Curve Finance (CRV): Evaluating the Effect of Current TVL Uptick
Curve Finance (CRV) outshined the rest of the market, with its TVL (total value locked) surging considerably as of October 22. While publishing this content, DeFi Llama indicated that the alt’s TVL stood at $5.69 billion. That represented a 2318% uptick from October 21, with the likes of Convex Finance (CVX), Uniswap (UNI), and AAVE also recording upswings.
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Nevertheless, the milestone wouldn’t have been possible without Curve’s sub-chains. DeFi Llama revealed that Arbitrum and Polygon contributed to the surge, with $74.31 million and 96.36 million, respectively.
That indicated that market players added liquidity to Curve’s protocols. Thus, CRV retained its state as a lucrative investment. The chain’s trading volume remained unaltered within the previous 24 hours, regardless of the TVL surge.
The DeFi aggregator suggested that the index stayed unchanged at $86.02 million. The stagnant volume will likely trigger standstills in revenue and fees. Moreover, DeFi Llama confirmed that CRV’s revenue soared to $45,605 in that timeframe. Meanwhile, the 24hr TVL fees stood at $91,212.
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Though the chain’s TVL could have remained at a similar spot, some indications show CRV surpasses previous liquidity lows. While publishing this blog, Santiment indicated that Curve saw a surge in its development activity.
Meanwhile, the sub-chain uptick to 1.76 from the October 19 lows of 0.83 could have impacted CRV’s on-chain action. That meant more upgrades might be impending for Curve and its enthusiasts. Moreover, CRV saw surged interest by October 20, with active addresses increasing to 2.056.
Though plummeting to 679 during this publication, trader interest in the on-chain exchange wasn’t all extinct. However, CRV might need improved on-chain activity to attract loitering market participants. Meanwhile, Curve investors might have to amplify their participation in trading undertakings.
That’s due to the decline in 1-day circulation. Santiment revealed that the 1-day circulation stood at 3.44 million. That indicated that market players could have maintained their buyers and sold within the past few days.
The circulation stood at 24.24 million by October 21. More declines in this front can see CRV plunging from its October 22 trading price of $0.88. Considering its 98 network growth, CRV wasn’t getting lucrative traction from market players adding new assets to their investment portfolios. Thus, CRV might see its trading volume extending decline.
Editorial credit: FellowNeko / shutterstock.com
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