The seasons are turning and the markets are shifting. Could it be a strong summer for decentralized finance?
Farmer’s almanac of decentralized finance (DeFi) is suggesting that DeFi Summer 2.0 could feature some potential yields across the ecosystem.
Lots of common metrics used to indicate the health of the DeFi space. Directing towards an emerging bull market, but perhaps the most promising of all might be the rise in Curve’s $CRV governance token price.
Thus, the protocol is the 7th-largest by total value locked (TVL) per DeFiLlama with US$6.49B in terms of assets, and functions as the main yield-bearing protocol leveraged by yield vaults like Yearn.
Reading the between the lines, testing water depth
If the price of CRV can be used as a guide of how many common farming strategies will be performing in the coming months, then the summer is looking brighter.
CRV rose 4.6% on the day to $3.94 at the time of release — part of a month-long rally carrying it an additional 51.1% higher, per Coingecko.
However, veCRV holders have also been the recipients of a number of lucrative airdrops as of late. Ellipsis, an “authorized fork” of Curve on Binance Smart Chain, airdropped an initial round of $EPS tokens to veCRV holders.
Likewise, Convex Finance, a forthcoming platform aiming to “simplify staking on Curve,” has also announced an airdrop to veCRV holders, though this infos of the drop have not yet been public.
Lastly, it has the great potential in creating a virtuous cycle for all of DeFi: speculators buy CRV to convert to veCRV in the hopes of receiving an airdrop; CRV’s price rises; DeFi’s yields grow fatter.
Full of incoming good news
As CRV and the strategies that are depending on its yield play out, an organizer of other metrics are pointing to a strong summer for DeFi.
DeFi’s TVL value at US$123.29B, having another US$20B gain after eclipsing the US$100B mark just last week. Even as the wider market pulls back after a strong Thursday multiple DeFi projects remain green on the daily and weekly.
Such as Curve and Compound, and OG projects like Maker are on a tear, with the MKR token eclipsing US$4k for the first time yesterday.
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