026.