Curve DAO (CRV), the native cryptocurrency of Curve Finance, surged 22% on July 22. One of the notable reasons behind CRV’s performance is the fact that the founder of Curve Finance, Michael Egorov, recently confirmed that the company is getting close to launching its own stablecoin.
This announcement succeeded in punching CRV above other leading DeFi protocols like AAVE and MakerDAO which also have their own stablecoins. Both failed at matching CRV’s run as they only saw 5.69% and 4.25% increases,respectively.
CRV / TetherUS 1D (Source: CoinMarketCap)
After ending June at $0.66, the crypto struggled to gain any real traction in the market. The fact that CRV is currently trading at $1.46 serves as proof that the stablecoin announcement has a huge impact on its price movement.
Although things are in CRV’s favor currently, it still has a lot of work to do to reach its all-time high of $60.50 which was reached in 2020.
In addition, CRV also updated its status on the DeFi Total Value Locked (TVL). After the announcement of the stablecoin, CRV still leads at the top with 9.7% of market share. The exchange reserves of CRV have also increased by about 3% over the last 24 hours.
When looking at the overall picture, CRV experienced a successful month as the crypto is up 92% for this period. Data from Santiment, a blockchain analysis firm, revealed that the CRV volume has been surging almost non-stop since July 20.
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Source: Cryptocurrency - investing.com
