What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Bitcoin»Convex Finance’s DeFi protocol exceeds TVL by $ 20 billion
    d7ff6cb7ed281839aae536978d68146a0cfdb4f9
    Bitcoin

    Convex Finance’s DeFi protocol exceeds TVL by $ 20 billion

    AdministratorBy Administrator03.01.2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Profitability app Convex Finance surpassed $ 20 billion in total locked value (TVL) this Sunday, just days after TVL became the second largest decentralized finance (DeFi) protocol.

    DeFi projects rely on smart contracts instead of intermediaries for financial services such as lending, trading and borrowing.

    DeFi Llama data shows the platform only locked down $ 68 million after launching in May 2021, surpassing older projects in the following months. It took the project a month to raise $ 1 billion and five months to reach $ 10 billion. The increased demand for the product has resulted in a $ 10 billion increase in liquidity over the past two months.

    Convex Finances DeFi protocol exceeds TVL by 20 billion

    Convex allows users to access liquidity and receive commissions from the Ethereum-based Curve Finance stablecoin exchange, the largest DeFi protocol with TVL at $ 23 billion.

    Curve Tokens (CRV) are issued as crop rewards to liquidity providers on Curve Finance and can be converted to CRV with Deposited Votes (veCRV). Having veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops.

    Tokens are pegged in time, which means that users have an incentive to block their CRVs for a long time in order to receive more veCRV and more platform rewards. However, this mechanism effectively blocks liquidity, creating opportunity costs for users.

    To solve this problem, Convex is bundling all user assets together so that it can buy Curve tokens, convert them to veCRV, and maximize rewards for its liquidity providers. This allows Convex users to receive Curve Rewards without blocking Curve tokens for extended periods of time.

    Convex’s own tokens (CVX) are trading at $ 47 at the time of writing, down 6.6% in the last 24 hours. According to CoinGecko, the network has a market capitalization of over $ 2.2 billion.




    #Convex #Finances #DeFi #protocol #exceeds #TVL #billion

    billion Convex DeFi exceeds Finances protocol TVL
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    AI Calls Bitcoin a Tool to Destroy Central Banks

    26.01.2023

    Anthony Scaramucci Predicts Bitcoin’s “Renaissance” in 2023

    26.01.2023

    Crypto Analyst Expects Bitcoin to Rise Above $30,000 in February

    26.01.2023

    The price of bitcoin is growing due to the growth of activity of institutional investors

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.