DeFi tokens and protocols took a heavy hit on May 19 as Bitcoin price dropped to $30,000 and while BTC has entered what some analysts describe as a ‘compressionphase, the total value locked in DeFi and the value many of the sector’s tokens have yet to rebound to the levels seen before the market crash.

Curve DAO token (CRV) stands among the few DeFi tokens that have seen a strong recovery over the past two weeks due to reduced Ethereum gas fees, the launch of Convex Finance and the DeFi sector beginning to find a bottom.

CRV/USDT 4-hour chart. ソース: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that CRV has increased 55% since June 1, rallying from a low of $1.76 6月に 1 日中の高値に $2.76 6月に 3 alongside a 250% increase in 24-hour trading volume.

Convex Finance launch attracts CRV holders

One source of the sudden rise in price and momentum for CRV is Convex Finance (CVX), an optimizer for the Curve Protocol that enables swaps of similar assets like stablecoin to stablecoin transactions.

Since it’s official launch on May 17, the Convex protocol has rapidly gained a substantial user base thanks to yields as high as 52.16% and some analysts have suggested that the protocol is challenging Yearn.finance for CRV-related deposits.

Data from Defi Llama shows that in the two and a half weeks since the launch of Convex Finance, ロックされた合計値 (TVL) on the protocol has surpassed $2.3 billion with stakers on the protocol earning $4.3 million in total revenue.

Total value locked on Convex. ソース: デフィラマ

Both Convex Finance and Yearn.finance rely heavily on CRV for the operation of their platforms and the increased activity has resulted in a decline in the circulating supply of CRV. This may have helped to boost CR price as investors clamor to stake tokens for the highest return possible.

Curve Finance and the wider DeFi ecosystem could also be benefitting from the sharp decline in gas fees on the Ethereum (ETH) 通信網, which had previously priced out many retail traders from performing the simple approval and confirmation transactions required to stake and claim earnings from DeFi protocols.

平均イーサリアムガス料金. ソース: Etherscan

Lower fees have allowed a wider range of users to re-engage with their favorite DeFi protocols, and Curve has been a significant beneficiary of this development.

VORTECS™ indicator flashed before the breakout

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRV on May 31, 最近の値上げ前.

VORTECS™ スコア, Cointelegraph専用, 市場センチメントを含むデータポイントの組み合わせから導き出された過去と現在の市況のアルゴリズム比較です。, 取引高, 最近の価格変動とTwitterの活動.

VORTECS™ スコア (緑) vs. CRV price. ソース: Cointelegraph Markets Pro

上のチャートに見られるように, VORTECS™ Score for CRV registered bullish readings throughout the past week with a high of 77 coming late in the day on May 31. This was roughly 15 価格が上昇する数時間前 55% 次の 48 hours days.

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