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Saturday, May 28, 2022

Convex Finance Went Up By 215%

One of the many blockchain projects that have seen an increase in its token price due to stablecoins and the ecosystem of Curve finance has been Convex Finance. This is a protocol that mostly aims at helping users boost the staking of CRV to maximize yields.

This growth in the sector of stablecoins within the crypto sector has been one of the most powerful developments that took place this year. In particular, stablecoins have become quite an integral part of the expanding decentralized finance ecosystems with their total value eclipsing a sum of around $162 billion, as reported by CoinMarketCap.

Convex Finance Sees A Major Increase In its Price 

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According to data received TradingView and Cointelegraph Markets Pro, it has been highlighted that ever since hitting a low of around $18.79 on the 4th of December, the price of Convex Finance did increase by 215% to establish quite a record high of $60.22 on the 27th of December. In the very same period, the trading volume of the project increased from an average of $20 million to around $163 million in 24 hours. 

There are obviously quite a few reasons as to the increase of Convex Finance which also includes the launch of new assets on this protocol, where the listing of the token of CVX on several prominent exchanges and the continued growth in the total value locked on the protocol of Convex.

One of the major reasons has been the strength that this project has been building through the addition of new assets, which also includes newer and better opportunities to provide liquidity in support of the platform of Convex. 

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Another factor that helped immensely in the increase in the trading volume, as well as the price of Convex Finance, was the listing of the token on a couple of very popular exchanges, which also included Binance on the 22nd of December and Huobi Global on the 23rd of December. 

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