Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Altcoin

Curve Collateral Surges to $1 Billion Following DAO Launch – BeInCrypto

by admin
August 27, 2020
in Altcoin
0
Curve Collateral Surges to $1 Billion Following DAO Launch – BeInCrypto
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter


Crypto collateral on the Curve Finance DeFi platform has spiked to almost a billion dollars propelling it up the total value locked list to third place. The influx of capital came after a rather perplexing deployment of its governance token and DAO on Thursday.

Last week it was Yam—but now it’s Curve Finance’s taking the spotlight in the rapidly changing world of decentralized finance.

RELATED POSTS

Hedge Fund Founder Predicts Ethereum Will Plunge to $500

In The Bear Market Madness, Crypto Sports Sponsorships Stall

Curve is a DEX liquidity pool on Ethereum which is designed for efficient stablecoin trading. The now third-largest DeFi protocol launched its long-awaited CRV governance token late last week and is currently enjoying the momentum.

Curve leverages a unique automated market maker (AMM) curve design (hence the name) which mitigates slippage for trading pairs like USDT/DAI and wBTC/renBTC that are pegged to the same value. It collects yields by lending collateral across protocols such as Compound, Aave, and dYdX while offering liquidity providers a mix of trading fees plus interest.

Curve TVL Cranking

Following Thursday’s rather intriguing and somewhat premature launch, TVL on the platform has pumped almost 300% to top out just below a billion dollars according to DeFi Pulse.

Curve TVL – DeFi Pulse

yEarn founder Andre Cronje [@AndreCronjeTech] was quick to offer congratulations:

DAI is one of the most popular stablecoins on the platform with over 78 million locked into smart contracts. In less than a week, the amount of DAI on Curve has increased by 730%, and it now represents 18.5% of the entire supply.

The momentum, as has been the case with most of its DeFi brethren, has come from yield farmers trying to grab a slice of the latest hot earning opportunity in the sector. For those that missed it, the CRV token launch occurred on Thursday when an anonymous account spent several thousand dollars in gas to deploy all of the Curve contracts. The team had no choice but to adopt the move and launch the token:

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.

Curve then launched its liquidity mining front end and published a guide on how to harvest CRV. The governance token can also be locked into the Curve DAO to earn a multiplier on liquidity mining rewards for those wanting a longer-term investment. The team has yet to enable governance voting to prevent malicious actors, according to a statement on the official Curve DAO website.

Just Another Pump and Dump?

The FOMO driven momentum proceeded as expected as token prices and TVL skyrocketed. A listing on Binance quickly followed, adding even more liquidity and CRV surged to $23 before falling back to around $5 on the exchange. Other reports suggest CRV prices went as high as $50.

According to Dune Analytics, the total volume for the platform last week was over $185 million. The platform itself is reporting a daily volume of around $80 million.

Industry analyst Larry Cermak (@lawmaster) was typically critical of the inflationary tokenomics model adding that investors holding on to CRV for the long-term deserve to lose their money.

Just a few hours after the launch, Cermak questioned the entire episode, including the quick Binance listing, and deleted a scam accusation tweet, before adding;

What you have to realize is that all the farmers will dump immediately at these prices as soon as a portion of their tokens unvests. These prices are absurd and once there is sufficient liquidity on Binance and CRV lists on Coinbase, it will be a feast on retail speculators.

Either way, Curve has become this week’s DeFi darling, flipping both Synthetix and Compound in the TVL charts.

DeFi TVL Tops $6 Billion

The total value locked across all DeFi platforms has hit another all-time high, this time topping $6.3 billion. This month alone, DeFi TVL has increased by 57% which has outperformed the digital asset markets which only made 11.5% in terms of total capitalization gains.

From what was largely a one player ecosystem, DeFi is now spread across multiple protocols and Maker’s market share has fallen to around 23.4% with a TVL just shy of $1.5 billion.

Aave is the second billion-dollar DeFi platform with a TVL gain of 10% on the day while Curve is now in the third spot. Synthetix, Compound, and Yearn Finance make up the top-six, and they’re all in the green today in terms of collateral added.

The amount of Ethereum locked into DeFi has remained at nearly 4.5 million ETH, or approximately 4% of the entire supply. Meanwhile, the amount of tokenized Bitcoin circulating around the DeFi ecosystem has also hit a peak of over 46k BTC.

With this type of momentum, it is likely that more platforms like Curve and Yam Finance will emerge in the coming weeks as the hottest sector in crypto continues to evolve.

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!





Source link

Tags: BeInCryptobillionCollateralCurveDAOlaunchSurges
ShareTweetShare

Related Posts

Hedge Fund Founder Predicts Ethereum Will Plunge to $500

Hedge Fund Founder Predicts Ethereum Will Plunge to $500

by admin
July 1, 2022
0

The price of Ethereum (ETH) has not yet hit its lows and could eventually fall a further 40% over...

In The Bear Market Madness, Crypto Sports Sponsorships Stall

In The Bear Market Madness, Crypto Sports Sponsorships Stall

by admin
June 21, 2022
0

With good times, good results are often dealt. With tough times, the road can get bumpier. Look no further...

Bank For International Settlements Explains MEV & Ethereum Market Manipulation

Bank For International Settlements Explains MEV & Ethereum Market Manipulation

by admin
June 17, 2022
0

The “miner extractable value” or MEV and its effects are one of the industry’s open secrets. And the Bank...

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

by admin
June 13, 2022
0

One platform has raised $10M to build the next blockchain sports game, while several other sports crypto platforms have...

Solana PoS Blockchain Network Faces Outage For The Seventh Time

Solana PoS Blockchain Network Faces Outage For The Seventh Time

by admin
May 2, 2022
0

January has been a tough month for Solana as the coin encountered a total of six outages. This time...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Presidente de Panamá veta parcialmente proyecto de ley que regula uso de criptomonedas

Presidente de Panamá veta parcialmente proyecto de ley que regula uso de criptomonedas

June 17, 2022
Bird, Ring Veterans Raise $5M for GameFi Lending Protocol

Bird, Ring Veterans Raise $5M for GameFi Lending Protocol

April 22, 2022
Citi Says Fallout From Terra Collapse Unlikely to Hit Wider Financial System

Citi Says Fallout From Terra Collapse Unlikely to Hit Wider Financial System

May 18, 2022
XRP Erases SEC-Led Drop as Supporters Pump Price Over $0.60

XRP Erases SEC-Led Drop as Supporters Pump Price Over $0.60

February 1, 2021

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%