History of Curve Finance

The Evolution of CRV Token: Tracing the History of Curve Finance

Curve Finance began as a response to the inefficiencies in early automated market makers (AMMs) like Uniswap, particularly in the context of stablecoin swaps. Launched in early 2020 by Michael Egorov, Curve was built with a constant product market formula optimized for assets with low volatility. The protocol’s design allowed traders to enjoy minimal slippage when exchanging stablecoins, while liquidity providers (LPs) saw more predictable returns—without the impermanent loss risks commonly associated with more volatile asset pools.

The CRV token itself wasn't part of Curve’s initial deployment. It was introduced later in August 2020 to initiate Curve DAO governance. But the token launch was fraught with controversy. An anonymous developer front-ran the team by deploying CRV and its DAO contracts on Ethereum using the project's open-source code. At first, the Curve team labeled it unofficial, but quickly “adopted” the deployment once consensus was reached to prevent fragmentation. This hasty move created lasting trust issues and blurred lines between community decentralization and emergency centralization—contradicting DeFi’s core ethos.

CRV's emissions model is another defining aspect of its history. Designed with aggressive inflation, it aimed to bootstrap liquidity by rewarding LPs heavily in the early years. This has worked to a degree, catalyzing TVL growth, but has also led to constant downward pressure on the token’s price and raised sustainability questions. The veCRV locking mechanism—where users vote-lock CRV to gain fee-sharing and governance power—has become central to Curve’s “vote escrow” economics, creating a persistent staking-vs-liquidity dilemma. This model influenced other protocols and sparked the so-called “Curve Wars,” where protocols like Convex Finance gained significant governance influence by aggregating veCRV.

Curve’s historical reliance on Ethereum posed scaling challenges, leading to Layer-2 deployments on networks like Arbitrum and Optimism. These expansions helped mitigate L1 gas fees but introduced new governance and fragmentation concerns. Compared to relatively streamlined ecosystems like https://bestdapps.com/blogs/news/hashflow-vs-competitors-the-defi-showdown, Curve's complex multi-chain strategy brought mixed results.

Curve’s history shows a project both innovative and unpolished. While it has arguably pioneered AMM efficiency for stable-assets, it has simultaneously struggled with governance centralization accusations and tokenomics sustainability. The initial CRV launch controversy still lingers as a rare case study in semi-consensual contract adoption in DeFi. Traders and liquidity providers drawn into its complex incentive mechanisms can explore Curve’s liquidity strategies effortlessly via Binance: https://accounts.binance.com/register?ref=35142532.

How Curve Finance Works

How CRV Works: Inside Curve Finance’s Automated Market Maker Protocol

At its core, CRV powers Curve Finance—an AMM protocol specifically optimized for stable swaps. Unlike traditional AMMs that incur considerable slippage when swapping assets of similar value, Curve uses a unique bonding curve—built around the StableSwap invariant—that minimizes slippage and impermanent loss for like-kind assets such as USDT/USDC or wBTC/renBTC. The algorithm flattens around the 1:1 ratio, which makes swaps between stablecoins or pegged tokens remarkably efficient.

This efficiency is made possible by Curve’s use of virtual price calculations and deep liquidity aggregation. Liquidity providers (LPs) deposit asset pairs into Curve pools and earn trading fees and CRV token emissions. But these emissions are not distributed indiscriminately. Enter veCRV—vote-escrowed CRV.

veCRV is central to Curve’s governance and yield-boosting mechanism. Users lock CRV for up to four years to receive veCRV, which grants proportional voting power in governance proposals and boosts for liquidity providers. This lock-up mechanism introduces long-term alignment, but also illiquidity—an issue that has led to secondary markets like Convex Finance where users effectively rent their voting power.

Incentive routing is further gamified by Curve’s “gauge system,” which distributes CRV emissions differently for each pool. veCRV holders vote on allocation weights, leading to “vote bribing” markets that have become aggressively competitive. This dynamic governance system mirrors a model seen in protocols like MakerDAO, where tokenomics and governance are deeply intertwined.

Curve also supports pool metagovernance. Certain pools (e.g., factory pools) are custom-built and can include external incentives from other DeFi protocols. This creates complex interdependencies that deepen liquidity but sometimes blur risk boundaries, especially when dealing with synthetic or wrapped assets.

