- crvUSD remained resilient despite market volatility.
- Curve protocol witnessed a surge in revenue; however, development activity fell.
Due to the hack that happened earlier this year on the Curve [CRV] platform, its TVL and activity were severely impacted. However, since then, the Curve protocol has gotten back up on its feet.
Is your portfolio green? Check out the CRV Profit Calculator
Some stability for Curve
Curve Finance’s stablecoin crvUSD was doing well even in a market downturn. While many DeFi protocols faced challenges, crvUSD maintained a market cap of over $100 million.
It has also managed to stay close to its target value, unlike some other stablecoins.
Curve Finance’s stablecoin — crvUSD — has been a rare bright spot amidst a bear market that has hit DeFi protocols especially hard. Its market cap stands over $100mn and its peg has been resilient as other stablecoins have struggled. pic.twitter.com/tLlyS5OF7x
— Kaiko (@KaikoData) October 30, 2023
Curve Finance’s stablecoin performing well in a tough market could be reassuring for investors. Its resilience may boost confidence in stablecoins and DeFi protocols.
If crvUSD maintains its stability, it might become a preferred choice for traders, helping it gain more popularity and adoption in the crypto space.
State of the protocol
Additionally, the overall revenue generated by Curve has grown by 107% over the last month.
Curve Finance’s impressive revenue growth indicated a healthy financial state. This can lead to more resources for improving their platform and attracting new users.
However, Development Activity on Curve fell by 16.7% during this period. The decline in Development Activity on Curve Finance suggests fewer updates or improvements.
This might affect user experience and the platform’s ability to stay competitive in the rapidly evolving DeFi space. Users might become less attracted to the platform, which could impact its growth.
Source: Token Terminal
Looking at CRV
Coming to the CRV token, it was seen that the price of CRV has moved in a positive direction over the last few weeks. However, this movement wasn’t enough to establish a strong bullish trend.
Additionally, the network growth of the CRV token also fell during this period. This showcased that new addresses were losing interest in the token.
Realistic or not, here’s CRV’s market cap in BTC terms
Coupled with that, the velocity of the token also fell. This implied that the frequency with which CRV was being traded had fallen.
If the trends continue, it could spell trouble for the CRV token in the future. At press time, the CRV token was trading at $0.491.
Source: Santiment
