Gamza Khanzadaev
CRV, CVX, and several other DeFI tokens are taking the spotlight amid the fear and uncertainty surrounding stablecoins
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Curve DAO Token (CRV) has caught the attention of crypto enthusiasts today. Despite a crypto market shakeout accompanied by negative news, it surged more than 14% at times. What’s funny is that this very news turned out to be the trigger for this type of CRV price action.
CRV in USD from CoinMarketCap
As the go-to place for everything related to algorithmic stablecoins and yield farming, Curve Finance has been one of the beneficiaries of the Securities and Exchange Commission’s regulatory nightmare regarding stablecoins. By launching legal action against Binance USD (BUSD) issuer Paxos, the SEC has once again unknowingly drawn attention to the DeFi sector and in this case, decentralized stablecoins.
Why Curve DAO Token (CRV)?
Curve Finance, or rather Curve DAO, which manages the protocol, is preparing to release its own crvUSD in addition to access to a whole factory of stablecoin farming pools. CVX, on the other hand, is a token that grants the right to participate in a decentralized autonomous organization and the ability to influence decisions related to the management of the protocol.
In addition to the Curve DAO token, the related Convex Finance (CVX) token, the Frax Share (FXS) token associated with the management of an algorithmic stablecoin of the same name, and the Maker DAO (MKR) token – the Issuers of the decentralized stablecoin DAI – have also come under the spotlight amid the recent turmoil.
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