Token CRV is in the doldrums! However, its derivative protocol CVX increased by more than 100% in a single day

Curve’s founder’s large amount of CRV pledged for loan was liquidated. Although the price of CRV has rebounded, it is still at a relatively low point in the past year; in addition, Curve’s founder has successfully entered the market again. The discussion left the Curve supporters at a low ebb.

However, Convex Finance (CVX), a pledge token protocol that also belongs to the Curve system, has attracted attention for some time in the past because it accommodates the Curve ecological pledge tokens of Curve, Frax, f(x) and Prisma. After the currency price reached a historical high of 68 in January 2022, there is currently only nearly 4 US dollars left (due to a 90% surge today).

Faced with the sudden surge of CVX, Curve supporters believe that it is a conceptual rotation, and CVX already has solid market logic, which will bring better growth to the rewards of the above protocols.

Media Wu Shuo believes that this should be a short squeeze effect, because Bybit’s CVX short funding rate has reached -1.5%, that is, shorts have to pay the funding rate to longs. On an annualized basis, It is 1642.5%.

The above is the detailed content of Token CRV is in the doldrums! However, its derivative protocol CVX increased by more than 100% in a single day. For more information, please follow other related articles on the PHP Chinese website!