> ## Content Index
> Fetch the complete content index at: https://news.curve.finance/llms.txt
> Use this file to discover other available public pages before exploring further.

# $CRV Halves
- URL: https://news.curve.finance/crv-halves/
- Published: 2024-08-15T10:19:23.000Z
- Updated: 2024-08-15T10:19:23.000Z
- Author: Curve

Curve’s $CRV token officially celebrated its fourth birthday with its most notable emissions reduction to date.

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-7.png)](https://t.me/michael%5Fcurve/21)

The emissions reduction was [officially triggered at Aug-12-2024 10:21:59 PM UTC](https://substackcdn.com/image/fetch/f%5Fauto,q%5Fauto:good,fl%5Fprogressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F80df5d4b-18cb-4377-871d-bc718579ae4b%5F2950x670.png)

[](https://x.com/saint%5Frat/status/1823248637872242874)

> The famous tx reducing [$CRV](https://twitter.com/search?q=%24CRV&src=ctag&ref%5Fsrc=twsrc%5Etfw) issuance for the next year. <https://t.co/Aspm0ROkJE>
> 
> — Saint (Llama) Rat (@saint\_rat) [August 13, 2024](https://twitter.com/saint%5Frat/status/1823248637872242874?ref%5Fsrc=twsrc%5Etfw)

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-10.png)](https://etherscan.io/tx/0xb7bd4130adab6685427bbd32940c28f70bca88743c26379a7381e6abddd4dee0#eventlog)

The way that $CRV emissions reductions work is that once per epoch the `update_mining_parameters()` function can be called permissionlessly directly on the [$CRV token address](https://etherscan.io/address/0xd533a949740bb3306d119cc777fa900ba034cd52#code) to officially write the new mining parameters.[](https://etherscan.io/address/0xd533a949740bb3306d119cc777fa900ba034cd52#code)

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-8.png)](https://etherscan.io/address/0xd533a949740bb3306d119cc777fa900ba034cd52#code)

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-9.png)](https://etherscan.io/address/0xd533a949740bb3306d119cc777fa900ba034cd52#code)

Technically, if nobody called the function for some time, the officially max supply would actually trickle upwards slightly. 

Curve has enjoyed a handful of emissions decreases over its first three years, but this cut is more significant than most, dropping from around 20% to 6%.

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-11.png)](https://dao.curve.fi/releaseschedule)

The fourth birthday marked the end of all emissions except the "Community" emissions. "Community" emissions represent the $CRV tokens streamed to Curve pools and other targets via gauges.

The "Community" emissions schedule is scheduled to continue for centuries, with a rate of decrease modeled after the the Bitcoin halving, except more continuous (occurring annually at a pace that puts it on track for a halving every four years).

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-12.png)](https://resources.curve.fi/crv-token/supply-distribution/#token-launch)

Therefore, the community emissions has completed the equivalent of its first "halving." You can observe the effect of the cut in community emissions on the Curve pools, from snapshots taken before and after the cut.

![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-15.png)

Before

![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-16.png)

After

Between the cuts to the community emissions and the discontinuance of all other emissions, this is therefore the most significant emissions cut in Curve history, from an annual inflation rate in the double digits to just around 6%

[![](https://storage.ghost.io/c/84/bd/84bdf1ce-3211-4e56-85ff-6bf76cbb2657/content/images/2024/08/image-13.png)](https://docs.google.com/spreadsheets/d/1kFFdaLCX8ISM7yzvfUmuz151QiRzrFfaljCzEiO6sus/edit?gid=0#gid=0)

The entire $CRV emissions schedule was determined and set at launch, and can never be altered, a true experiment in decentralized government going strong at the age of four!