- Curve makes history with its first-ever weekly close.
- CRV closes above the blue range.
- The weekly close confirms the range breakout.
The growing competition for CRV deposits among DeFi platforms, staking, and protocol revenues have repositioned Curve to forge forward to a bullish position. CRV flipped to mark its first-ever weekly close above the blue range, closing in at $3.726. This is a wonderful effort by Curve to rebound from its March to May plunge.
Source: Rekt Capital
Precisely, Curve is a decentralized exchange for stablecoins that prioritizes on offering on-chain liquidity using modern bonding curves. Curve DAO Token (CRV) is once again attracting the attention of crypto enthusiasts. Furthermore, one of the reasons for its surge includes, alluring yield offered to tokenholders who engage in staking.
In the same vein, users who stake their token directly on Curve Finance are given an average APY of 21%. More than that, users are offered vote-escrowed CRV (VeCRV) in exchange. This enables participation in governance votes that occurs on the protocol.
Secondly, the stablecoin elements of Curve helped the revenue growth and as such, amassed $17.9 billion in TVL. Additionally, Curve Protocol has been able to generate revenue in both bull and bear markets. All these and more have amounted to the surge in the market for Curve.
Thirdly, the demand for more CRV deposits on various DeFi platforms such as Convex, Yearn and the competition for each of the platforms to offer more incentives to lure CRV holders also aided to catapult the value of Curve (CRV). For instance, on the Yearn platform, stakers can earn up to 303% more in weekly fees.
At press time, Curve DAO (CRV) token price is 4.28 with a 17.43% rise and a market cap of $1,824,579,152 according to CoinMarketCap. In conclusion, this seems a true breakout as stipulated by Rekt Capital. More so, we can only watch the market to determine how far it can go on these bulls.