Despite Curve’s stability-focused model, composability introduces systemic fragility. Oracle manipulation and smart contract risk remain unavoidable. Flash loan exploits and integrations with external protocols can expose vulnerabilities—issues shared across the larger DeFi landscape, as explored in The Unsung Mechanics of Flash Loans.

CRV’s utility as a governance token and yield-optimization tool is tightly coupled with Curve’s protocol dynamics. This double duty results in token demand cycles that may undercut straightforward valuation logic. Those seeking to participate in Curve—whether as LPs, governance actors, or yield farmers—must weigh the long-term lock-up constraints against potential performance boosts and governance influence. For direct access to Curve-integrated assets or to acquire CRV, users often begin with a major exchange like Binance.

Use Cases

CRV Token Use Cases Within Curve Finance's DeFi Ecosystem

Curve Finance's CRV token is integral to the platform's incentive mechanics, governance structure, and long-term liquidity provisioning strategy. Originally launched via a time-locked vesting mechanism, CRV is designed to align incentives around liquidity and protocol control—a dual-purpose role that creates both opportunities and frictions for power users.

Vote-locking for veCRV: Staking, Governance, and Boosting

The most critical utility of CRV is its vote-escrowed variant, veCRV. Users can lock CRV for up to four years to receive veCRV, which determines voting power in governance decisions and eligibility for fee rebates. Longer locks yield more veCRV, creating a high-stakes environment around commitment duration. The locked structure discourages speculative churning, but also lowers capital flexibility for users.

veCRV holders are responsible for controlling gauge weights—where Curve emissions are directed across liquidity pools. This forms the backbone of Curve’s liquidity mining flywheel and introduces an economic layer that has driven the rise of Curve Wars, where competing protocols and DAO coalitions bribe veCRV holders to vote in their favor. This creates a meta-economy around governance that has parallels to broader DeFi governance strategies discussed in The Underappreciated Role of On-Chain Governance in Driving True Decentralization in DeFi Projects.

Yield Optimization and Liquidity Incentives

CRV is distributed as a liquidity incentive across Curve’s various stablecoin and pegged-asset pools. Users can deposit liquidity and stake LP tokens in Curve gauges to earn CRV emissions, with veCRV boosting emissions up to 2.5x. This mechanism incentivizes both liquidity provision and long-term CRV commitment, but exposes participants to stacking layers of smart contract risk and liquidity fragmentation, especially if gauge weight votes result in less competitive pools receiving emissions.

For further understanding of yield-maximization strategies involving governance tokens, Unlocking DeFi: Alpha Finance Lab's Key Use Cases provides parallels in protocol design.

Governance Utility and DAO Integration

Beyond emissions and voting incentives, CRV acts as Curve’s governance token. Holders can propose and vote on parameter changes, new pool additions, and protocol updates. However, due to the concentration of voting power in large veCRV holders—often DAOs or multi-sig controlled treasuries—governance is not truly egalitarian. This centralization echoes concerns raised in Aave Governance: Empowering Crypto Lending's Future, where community participation often lags due to governance power asymmetry.

Curve’s modular deployment (including Tricrypto and metapools) means CRV governance plays a growing role in managing risk, emissions, and market dynamics. Yet, its effectiveness depends heavily on active, informed veCRV voters—which may not always align with protocol health.

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Curve Finance Tokenomics

CRV Tokenomics: Incentive Engineering and Lock Mechanics in Depth

CRV, the governance token of Curve DAO, is structured with a uniquely complex tokenomics model that intertwines liquidity incentives, long-term alignment, and decentralized governance. The foundation of this system revolves around the veCRV mechanism—where CRV tokens can be locked for up to four years to obtain “vote-escrowed CRV.” This model incentivizes stakeholders to commit to the protocol for the long term, offering not only governance rights but also boosted rewards for Curve liquidity providers.

At its core, Curve's emission schedule follows a fixed inflation rate that decays over time—starting with an aggressive initial supply to bootstrap liquidity. Around 62% of the total CRV supply is allocated to liquidity providers, distributed via customizable gauges. These gauges are controlled by vote-weighted governance decisions taken by veCRV holders, which effectively makes veCRV the most powerful asset in the Curve ecosystem—not CRV itself.

