Convex Finance’s CVX Token Climbs 100%, Can it Maintain Momentum?
Convex Finance’s native token CVX has recorded over 100% increase in the last 24 hours to a price of $3.70 at the time of writing, per data from CoinGecko.
Convex Finance protocol runs on Curve Finance (CRV) and complements it by helping its liquidity providers earn higher rewards.
According to Coinglass data, the trading volume of CVX/USDT perpetual trading pair on Bybit crypto exchange surged 9,100%, hitting more than $120 million at the same period.
“Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours,” Wu Blockchain wrote on X.
“In the past 24 hours, Bybit CVX/USDT perpetual contract trading volume reached $120 million.”
Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours. On June 16, Binance CVX/USDT spot trading volume reached nearly $32 million, setting a new record for a single day. In the past 24 hours, Bybit CVX USDT perpetual contract trading volume reached $120…
— Wu Blockchain (@WuBlockchain) June 17, 2024
Further, inflows into vote-escrowed CRV (veCRV) tokens came at 19.67 million CRV tokens, which is 6x the weekly inflation rate.
According to data from the decentralized exchange Curve Finance, the inflows represent “direct locks” of the token as well as locks via Convex Finance and platforms like StakeDAO and Yearn.
“This is the highest weekly inflow into CRV locking in years,” the platform noted.
Inflows into veCRV are already 6x the inflation of this week. These include direct locks, as well as locks via @ConvexFinance, @StakeDAOHQ and @yearnfi.
This is the highest weekly inflow into CRV locking in years! pic.twitter.com/ADlDXWq5Zz
— Curve Finance (@CurveFinance) June 17, 2024
Users can get veCRV tokens to lock their CRV for one week, upto 4 years period. That
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