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You are here: Home / Archives for curve finance

curve finance

Curve Finance’s CRV Hints Subtle Positive Trends Amidst DeFi Bloody Season

November 2, 2020 by Reena Shaw

Thanks to the ongoing DeFi bloody season, several tokens have witnessed price deep dive in the bearish realm. Curve Finance’s native CRV token’s price movement, for one, was nothing short of a flat line. It bounced off a new all-time low yet at around $0.33 following which it surged up to $0.623 [an increase of 88.7%] with high breakout volume.

High Sell Pressure for CRV

crv

To top that off, recent data showed that market participants were still dumping the token as soon as they got it and this trend is not slowing down for the time being. However, on the brighter side, the recent uptick in the token locked is a “positive sign.” This was noted by the Crypto Analytics Platform, Santiment, which revealed that CRV had been a downtrend since listing, and this is due to the amount of selling pressure/inflation factors that we will cover later.

The token’s total supply is set to $3.03 billion, 62% of which will be distributed to community liquidity providers. While 30% will be directed to the shareholders [team and investors] with 2-4 years vesting, 3% will be distributed to the employees with 2 years vesting, and the rest 5% to the community reserve.

It is important to note that the initial release rate is set to be around 2 million CRV per day. The report said that with the high inflation, there’ll be strong sell pressure until the protocol matures and significant demand in a thriving crypto market arrives.

But things changed when the market cap increased. The report went on to state that,

“The real winners here are the shorters but… once things unwind (like the during latest rally), those shorts can quickly turn into liquidations that pushes the price further upwards. The way CRV tokenomics is structured, it actually discourages buying from the market. Instead, it’s more worthwhile to obtain it by being a liquidity provider on Curve.fi.”

Market cap up 10x overnight

Your bags down another 50%

Tell me how dilution doesn’t matter again 😄 pic.twitter.com/09YV0xkxFO

— Jason Choi (@mrjasonchoi) August 15, 2020

Top Holder’s Holds Bearish Outlook

Further adding to the persistent downtrend were the top non-exchange addresses that have continued to offload tokens since launch and the report noted that this trend is likely to continue given the inflation and vesting schedules.

Another interesting factor that was noted by Santiment was that each time the investors vesting address distributed the token, the price of the token took a dip. On a positive note, the veCRV contract has locked around 34.79M CRV [i.e., 22.86% of circulating supply], with an average lock time of 3.63 years from 2,950 unique addresses which is good as burning CRV.

c

Despite the fact that the Curve team remained the single largest CRV vote locker with 14.70% of the entire veCRV distribution, it is also important to take into consideration, the fact that 42.24% of veCRV belongs to other addresses.

The growth curve in the token being locked up in the past week has also been steady. This was due to admin fees [collected from 50% of all transaction fees] that are going to be distributed to veCRV holders going live soon.

Having said that, inflation is a nightmare for any asset. However, optimism did rise as more CRV are being locked up.

964727f5a21a87dc9395a66d2960ee637e3e5b7800025cfc65edb94e6e1b2d8e 1604086906170 Screen Shot 2020 10 30 at 5.44.58 pm

Filed Under: DeFi, News Tagged With: CRV, curve finance

DeFi Project ‘Curve’ Eyes for $1B TVL Days After ‘Unexpected Deployment’

August 16, 2020 by Reena Shaw

The DeFi boom of 2020 is real and is showing no signs of slowing down. Over the past couple of years, the DeFi ecosystem has evolved significantly with the foray of new market participants which are continuously building new infrastructure.

The new kid in the block is a decentralized Ethereum liquidity exchange pool called Curve Finance. According to DeFi Pulse, the protocol is getting closer to a $1 billion mark in total locked value [USD]. As the upward movement continued, a TVL of $922.7 million was recorded.

defi pulse

The figures first shot up on 14th August from a mere $254.5 million, surging by an astonishing 262.5% in a period of two days. With this, Bitcoin locked in Curve Finance’s exploded to 11.637.

This comes after popular cryptocurrency exchanges such as OKEx, Huobi, and Binance announced support for its native token, CRV.

This token is used for the purpose of voting in platform governance. In addition, CRV is also used as a reward for liquidity providers. In addition, a portion of the trading fees collected is used to conduct constant token burns.

Unexpected deployment fuels Curve adoption

Initially developed as a viable alternative to trading stablecoins on general-purpose DEXes, Curve is a well-known name in the space and hence, the anticipation surrounding the launch was also quite high.

It was the unfolding of an interesting turn of events that multiplied the hype. This involved an anonymous DeFi user who deployed the Curve token and contracts on the Ethereum mainnet well before the team’s official announcement. The user, with a relatively new Twitter account, revealed,

“Yo, @CurveFinance! Saw your DAO is ready to rock and I gots to MAXIMIZE MY ALPHA ! So I went ahead and deployed it for you. Get at me in DM to verify and lets get this party started!!”

While the Curve team had no prior knowledge about the contract deployment, hours after the above Twitter post, however, the officials of the DeFi platform verified the deployment process and confirmed the legitimacy. This subsequently forced Curve Finance to launch its decentralized autonomous organization or DAO and governance token CRV.

In an official statement, the Curve team announced,

“Someone deployed $CRV based on smart contracts we had published on github, front-running our efforts. While we initially were skeptical, it appeared to be an acceptable deployment with correct code, data, and admin keys. Due to the token/DAO getting traction, we had to adopt it.”

The Curve team further added that the deployment had correct code, data, and admin keys and also went on to add that the community member who deployed it relinquished any admin power.

Pre-mining accusations

Curve Finance is touted as one of the most prominent platforms in the space. But speculations regarding users’ pre-mining CRV token surfaced in the DeFi community. This was due to the fact that contracts were already deployed by the anonymous user unexpectedly. Soon after which some DeFi users started staking yCRV, tokens that represent shares of Curve’s liquidity pools, in a bid to earn CRV tokens even before the team could verify that the contracts had been properly deployed.

Filed Under: Altcoin News, News Tagged With: CRV, curve finance, DeFi, DeFi news

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