One of the most liquidity-intensive features of Curve’s tokenomics is the “Curve Wars,” a meta-game where protocols such as Convex Finance acquire CRV and lock it as veCRV to gain voting dominance over gauge weights. This mechanism has fueled protocol-level competition and interdependence, turning governance into a strategic battleground.

While the design aligns incentives well for long-term participants, short-term users often experience reduced influence, slower access to liquidity, and diminished rewards. In effect, the tokenomics favor users willing to lock their tokens for years, thereby creating exit frictions and lowering CRV's appeal for speculative traders or newcomers. Additionally, the dynamic of renting veCRV influence indirectly through protocols like Convex or Yearn could raise concerns about decentralization, as voting power increasingly aggregates into the hands of intermediaries.

Unlike protocols with fixed or deflationary supply strategies, Curve’s continuously decreasing emissions schedule aims to balance between liquidity support and inflation control. However, critics argue that relying on emissions to support yield exposes the protocol to sustainability issues as incentives wane over time—especially if gauge voting diminishes in influence or external yield farming platforms draw liquidity away.

This aligns with broader industry patterns observed in other DeFi ecosystems dependent on token emission strategies, such as those discussed in decoding-sushi-tokenomics-of-sushiswap-explained and decoding-maker-data-driven-governance-in-defi.

For those looking to participate in Curve’s governance structure without direct long-term capital lockup, some protocols offer aggregated exposure to veCRV rewards via staking models, often accessible through CEX platforms like Binance. However, these services may reduce true governance participation, creating trade-offs between accessibility and decentralization.

Curve Finance Governance

CRV Governance: DAO Mechanics and Power Distribution in Curve Finance

Curve Finance operates through a decentralized autonomous organization (DAO), where governance is mediated via the CRV token. CRV holders can lock their tokens for vote-escrowed CRV (veCRV), enabling them to participate directly in governance votes. The veCRV model incentivizes long-term locking through a biased voting power curve — the longer the lock duration (up to 4 years), the higher the voting weight. This structure has profound implications for governance centralization, incentive alignment, and the long-term strategy of Curve.

The governance architecture of Curve places a premium on active participants. veCRV holders dictate reward allocations across Curve’s liquidity gauges, which directly influence LP yields. This vote-weighted influence over emissions has led to the rise of “Curve wars” — intense competition among protocols to acquire or control veCRV to direct CRV inflation toward their preferred pools. This dynamic has become a defining feature of Curve governance, though it has raised concerns of plutocracy as large holders, often DAOs themselves, accumulate disproportionate influence.

A central aspect of governance manipulation stems from how veCRV affects gauge weight voting. Protocols such as Convex Finance have emerged to aggregate veCRV voting power, abstracting governance from individual CRV holders and further concentrating it in layer-two governance wrappers. Critics argue this undermines the DAO's decentralization ethos, placing significant control in the hands of meta-governance entities.

Furthermore, the administrative multisig — known as the Curve EmergencyDAO — has discretionary powers to respond to protocol threats. Although this is a common fail-safe in DeFi, it introduces an unavoidable tension between decentralization and practical security. Similar governance trade-offs are visible in protocols like Decoding Governance in Hashflow's DeFi Ecosystem and Governance in Quant Balancing Decentralization and Control, where user influence is often diluted by safety mechanisms and central oversight.

Amid these complexities, governance proposals in Curve typically relate to parameter adjustments—such as gauge additions, weight changes, or pool whitelisting—rather than protocol upgrades. In practice, the impact of these votes cascades across the Curve ecosystem and its integrations, reshaping DeFi incentives across protocols.

For those seeking to get involved, acquiring CRV through major exchanges such as Binance provides a straightforward entry point, though veCRV participation requires a long-term capital lock-up strategy. Like other DeFi governance systems, Curve’s requires both technical understanding and political awareness to navigate effectively.

Technical future of Curve Finance

CRV’s Evolving Tech Stack: Key Protocol Developments and Forward Trajectory

Curve Finance’s CRV token is deeply intertwined with the protocol’s smart contract architecture and ecosystem of AMMs, gauges, and governance contracts. Technical evolution in Curve has been iterative, focusing on stability, efficient resource allocation, and composability within DeFi. A standout feature in its architecture is the introduction of custom AMMs tailored to the asset class they serve—e.g., crypto-only pools vs. stable-only pools—optimizing slippage across diverse liquidity profiles.

