While the craze in decentralized finance (DeFi) has simmered down over the last few weeks, Spencer Noon, head of DTC Capital, says an up-and-coming crypto asset will likely launch a new phase of the DeFi frenzy.
In a new post, Noon tells his 22,000 Twitter followers that he’s keeping a close eye on Curve Finance (CRV) as the new cryptocurrency can potentially take the DeFi sector to greater heights.
“Cat’s out of the bag, this is correct. CRV is likely the next big domino to fall that puts DeFi back in a frenzy. That’s what happens when you’re [a] critical infrastructure for farms, have huge daily volumes, plus a lean cap table.”
Curve Finance is a decentralized exchange (DEX) for Ethereum-based tokens that bolsters the creation of liquidity by offering incentives to liquidity providers. One incentive enables liquidity pools to take fees from trades performed on the platform. The second incentive involves the exclusive awarding of CRV, the protocol’s governance token, to pools and users who have provided liquidity since the inception of the crypto asset in January.
“CRV will be awarded to Curve.fi liquidity providers. There won’t be any public sale or ICO. All users who have provided liquidity on Curve will be awarded CRV retroactively from day 1 based on how long and how much they have provided liquidity to CRV for.”
The team behind Curve Finance has yet to launch CRV but Coinbase is already mulling listing the token on the exchange.
At time of writing, Curve Finance is the seventh-largest DeFi protocol with over $247 million worth of assets locked, according to DeFi Pulse.
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