DeFi Token Behind Curve Finance Jumps 21% Amid Stablecoin News

Curve DAO Token (CRV), the native token of Curve protocol, has rallied more than 21% over the past 24 hours.

CRV, the 60th-largest token with a market capitalization of nearly $760 million, is changing hands at $1.41.

DeFi Token Behind Curve Finance Jumps 21% Amid Stablecoin News
Stablecoins (Image: Shutterstock)


The primary driver behind today’s bullish price action is the upcoming launch of Curve stablecoin.

The launch of an over-collateralized stablecoin by Curve was confirmed by Michael Egorov, the Founder of Curve, at a web3 summit.

“Over-collat. That’s all I can say for now,” said Egorov.

Curve joins leading DeFi protocols, including Aave and Maker, in the race to launch a decentralized over-collateralized stablecoin.

Unlike more centralized offerings à la Tether’s USDT and Circle’s USDC, over-collateralized stablecoins are backed by volatile assets like BitcoinEthereumEthereum and a basket of other cryptocurrencies.

Over-collateralization helps the stablecoin retain its dollar peg amid crypto’s notorious volatility.

Curve and the crypto markets

Despite today’s tremendous run-up, the Curve’s native governance token is still down 97.67% from its all-time high of $60.50 recorded in August 2020, according to data from CoinMarketCap.

A total of 75,393 wallets own CRV tokens, according to Etherscan, up 0.052% from the previous day.

The Total Value Locked (TVL) on the Curve protocol currently holds at a total of $6.02 billion and another $765 million staked in the protocol, suggests data from DefiLlama.


By John Nook

John was born in Houston but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2001. Passionate about the web and innovation, in 2008 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2012, he now collaborates with companies in the sector as a content marketing specialist.