The most notable recent shift came with the rollout of the veCRV model, integrating vote-escrowed governance and long-term staking incentives. This system fuels the gauge controller, allowing vote-locked CRV holders to direct emissions, thereby aligning governance power with long-term participation. However, this model introduces potential centralization risks; large token holders and DAO-aligned whales dominate voting, raising similar concerns seen in veToken systems used by other protocols like Yearn or Convex. These dynamics impact Curve’s internal incentives and liquidity distribution, occasionally leading to ethical debates over bribe markets and vote-buying strategies.

From a development perspective, Curve has transitioned from monolithic deployments toward modular contract design, enabling greater customizability. This shift supports innovative features like metapools—pools built on top of existing base pools—which significantly enhance capital efficiency while reducing fragmentation. Also, on-chain integrations such as the triCrypto pool (BTC/ETH/USDT) signal a broader ambition to support volatile assets alongside stablecoins.

The Curve development community has also been exploring scalability and cross-chain deployment strategies. Curve is now deployed on several EVM-compatible chains and Layer 2s. However, while this increases accessibility and distribution of CRV incentives, it fragments total liquidity and affects the systemic effectiveness of its gauge weighting mechanism.

A technical concern is Curve’s vulnerability to smart contract risk due to its heavy reliance on custom-built AMMs and unaudited external integrations. Recent attack vectors targeting DeFi protocols with similar custom logic architectures (see Unpacking Alpha Finance Lab) highlight the critical importance of rigorous testing and slow rollouts.

Roadmap-wise, upcoming priorities center around enhancing the composable DeFi stack with further Curve-native assets, extended cross-chain liquidity gauges, and improvements to veCRV’s delegation system. Curve’s eventual goal includes enabling seamless protocol-level composability, likely positioning it for deeper integrations into broader DeFi systems.

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Comparing Curve Finance to it’s rivals

CRV vs CVX: The Battle for Curve Influence in Decentralized Finance

While CRV functions as the foundational token for Curve Finance, CVX emerged as a strategic layer atop Curve’s ecosystem via Convex Finance. At its core, Convex is not a competing protocol so much as a yield optimization wrapper around Curve—a difference that becomes essential when comparing CRV and CVX from a governance and incentive alignment perspective.

CVX accrues power in the Curve ecosystem by locking CRV on users’ behalf to gain veCRV, enabling CVX holders to vote on Curve gauge weights. This essentially abstracts out the complex and illiquid veCRV mechanics, offering higher yields and liquid staking in return. As a result, yield farmers and DAOs delegate control to Convex by holding CVX instead of deeply engaging with CRV's long lockups. This leads to a paradox: although CRV is core to Curve’s infrastructure, CVX often wields more practical governance power.

The influence war is not theoretical—real-world liquidity mining wars like the "Curve Wars" are driven by CVX’s ability to direct emissions. Projects bribe CVX holders to vote in their favor rather than coordinating directly with CRV holders. In effect, CRV becomes commodified while CVX acts as the governance proxy of choice.

However, CVX’s model comes with trade-offs, particularly around decentralization. Delegating governance to CVX dilutes the native community-driven ethos of CRV's ve model. A few wallets and DAOs can control outsized CVX positions, raising concerns about cartel-like governance. While CRV governance has its own concentration issues, the multiple abstraction layers in the CVX model further obscure accountability.

Despite the symbiosis between Curve and Convex, the derivative nature of CVX creates a financial dependency that introduces systemic risks. A meaningful consequence would be a Convex smart contract vulnerability becoming a leverage point against Curve governance itself—an indirect but plausible vector of disruption.

For those interested in how similar governance abstractions affect DeFi power dynamics, our breakdown of on-chain governance’s impact on decentralization offers a broader lens.

Ultimately, while CVX increases capital efficiency and yields, it stratifies power vertically atop the CRV ecosystem. Traders and DAOs leveraging this arrangement can gain exposure and boosted returns via liquid staking, potentially using platforms like Binance for wider access—though users should remain aware of the governance trade-offs this centralization implies.

CRV vs BAL: Decentralized Liquidity Wars in DeFi

Curve Finance (CRV) and Balancer (BAL) both serve as critical infrastructure in the decentralized liquidity ecosystem, but their fundamentally different approaches to automated market-making sharply define their competitive edge and limitations. While Curve's architecture is laser-focused on low-slippage swaps between stablecoins and similar-pegged assets, Balancer evolved as a more general-purpose AMM offering weighted portfolios that resemble self-balancing index funds.

