- Convex Finance (CVX) has risen nearly 90% in a week.
- The platform increases the rewards for CRV investors and liquidity providers.
- CVX Vote locking was introduced by Convex Finance on September 2.
Despite their apparent simplicity, cryptocurrencies have a staggering global reach. The number of investors grows on a daily basis, and investments are made in a variety of ways. Significantly, advances in the cryptocurrency industry are spreading quickly. Integrating new technology into the platform has become an important feature that attracts investors to invest in their native coins.
The market is seeing a massive influx of cryptocurrency assets, with new coins being introduced on a weekly basis. Adding tokens to the list has also become a regular occurrence, and each ecosystem is working to expand their developments.
Convex is a yield-optimization protocol that simplifies the Curve boosting experience. Convex allows Curve liquidity providers to earn trading fees and claim higher CRV without committing to their own CRV. With little effort, liquidity providers can benefit from increased CRV and liquidity mining rewards.
Current Market Situation
Convex Finance (CVX) is trading at $12.74 at the time of writing, with a 24-hour trading volume of $27,095,868. CVX is currently ranked 257th on Coinmarketcap, having risen nearly 90 percent in 7 days.
Over the last week, the chart shows a bullish price pattern. CVX’s price has risen from $6.63 to $13.31 in a week. Furthermore, CVX has increased to 37.76 percent in the last 24 hours. CVX currently has a circulating supply of 21,376,501 coins. It can be purchased on major exchanges such as ZT, BKEX, Gate.io, Hoo, and CoinW.
Vote Locking in CVX
CVX Vote locking was introduced by Convex Finance on September 2. According to the announcement, users can lock CVX tokens in order to vote and receive an additional 1% fee. Users can earn voting power by locking CVX tokens for a set period of time.
Significantly, with the recent updates, the introduction of CVX Vote locking may be the cause of the price increase. However, users have hit a sweet spot in the last week. Furthermore, CVX users anticipate further price increases in the coming days.