Even though DeFi coins have remained out of limelight in a bullish cryptocurrency market, Curve Dao Token (CRYPTO: CRV) has outpaced the weekly gains of Bitcoin (CRYPTO: BTC), Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: CRV has skyrocketed 74.49% over a seven-day trailing period. In comparison, over seven days, BTC has risen 1.53%, DOGE rose 6.83%, ETH has gained 11.8%, and SHIB has shot up 45.58%.
CRV, which backs a decentralized exchange for stablecoins, was up 29.28% and 27.26% against BTC and ETH respectively over 24 hours.
CRV’s year-to-date gains stand at an impressive 698.5%.
See Also: How To Buy Curve Dao Token (CRV)
Why It Matters: CRV was the top 24-hour gainer at press time rising 32.24% to $4.98, as per CoinMarketCap data.
Curve has facilitated over $100 billion of volume since its launch in January 2020. The CRV token was launched in August 2020, as per Delphi Digital, an independent research boutique.
Chart Showing Lifetime Volume Locked CRV, Courtesy Delphi Digital
As per DeFi Pulse, Curve Finance enjoys the third-largest total value locked at $14.9 billion, behind Aave and Maker, which have a TVL of $18.06 billion and $16.82 billion, respectively.
CRV’s token economics was heavily criticized due to its “incredibly small float and rapid emissions,” noted Delphi Digital.
“They’ve since proven their token model works and is potentially one of the most efficient across DeFi projects.”
Over 47% of all circulating CRV are locked in the protocol and the number is set to increase in the coming months, as the research firm.
A majority of the newly emitted CRV are locked within Convex, a platform for CRV token holders that allows Curve liquidity providers to earn additional interest rewards. In exchange, users receive cvxCRV — a liquid staking derivative of veCRV.
“Convex’s model has quickly helped it establish itself as the leader with over 35% of veCRV supply held by Convex.”