The Road to Valhallama


THE LLAMAS is the social layer and cultural flywheel of the Curve ecosystem — created to be a neutral, community-led entity that on-boards new contributors, rewards the existing community, and empowers coordination across the many DAOs and protocols of the ecosystem.

Each of the 1111 Llamas is a digital collectible that acts as a digital identity to track and reward positive-sum actions, both on-chain and off. These tokens will allow users to create and curate an on-chain reputation, earn yield, and keep talent in the ecosystem.

Llamas is a yield-flow experiment to strengthen the connective tissue of CurveDAO and all of DeFi. And ultimately, with your help, we will create a digital, anonymous workforce.


82.9% of Llamas are allocated to the community.
82.9% of Llamas are allocated to the community.

By the end of the public auction, any unclaimed Llamafriends mints will be added to the community pool and used to extend the public auction.


  1. Connect to eth mainnet.

  2. Mint at address will be announced closer to the event.

  3. Purchase on secondary markets.

Mint rollout:

  1. Treasury and team mint.

  2. Llamafriends mint at .1eth.

  3. Whitelist addresses participate in a gated Nouns-style auction that starts at .1eth. Whitelistoors will be able to win 2 Llamas. Llamafriends will be able to participate and win 1 Llama.

  4. The public auction will also be Nouns-style and will begin right after the gated, wl auction. It will start at .2eth and be open to everyone with no restrictions.

Please note: The Llamas auction and distribution will last for about one month. More information about the mint and auctions will come soon.


Contracts will be audited and be shared with the community closer to launch.


Proceeds from the mint and volume from a 5% trading royalty will be used to create a yielding, community-owned treasury made up of Curve-ecosystem assets. The Llamas will govern and control this treasury. It will be compounded until the release of v2 when badge gamification and yield payouts begin.

Gnosis mult-sig address: 0x73Eb240a06f0e0747C698A219462059be6AacCc8

controlled 3/5




TommyG (Votium)

Knows (Llama Risk)

Fiddy (Curve)

  • The multisig and greater Llama team will guide treasury strategy until v2 when governance goes live.

  • The multisig will use funds, at its discretion, for audits and initial operations.

  • The multisig will be able to call harvest function on the harvest contract.

  • The multisig aims to be a temporary entity that will be upgraded to a DAO at a later time. The DAO will be on-chain and will be controlled by upcoming L1/L2 systems as they become available.


Llamas will deeply integrate within the Curve ecosystem, through both action and investment. We will pursue grants from ecosystem protocols and DAOs, in order to further decentralize our treasury, revenue, and community.

Any grants will be locked in the yielding ecosystem asset for perpetuity. This yield will also be passed through to Llamas in v2.

Revenue Sources: Mint and auction proceeds / 5% swap royalties / locked grants / protocol-owned Llamas (POL) yield strategies / v2 badge marketplace / Llama workforce platform.



We plan to offer a simple one Llama, one vote policy as we decentralize Llamas over time.

The Llamas will control the treasury, its strategies, proposals from CurveDAO (including gauge weights).

Please note: Up to 10% of the Llamas gauge-weight voting will be for reserved for Vyper development and other ecosystem-building actions.


Badges is a mechanism that gamifies yield and rewards targeted action. Users will complete tasks, contribute to the Curve ecosystem, and earn a heavier weight in monthly yield available to every Llama in the form of CRV.

Badges will be bound to an address. Users will not receive yield without holding a Llama. Some badges will be lifetime weight boosts, while some will decay over the monthly yield epoch.

Our mission is to support Curve and positive-sum actions within the Curve ecosystem. Our voting will reflect that spirit. We will vote for key-ecosystem pools, Vyper development, and the pools of respective on-boarded partners.

We will launch immutable contracts in v2 and will apply for a whitelist from the CurveDAO in order to directly lock our treasury’s CRV in The Llamas contract.

Yield Flow:
50% of yield goes to Llamas
50% of yield goes to compound and grow treasury

As the treasury grows, the protocol will decrease the flow of yield used for compounding and send it to the Llamas. Yield balance will be voted on by governance in the future.

Users who have held their Llamas for one month will gain their share of CRV, based on their badge inventory. Yield flows to the Llama, not the address, so yield can be stacked. There is no timeline on claiming your yield. Yield will be distributed via merkle root to each Llama and will be claimable on our site.

The more you participate, the more you earn.


Once badges have been introduced, a jobs marketplace will be launched shortly thereafter. This marketplace will be a permissionless lego built on top of Llamas that allows anyone to fund a badge, add their own task, and reward a Llama who completes the task.

The third party will pay for the job, and the Llamas will add a badge and yield weight to the yield game. The Llama(s) who completes the job will earn their bounty as well as boosted yield until the badge expires.

Badges will begin to act like a two-way reputation system. To protect all parties in the process, Llamas will whitelist initial badge partners.

As specialties of respective Llamas become clearer, targeted badge opportunities can be granted to the right Llama for the job.

The Llamas governance, and possibly specialized sub-groups, will remediate any workforce-related disputes.

A small percentage of the funding for jobs posted by third parties will be taken by The Llamas to grow the treasury and give more yield to the entire community.

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