Crypto News

Institution Faces $4.58M Loss After Selling $25M CRV; Convex Finance Tightens Grip On CRV Supply

An institution recently suffered a significant loss after offloading its entire 25 million CRV holdings over the past three days.

The sale, executed at an average price of $0.22 per CRV, resulted in a $4.58 million loss. Originally, the institution had invested $10 million to acquire these 25 million CRV tokens from Michael Egorov in an OTC deal, where they paid $0.40 per CRV.

Convex Finance Now Controls Over 50% Of All Vote-Locled CRV Tokens 

Meanwhile, Convex Finance has solidified its position as a dominant force within the CRV ecosystem, now controlling over 50% of all vote-locked CRV tokens. The past month has seen an unprecedented surge in CRV locking activity, with a staggering 400 million CRV tokens now locked in Convex Finance.

This surge in locked CRV has had a profound impact on the veCRV/CVX ratio, which has climbed from 6.44 to 8. As CRV continues to enter a phase of price discovery, the implications for bribing power and CVX valuation are significant, especially with CVX nearing full dilution.

The massive influx of CRV into Convex Finance not only highlights the growing influence of Convex within the DeFi space but also underscores the potential for future shifts in the CRV and CVX market dynamics. With Convex’s stronghold on CRV supply and the nearing full dilution of CVX, the DeFi landscape could be poised for considerable changes in the coming months.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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