CRV Token Up 63% in a Week Amid Curve Becoming Second-Largest TVL in DeFi

October 30, 2021, 2:00 PM AEST - 4 weeks ago

Curve DAO (CRV), Curve Finance’s native token, has become one of the three best performing assets of the crypto market, surpassed only by Decentraland (MANA) and Shiba Inu (SHIB).

At the time of writing, CRV was trading at a price of US$4.64 – a 42.10 percent increase in the past seven days. The token is now the third-most traded asset, only behind MANA, which is trading at US$1.34 – up 68.45 percent in the same period – and SHIB, at $0.00007399 (164.43 percent in 7d).

Top 5 gainers in seven days. Source: CoinmarketCap

What’s Driving CRV’s Rally?

Curve Finance is an exchange liquidity platform built atop the Ethereum network. We can name a few developments and partnerships that are driving CRV’s rally.

Curve Finance doubled its TLV shortly after the launch of Convex Finance, a platform that provides CRV token holders and Curve liquidity providers additional interest rewards. After just five months, Convex Finance is seeing massive amounts of CRV tokens being locked up for yield farming.

And if that were not enough, Curve now has its own automated market maker (AMM) – called EpsilonDeFi – on the Kusama Network and Polkadot.

Another boost for the CRV token came with the integration of the Harmony protocol, which will allow Curve to use Harmony’s bridges to connect Ethereum and the Binance Smart Chain, enabling cross-chain swaps between the two networks.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.