The price of DeFi platform Curve DAO’s native token has surged over the past few days. This is because investors are taking advantage of prevailing market conditions and buying at lower prices. CRV token surged to $0.9780, its highest level since June 11. From this year’s low, the CRV rate is over 80%. Similarly, Coinvax’s CVX token is up more than 90% from its yearly low.
What is Curve Finance and why is it rising?
Decentralized financial services, or DeFi for short, are one of the most important use cases for blockchain technology. The idea is relatively simple. People conduct their business directly instead of turning to centralized financial institutions like banks. In this case, so-called smart contracts act as intermediaries – open-source protocols which, thanks to their transparency, prevent attempts at fraud.
Curve Finance is one of the leading players in the DeFi industry. It is a popular Automated Market Maker (AMM) that offers a way to exchange tokens in a simple and cheap way. Curve uses multiple blockchains such as Ethereum, Polygon, Avalanche, Phantom, and Arbitrum.
The platform is built similarly to other AMMs such as Uniswap, PancakeSwap and Balancer. One of the main differences is that only liquidity pools made up of similar assets are involved. In most cases, these assets are stablecoins like USDC and USDT and wrapped coins like WBTC.
Curve is known for its relatively low fees for financial transactions. Most importantly, it also has less slippage and temporary damage. CRV is the native token for Curve DAO, which is responsible for executing Curve Fi’s governance.
In this guide, we will explain in detail how to buy Curve DAO Token CRV.
Curve Finance is closely related to Convex Finance, whose native token is known as CVX. It is a platform that allows investors to earn additional interest rate premiums on Curve. In other words, it offers more options for curve staking.
The course of the curve rises even though the total value of funds invested through equity has recently fallen. The total value of the platform’s locked tokens (TVL) is over $5.12 billion, which is an all-time high of over $22 billion.
Curve DAO price prediction
The hourly chart shows that the CRV price has been in a strong uptrend for the past few days. The coin managed to move above the key resistance level of $0.8722 – the highest price it had on June 25th. CRV price has also risen above the moving average lines of the last 25 and 50 periods. It is also located above the points of the parabolic SAR.
Therefore, if the bulls target the main resistance at $1.2, CVX and CRV prices are likely to continue higher.