The number of users on the Curve Finance platform more than doubled in 2024, contributing to the impressive 500% increase in the value of its native token, CRV, during the November surge.
As per an exclusive report from 2024 obtained by CryptoCrypto, the decentralized exchange (DEX) witnessed a surge in unique users from 30k in 2023 to 60k in 2024, marking a significant 105% year-over-year growth.
During the same period, the Total Value Locked (TVL) in the platform increased from $1.7B in early November to $2.4B by early January, reflecting enhanced trust and confidence from investors as more funds were locked in the platform’s smart contracts.
The report attributed the growth in user base to the introduction of new product features and the rising interest from institutional investors.
In a notable move, BlackRock selected Curve for liquidity provision and trading of its tokenized asset BUIDL towards the end of November, signaling institutional interest in the DEX, which also manifested in the price performance charts.
Can CRV Recover from Recent Declines?
Despite prevailing weak market sentiments, CRV managed to retain around 280% of the gains made during the November surge. The recent retracement found support in the $0.6-$0.7 demand zone (cyan), with price action forming a triangular pattern.
A bullish breakout from this pattern could set a target of $1.5 within reach. Conversely, a bearish breakout might eliminate more of the gains from November, potentially driving the price down to $0.26.
Nonetheless, the negative market sentiment and a 30-day Market Value to Realized Value (MVRV) ratio indicated that CRV was trading at a relatively low price at the time.
The 30-day MVRV was at a 10% decline, while the 60-day MVRV stood positive at 12%, suggesting that individuals who purchased the coin within the past one and two months had an average unrealized loss of 10% and a profit of 12%, respectively.