One of the most notable distinctions between the two is flexibility versus specialization. Balancer enables up to eight tokens within a single pool, each with custom weightings, which can serve both trading and portfolio management functions. This flexibility introduces design complexity but also empowers use cases far beyond Curve’s niche. CRV's tight design constraints—favoring pegged assets in highly optimized bonding curves—enable exceptional slippage efficiency and fee minimization for stable swaps, but offer little utility outside a narrow subset of trading pairs.

Balancer's composability is attractive to protocols looking to bootstrap liquidity economically. Liquidity bootstrapping pools (LBPs), for example, have become a DeFi go-to for launches and token distributions. CRV, on the other hand, maintains tight protocol control over pool design, curbing composability in trade for security and performance.

From a protocol fee standpoint, Curve’s rigid stableswap model places it consistently among the most efficient AMMs in terms of trading cost, but Balancer’s dynamic fee structure allows LPs to calibrate risk and reward based on volatility expectations — a feature high-frequency market makers often desire. This makes BAL more appealing in volatile market conditions, whereas CRV thrives in low-volatility ecosystems.

On-chain governance is another area of divergence. While both CRV and BAL use vote-escrow tokenomics, Curve’s veCRV model heavily incentivizes long-term locking, granting significant weight to early participants. Critics have pointed out that this leads to governance centralization over time. Balancer has adopted a similar veBAL structure, but due to its more recent implementation and broader pool mechanics, concentration of voting power hasn’t reached the same intensity.

Security-wise, Curve's focus on a narrow asset class has isolated it somewhat from complex attack surfaces, while Balancer’s flexible architecture has at times exposed systemic risk by allowing more exotic tokens into liquidity pools.

There’s an intriguing parallel to be drawn with protocol governance challenges across other DeFi ecosystems as explored in The Underappreciated Role of On-Chain Governance in Driving True Decentralization in DeFi Projects.

Though both CRV and BAL command strong loyalty from their respective communities, the choice between them ultimately reflects a tradeoff: performance-through-focus versus adaptability-through-flexibility.

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CRV vs VELO: Evaluating Curve’s Competitor in the veToken Arena

Curve Finance’s dominance in vote-escrow tokenomics (veToken model) has been widely emulated in decentralized finance, but VELO (from Velodrome Finance) has emerged as one of the few protocols to iterate meaningfully on Curve's mechanics. Built primarily for the Optimism layer-2 network, VELO integrates liquidity incentives with governance in a way that targets faster feedback loops and more agile TVL growth—a notable pivot compared to Curve’s Ethereum mainnet-first, multi-chain expansion approach.

At its core, both CRV and VELO rely on locking tokens for boosted rewards and governance power, but Velodrome aggressively blends ve-model incentives with emissions-based bootstrapping. While Curve emphasizes persistent utility in stablecoin liquidity, VELO injects a mercenary capital thesis, aiming to be the de facto DEX for emissions-driven protocols looking to bribe for liquidity temporarily. This "yield-on-arrival" model appeals to fast-moving DeFi protocols, though it raises sustainability concerns around long-term stickiness and organic liquidity growth.

Mechanistically, VELO supports weekly emissions that are directed based on veVELO votes—similar to Curve—but emission rates are faster and arguably less conservative than CRV. This accelerates adoption, allowing newer tokens to rent liquidity by bribing veVELO voters. Critically, this incentivizes short-term liquidity cycles, which are often exploited by opportunistic actors employing flywheel tactics.

From a governance perspective, Curve is deeply entrenched with veCRV holders intimately involved in DAO operations, while Velodrome has opted for a more modular governance structure. However, this flexibility has come at the cost of on-chain maturity. Curve’s longer history has also exposed it to decentralized governance debates, while Velodrome’s DAO is still testing its mechanisms.

Security remains another differentiator. Curve has undergone repeated audits and battle-testing across hostile market cycles. On the other hand, Velodrome, though gaining traction, has yet to build the same level of resilient infrastructure and insurance against smart contract vulnerabilities.

