CurveDAOToken (CRV), the native token of the Curve protocol, has recovered more than 21% in the last 24 hours.
CRV, the 60th largest token with a market capitalization of about $ 760 million, will change hands at $ 1.41.
The main driving force behind today’s bullish pricing behavior is the upcoming launch of the curve. Stablecoin..
Curve’s launch of over-collateralized stablecoin was confirmed at the web3 summit by Curve founder Michael Egorov.
“”Over Korat. That’s all I can say for now,” Said Egorov.
The curve is added to the beginning DeFi Protocols including Aave When ManufacturerIn the competition to launch decentralized oversecured stablecoin.
Unlike more centralized products Sawedged perch Tether’s USDT, Circle’s USDC, and over-collateralized stablecoin are backed by the following volatility assets: Bitcoin, EthereumEthereum And a basket of other cryptocurrencies.
Over-collateralization helps Stablecoin maintain its dollar pegs in the notorious volatility of cryptography.
Curve and crypto market
Despite today’s tremendous rise, Curve’s native governance tokens are down 97.67% from the record high of $ 60.50 in August 2020. CoinMarketCap..
According to, a total of 75,393 wallets own CRV tokens. EtherscanIncreased by 0.052% from the previous day.
The Curve protocol’s Total Value Locked (TVL) currently totals $ 6.02 billion, and another $ 765 million bet on the protocol is Defi Llama..
Other major tokens within the Decentralized Finance (DeFi) sector (including: Lido (10.6%), Sushi (7.5%), Compound (8%), and 1 inch (5%) also extended bullish behavior over the last 24 hours.
Bitcoin, the leading cryptocurrency, has risen by just 1.65% in the last 24 hours and is trading at around $ 23,250.
Ethereum, the second largest cryptocurrency, also recorded a significant increase of 8.4% over the same period.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Want to be a crypto expert? Make the most of Decrypt and send it directly to your inbox.
Get the biggest crypto news articles + weekly summaries and more!
