2023-08-04
Curve DAO token is the utility token of
the curve.fi. It is an ERC-20 token that runs on Ethereum blockchain.
The main purpose of Curve DAO Token is
for rewarding liquidity providers in the Curve decentralized exchange.
1. Voting
CRV holders can vote-lock their veCRV
to vote on various DAO proposals.
2. Staking
By stake (lock) CRV tokens, stakers will receive a 50% admin fee on all trading fees. These fees are collected and used to buy 3CRV, the LP token for the TriPool, which are then distributed to veCRV holders.
3. Boosting
You can use CRV to boost up to 2.5x on
the liquidity your are providing on Curve Finance.
Technical Analysis
CRV support line is $0.5.
CRV resistance lien is $1.2.
CRV current price is $0.5739
Valuation
CRV ranks 73rd largest
crypto by market cap.
Market cap: $508 million.
Fully diluted market cap: $1.897
billion.
As of August 4, 2023.
Should you buy CRV on dip?
Technical analysis shows that AAVE,
COMP, MAKER, SNX have the potential to perform well in the next bull market.
UNI, AAVE, MAKER, COMP, SNX, CRV, CAKE are among the best DeFi governance
tokens.
Curve’s stablecoin pools such as alETH,
msETH, and pETH utilizing Vyper 0.2.15 got hacked. As a result, CRV price has
dropped 20-25%.
You can buy CRV tokens on dip if you
want a DeFi governance token in your portfolio and you think that total value locked on Cuve will recover in the future. The suitable price for buying CRV is between $0.5 and $0.6 because this is the price at the support line.
If CRV price drops below $0.5 stop
buying and wait for the chart to make the new support line. Buy at the lowest point to make sure you've got margin of safety.
You should not buy CRV tokens if you
don’t want to hold DeFi governance tokens in your portfolio. There are other
cryptocurrencies that are also opportunity for buying with stronger fundamental
than CRV such as Solana, Polygon, Chainlink, and Avalanche.
