The Curve DAO Token, CRV saw significant price increases over the month of July. The Ethereum-based decentralized finance protocol makes swapping and other digitally supported finance mechanisms possible between ERC20 tokens through its easy-to-use digital finance platform.
The price of CRV rose from a low of $.68 at the beginning of the month, never seeing that level again to date, and rising to a current high of $1.59 on July 28. While the price of CRV is down considerably from its all-time high, most of the cryptocurrency market is just as well, including the supporting Ethereum network native digital currency, ETH (Ether). The Curve DAO team has continued to move forward, developing and expanding the community-driven decentralized ecosystem during what has been considered by just about every market expert, to be a very difficult time through the vast majority of the crypto market.
Curve Continues To Build And Inform Holders In Tough Market Conditions
When the market becomes challenging, it is apparently much easier to assess the underlying value and economic support structure of any business ecosystem. If not to an even greater degree, the same holds true in the cryptocurrency industry. A few days ago the Curve twitter account released a tweet with news of the platform crossing over the $100 million dollar mark in total fees distributed to veCRV token holders.
VE CRV tokens are simply vote-escrowed tokens, which are CRV tokens staked into the Curve decentralized ecosystem by its holders. The implemented staking protocol helps to assist in the processing of network operations, which include the ability to lock value into the Curve platform in order to swap between ERC20 coins and tokens, without having to engage in cross-chain functions which could dramatically affect price and subject the individuals swapping, with significant fees and costs. Another recent tweet sent out via the official Curve twitter account hinted that the ecosystem is working together with Pitch, a company specializing in Web3 Governance Infrastructure. The tweet suggested that Pitch is actively aiding Curve in navigating solutions for enhancements to be made to the ecosystem’s voting system. The DAO infrastructure is heavily reliant on its voting structure.
Ethereum Gets Stronger And Adds To Overall Confidence
Curve may also be getting a boost, like much of the crypto market, from increased confidence in larger crypto market caps like Bitcoin and the Ethereum ecosystem. In the middle of July the Ethereum foundation released news specifying tentative dates on which their V2 blockchain would begin. ‘The merge’, as it is known to many crypto enthusiasts as, is tentatively scheduled for September 19. From the day prior to the release of the news, to the most current numbers available today, the price of ETH has risen by greater than 60% in value.
With Curve being considered by most, to be a popular protocol on the Ethereum network, this could mean good news for the platform, especially since Curve is also continuing to remain proactive with development and informing the holder community. The DAO network has been able to do so despite bear market sentiment, and other cryptocurrency market challenges seen throughout the year.
