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Convex Finance’s CVX Token Climbs 100%, Can it Maintain Momentum?

Convex Finance’s native token CVX surged by over 100% in the last 24 hours, reaching $3.70 as per CoinGecko data.

Operating on the Curve Finance (CRV) protocol, Convex Finance enhances rewards for liquidity providers.

Trading volume for the CVX/USDT perpetual trading pair on Bybit skyrocketed by 9,100%, exceeding $120 million during the same period.

“Wu Blockchain noted, ‘Convex CVX, the Curve yield amplifier, has seen a remarkable 100% increase in the last 24 hours.'”

“Bybit reported a trading volume of $120 million for CVX/USDT perpetual contracts in the past day.”

Curve (CRV) Sees Highest Weekly Inflow, Contributing to CVX Surge

Inflows into vote-escrowed CRV (veCRV) tokens reached 19.67 million CRV tokens, marking a substantial increase that is six times the weekly inflation rate. This data, sourced from Curve Finance, indicates that the inflows are a result of direct locks of the token, along with locks facilitated through Convex Finance and platforms such as StakeDAO and Yearn.

Curve Finance noted, “This is the highest weekly inflow into CRV locking in years.”

Users acquire veCRV tokens by locking their CRV for durations ranging from one week to four years. Notably, each CRV token locked for four years translates to one veCRV token, and the rewards users receive depend on the lock duration.

According to data from Dune Analytics, Convex Finance holds the largest share of veCRV, accounting for over 41%, followed by Yearn Finance and StakeDAO. This surge in veCRV inflows has significantly boosted Convex Finance’s CVX token.

Jason Hitchcock, head of ecosystem at thirdweb, a Web3 development firm, commented on Convex Finance’s strategy, highlighting their dominance across Curve, frax, f(x)n, Prisma, and other platforms. He noted, “They capture a substantial portion of all transaction fees and have established robust incentive mechanisms. Stablecoins and pegged assets are thriving on Curve, contributing to its expected growth.”

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