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 in 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 was stronger 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.
https://twitter. com/ConvexFinance/status/1473652481515298835
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 cryptocurrency exchange OKEx on November 26.
https://twitter. com/ConvexFinance/status/1474035234760839170
Growing TVL pools
Cryptocoin. com, 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 dollars on December 29. This steady increase put Convex Finance at third place in TVL in all of DeFi, behind Aave.
