Curve Dao Token (CRYPTO: CRV) was trading 13.5% higher at $ 6.62 over the 24-hour period at press time early Tuesday.
What is moving? The token, which is connected to a decentralized exchange for stablecoins, rose 28.2% over a seven-day period.
CRV increased 16.4% versus both Bitcoin (CRYPTO: BTC) and ether (CRYPTO: ETH) over 24 hours, according to CoinMarketCap data.
CRV is up 72% in the last 30 days and is up 141.2% over a 90 day period. Since the beginning of 2022, the CRV has increased by 7.7%.
See also: How to Buy Curve Dao Token (CRV)
Why is it moving? CRV was bucking the prevailing trend at press time when all major coins were trading in the red. Global cryptocurrency market capitalization fell 1.5% to $ 2.2 trillion.
While Curve wasn’t one of the top-cited coins on Twitter at press time, it was added to the list of the top 10 coins with the greatest Twitter reach, according to Cointrendz data.
CRV added 7.3 million new Twitter followers in the past 24 hours Jack Dorsey Co-founder of the social media platform, while Bitcoin and Ethereum, the coins with the highest reach, added 73.7 million and 29.5 million followers, respectively.
Curve was the top log on Ethereum in terms of total locked value. According to Defi Llama, there is a total of $ 21.4 billion in the log.
A tweet from Defi Llama tracked Curve’s progress to the top spot through 2021.
TOP 10 minutes on @ethereum
January 1, 2021 – Today https://t.co/OuEHG0mIdd pic.twitter.com/1ql5Uid80F
– DefiLlama.com (@DefiLlama) January 3, 2022
Curve’s automated market maker is rewarding its liquidity providers with CRV, which has led to a so-called “war” with various protocols bribing voters and rewarding veCRV holders with their respective native tokens, according to a notice from Delphi Digital.
The war saw the DeFi platform Convex (CVX) “have a big impact” on Curve’s valuable governance vote, said Delphi-Digital.
Proportion of the TVL curve in convex – Courtesy of Delphi Digital
“Convex is now the single largest owner of veCRV with 47% of the total supply. This gives them the greatest authority to decide where CRV incentives should be distributed. “
In turn, the dominance of Convex has resulted in protocols bribing the owners of vlCVX. vlCVX is the token from Convex that can use the underlying VeCVX governance.
“This has been a pretty lucrative practice for vlCVX holders who have received ~ $ 2.75 worth of bribes per CVX suspended since September 21 last year.”
Protocols, the most important thing Frax finance (FRAX), have also started hoarding CVX tokens to create incentives for liquidity, according to Delphi Digital.
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