For users seeking to actively participate in vote-escrow-based bribing mechanisms across chains, both CRV and VELO serve as critical platforms—but Curve’s composability and integrations are far more mature. Still, for traders looking to access early-stage emissions or engage in quick-moving Optimism-native strategies, VELO presents a compelling albeit more speculative alternative.

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Primary criticisms of Curve Finance

The Core Criticisms of CRV and Curve Finance’s Design Model

Curve Finance, while a pivotal fixture in the DeFi liquidity layer, has not escaped scrutiny. One of the most persistent criticisms against CRV lies in its governance token dynamics and the veCRV (vote-escrowed CRV) mechanism. By design, veCRV incentivizes long-term locking of CRV to gain both governance power and boosted rewards. However, this creates a flywheel where early and large CRV holders wield disproportionate influence over DAO decisions. Critics argue this leads to oligarchic governance, favoring whales and protocol insiders while marginalizing smaller participants—contradicting the decentralized ethos of DeFi.

The platform's heavy integration with its own token also raises concerns. The yield strategies on Curve are structured in such a way that to optimize ROI, users often must interact with CRV itself, either through staking or bribe-driven voting alignments. This tight coupling of governance with financial incentives has led to what many call “vote-buying markets,” especially evident through Curve Wars-like protocols and external value extraction schemes. These dynamics introduce a layer of complexity that discourages casual users while enriching protocol-maximizing insiders.

Another critique involves Curve’s concentrated exposure to stablecoins, particularly algorithmic and undercollateralized ones. Curve’s liquidity pools have historically been a hub for such assets—some of which have failed spectacularly. Over-reliance on these forms of collateral exposes the protocol to systemic risks that extend beyond technical faults to existential challenges in underlying asset viability.

Technical centralization has also been brought up in criticism. While Curve touts its decentralized governance, power clusters due to veCRV aggregation place considerable control in the hands of a few entities. Comparably, protocols like Alpha Finance Lab’s governance model or Kusama’s more fluid, community-led approach offer relatively more accessibility in proposal execution.

Lastly, the user interface and smart contract interactions on Curve remain notoriously non-intuitive. While it was built with efficiency for large capital flows, this comes at the cost of UX for average users. Even seasoned DeFi users often rely on aggregators rather than direct Curve usage, reducing transparency and user agency.

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Founders

The Founding Team Behind Curve Finance: Origins, Structure, and Controversies

Curve Finance was launched in early 2020 by Russian physicist Michael Egorov, a figure whose academic and professional background shaped the low-slippage, AMM-based DEX known today as Curve. Egorov earned degrees in physics and computer science, and previously co-founded NuCypher, a privacy-preserving infrastructure protocol. His cryptographic acumen and engineering mindset influenced Curve's technical sophistication, particularly its focus on stablecoin swaps.

Egorov initially served as both the architect and central operator of Curve. This dual role sparked criticism among the DeFi community, particularly regarding governance centralization. For instance, shortly after Curve DAO launched, Egorov used his massive CRV holdings—partially allocated through founder pre-mine—to vote himself disproportionate control of the DAO. At one point, he held over 70% of the voting power. Although technically allowed by the vote-escrowed CRV (veCRV) model, this move drew widespread scrutiny and comparisons to similar governance issues seen in other protocols like Decoding Governance in Hashflow's DeFi Ecosystem and SushiSwap Governance Empowering Community Voices in DeFi.

While Curve’s community eventually diluted Egorov’s voting share through increased staking by other participants, the early events highlighted structural vulnerabilities in Curve’s governance model. Unlike teams such as the Founders of Quant who implemented more rigorous multi-signature controls from the start, Curve relied heavily on Egorov’s technical stewardship and trusted assumptions.

The rest of the Curve team remains mostly anonymous or pseudonymous, a fairly common trend in DeFi protocols. However, Curve’s main contributors have historically participated in public discussions on governance forums and GitHub, providing a minimal level of transparency. Notably, Curve's development ecosystem has also been somewhat fragmented due to the limited documentation and steep learning curve of its codebase—a far cry from the transparent developer experience offered by projects like A Deepdive into Ribbon Finance.

The broader Curve ecosystem has since expanded beyond Egorov, with independent builders launching complementary tools and integrations. But the project's historical reliance on a single founder—combined with vesting allocations and protocol-level vote locking—reveals the complex balance between decentralization and founder influence still playing out within many DeFi protocols.

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Authors comments

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