CRV is down in terms of Total Value Locked (TVL) in 2022, which is significantly lower compared to its stats at the start of the year.
Here’s a quick look at how the coin performed:
- CRV price down 1.46%
- Token weakens towards TVL in 2022
- Traders remain optimistic with CRV for 2023
Corresponding CoinMarketCapCRV token price is down 1.46% and is currently trading at $0.5323 at press time.
CRV token dominates the DeFi market by 44%
While Curve Finance is cited as one of DeFi’s leading players, CRV had some weak points and failed to maintain momentum as it was one of the top two cryptos relative to TVL; especially compared to Maker DAO (DAO) and Lido Finance (LIDO).
On the other hand, CRV still managed to dominate the DeFi market by 44% as seen on January 1st, 2023. More than that, the token has always led the DeFi space in terms of volume as it processes large amounts or more than $100 million daily.
On December 14th, Curve Finance announced that they were integrating zkSync 2.0 Mainnet to scale further in terms of security and privacy. Curve was incentivized by its DAO and is now an Automated Market Maker (AMM) that has successfully built multiple liquidity pools.
With these recent updates and integrations, Curve transactions have improved tremendously and are now more fast, cheap and liquid than ever.
With zkSync 2.0 mainnet integration, users can now enjoy improved accessibility and extensibility as the platform enables Curve user availability at a greater scale.
CRV total market cap at $283 million on the daily chart | Chart: TradingView.com
Ethereum Whales are still bullish on curve finance
Ethereum whales have a close affinity with the CRV token as it remains one of the top 10cryptocurrencies is used by most whales, based on data from the last 24 hours. However, the CRV has been declining relative to the TVL since its peak in April 2022. Against this background, investor interest has also waned.
JUST IN: $CRV @curvefinance, one of the MOST USED smart contracts among the top 100 #ETH whales in the last 24 hours🐳
Check out the top 100 whales here:
(and hodl $BBW to see data for the top 5000!)#CRV #whalestats #babywhale #BBW pic.twitter.com/rmv1ffFI9y
— WhaleStats (tracking crypto whales) (@WhaleStats) January 1, 2023
CRV price history in 2022 has not been impressive as it has fallen as low as 92.43%. The CRV token appears to be in a state of doom, but traders have yet to be optimistic for 2023 and beyond. In fact, at press time, the Binance funding rate has been spotted at 0.05%.
This means that traders are consistent with both periodic payments on the derivatives market and futures open positions.
Meanwhile, the token’s TVL has been set at $3.63 billion. This indicated that there was a potential threat to the well-being of the protocol.
The number of investors willing to put their money into the Curve pool hasn’t increased noticeably either.
Although the CRV token has previously surged, it was traders with short positions who struggled the most amid the massive market washout.
– Featured image: Zipmex
Source: Crypto News Deutsch