How convex financing [CVX] I struck a different note as DeFi TVL hit a 22-month low

  • Convex Finance resisted the urge to follow in other protocols’ footsteps when TVL fell below $40 billion
  • CVX on-chain behaved according to the dips

Despite the sixth position in the Total Value Locked (TVL) ranking, Convex financing [CVX] It failed to send DeFi TVL to the lowest level since February 2021 Curve Finance [CRV]The staking-based platform has defied the trend shown by other top protocols, resulting in an increase of 34.44% in the last 30 days.

Read Convex financing [CVX] predict the price 2023-24

Others contributed significantly to the drop below $40 billion. Pioneer protocol MakerDAO [MKR] It decreased by 11.52% over the same time frame. Uniswap [UNI]Unaccompanied minors, they lost 12.27%, according to data from Devi Lama.

Source: DeFi Llama

Wait, CVX still suffers

However, CVX has been unable to maintain its momentum lately. Based on information from the DeFi aggregator, Convex 24-hour TVL indicated an increase of 0.50%, which resulted in a weekly decline of 3.42%.

Initial understanding from CVX’s on-chain status revealed that the rally has given its investors dividends. Santiment, the behavioral crypto platform, show up An increase of 1.61 million daily earnings in the chain on December 13th.

However, CVX has stopped touring as on-chain earnings have shrunk to 42,300 at press time. Essentially this had to turn into using losses. In response, Santiment revealed that CVX investors had recorded forfeited value as the daily on-chain loss volume was higher at 64,200.

Convex Finance Daily volume on the series in profit and loss

Source: feeling

An increase in TVL means that Convex Finance has seen increased deposits in the chain as per the protocol. So rise of On active addresses this should have been the case.

An assessment of daily active addresses showed that between the 30-day period, there were significant increases that showed relatively improved network activity. The last participation in the convex network has decreased to 124.

Moreover, the plague never seems to leave the CVX ecosystem. This was due to the case shown by the network value trading to transaction (NVT) ratio. NVT shows the ratio between market capitalization and trading.

At the time of publication, the NVT trading ratio was significantly higher at 1217. This indicates that the value of the CVX network was outperforming the trading. A high value for this scale means a bearish reading.

Active addresses for convex finance and NVT trading

Source: feeling

NFT sharing failed

During the course of the collective value lock, NFT traders opposed the buying and selling of collectibles within a convex chain. According to Santiment, NFT trading volume peaked at $1.42 million on December 6.

This represents sales decline compared to the peak that occurred on September 29. At the time of writing, CVX price was hardly affected, trading at $3.44 – down 10.66% over the past seven days.

Convex financing price and NFT volume

Source: 0 feelings

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