- Curve Finance announced new additions to its liquidity pools and protected users holding income-based assets
- Despite the developments, the volume of its protocol and interest in the CRV token declined
Curve Finance [CRV] A new announcement on Dec. 18 revealed that it would be adding WBTC, sBTC, and MultiBTC liquidity pools to its protocol. multiBTC is a bitcoin [BTC] Asset crossed from Bitcoin to Ethereum [ETH] via the Multichain cross-chain router protocol.
Curve announced the addition of a MultiBTC/WBTC/sBTC pool and started a proposal vote for adding liquidity incentives to the pool. multiBTC is a Bitcoin asset crossed from Bitcoin to Ethereum via Multichain.https://t.co/zG4iJ7kXKq
— Wu Blockchain (@WuBlockchain) December 18, 2022
Read Curve Finance [CRV] price prediction 2023-24
Curve Finance announces major update
Curve also contributes to these developments announced that renBTC holders could exchange their wealth with wBTC for a 1.5% bonus. This was because old bitcoin pools on the Curve protocol that contained renBTC would be closed soon. The reason for this is the fact that Ren Protocol, the protocol behind renBTC, would be Update his network.
This update was the result of Ren Protocol’s contact with Almeda. After this update and the Ren-Network transition to Ren-Network 2.0, the holders of Ren-based assets could potentially all their establishments.
If you still have renBTC somewhere, you can swap it into wbtc instead of cashing it in and get a nice 1.5% bonus pic.twitter.com/vBuJ3isH1q
— Curve Finance (@CurveFinance) December 18, 2022
Despite Curve Finance’s increasingly user-focused developments and new additions, the protocol’s trading volume continued to decline compared to other DEXs.
According to data from Dune Analytics, both Curve and Uniswap saw a weekly volume drop. Because of these declining trading volumes, DEX’s are like Uniswap [UNI] competed Curve in terms of volume.
At the time of writing, Curve Finance’s weekly volume was 1.48 million, while Uniswap’s volume was 8.83 million.
Source: Dune Analytics
However, trading volume wasn’t the only area where Curve Finance’s growth faltered. His TVL has also been affected over the past few months.
Based on information provided by DefiLlama, Curve Finance’s TVL as of Nov. 7 was $5.91 billion, down to $3.69 billion at press time.
Source: Defillama
state of the token
These developments had a negative impact on the CRV token.
According to Santiment, CRV’s network growth dropped significantly in the past week. This indicated that the number of new addresses transmitting CRV for the first time had decreased.
In connection with this, large addresses have also lost the CRV token. As the chart below shows, the percentage of top addresses with CRV has decreased over this period.
Source: Santiment
At the time of writing, CRV was Trading at $0.552. According to CoinMarketCap, its price was down 0.66% in the past 24 hours.
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