The growth of the stablecoin industry within crypto has been one of the most influential developments of 2021. Aiming to increase users’ CRV staking and revenue, Convex Finance has seen its locked aggregate value (TVL) reach all-time highs after listing several major exchanges. Analyst Jordan Finneseth lists 3 items for this performance of the altcoin project. Here are the details…
Altcoin project breaks record on TVL
Convex Finance saw its total value locked (TVL) hit all-time highs after listing several major exchanges. Stablecoins are becoming an integral part of the expanding DeFi ecosystem as their total valuation exceeds $162 billion. Aiming for its users to stake CRV in this space to maximize returns, Convex Finance said the price of CVX token has increased by 215% since it dropped to $18.79 on December 4, reaching new ATH at $60.22 on December 27, according to TradingView data. is showing. Let’s take a look at the reasons for the rise…
Launch of new assets and LP pools
One reason Convex Finance strengthened in December was the addition of new assets to support the Convex platform, including new opportunities to provide liquidity. Recently, Convex announced that it will expand beyond its focus on Curve Finance by adding support to the emerging Frax Finance stablecoin ecosystem.
Altcoin project listed on new exchanges
A second factor that helped boost CVX’s price and trading volume was the token’s listing on several leading exchanges, including Binance on December 22 and Huobi Global on December 23. After these two exchange listings, CVX’s price rose 42% from $34.83 to $45.76 in less than 36 hours. CVX also gained a boost in value when it was listed on the cryptocurrency exchange OKEx on November 26.
Growing TVL pools
cryptocoin.com According to the Defi Llama data we have quoted as , the third factor showing the increasing strength of Convex Finance is the total value locked in the protocol, which reached a new record value of $ 19.49 billion on December 29. This steady increase put Convex Finance at third place in TVL in all of DeFi, behind Aave.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.