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- There is now a DeFi battle between Convex and Yearn Finance.
- Additionally, Convex Finance provides enhanced Curve stakes.
Stablecoin exchange Curve Finance serves as the foundation for Convex Finance (CVX), an innovative DeFi system. Convex rewards CRV holders and Curve liquidity suppliers with higher DeFi returns at its core. There is now a DeFi battle between Convex and Yearn Finance because of their aggressive efforts to get as much Curve liquidity as possible. Curve LPs’ interest rates depend on the CRV tokens that both projects can get their hands on.
With a value of $8.76 billion, Curve Finance has become the world’s biggest decentralized trading platform. To take advantage of this, Yearn and Convex are engaged in a battle to control the DeFi market. Additionally, Convex Finance provides enhanced Curve stakes.
According to CoinMarketCap, the Convex Finance price today is $35.47 USD with a 24-hour trading volume of $30,035,854 USD. Convex Finance has been up 11.76% in the last 24 hours.
Time-locked CRV for Governance
Curve’s reward mechanism is where it truly shines for LPs. Curve tokens (CRV) are granted to LPs in exchange for yield farming prizes, Curve tokens (CRV) is granted to LPs and may be converted into veCRV (vote-escrowed CRV).
veCRV is a time-locked CRV that may be used for governance, increasing rewards and trade fees, and obtaining airdrops. The more veCRV investors have, the more CRV awards they can boost from their liquidity pool.
Famous crypto analysts Lard Davis, @TheCryptoLark, has just now tweeted about the recent performance of CVX and CRV. Take a look at the tweet.
$cvx and $crv rocking hard!
— Lark Davis (@TheCryptoLark) December 22, 2021
The price of the CRV token has been steadily rising over the last several months, according to its technical analysis. Furthermore, the price fell by 50% during the current retracement, which dropped its value significantly to the $3.2 support. The price has begun a recovery phase in anticipation of maintaining this upward trend after receiving adequate support from this point.
Coin stabilized above the $3.2 level for about two weeks until Dec. 15th, when it exhibited a morning star candle pattern that signaled the beginning of an uptrend. So far, the currency has shown five consecutive green candles indicating a 43% rebound gain.
According to CoinMarketCap, the Curve DAO Token price today is $4.98 USD with a 24-hour trading volume of $604,768,522 USD. Curve DAO Token is up 15.68% in the last 24 hours.