PayPal Incentivizing People To Provide PYUSD Liquidity On Curve, CRV To The Moon?
11 Januar 2024 - 1:00AM
NEWSBTC
In a landmark move, PayPal, the payment processor, has incentivized
PYUSD liquidity on Curve Finance, the world’s largest stablecoin
decentralized exchange (DEX) by trading volume. PayPal
Incentivizing PYUSD Liquidity Via Curve This development, which
Stake DAO first captured on January 10, sent shockwaves through the
crypto community, with many experts predicting that Curve is on its
way to becoming the go-to platform for institutional and corporate
trading of on-chain stablecoins. PayPal’s decision to incentivize
PYUSD liquidity on Curve is a significant step forward for adopting
stablecoins and promoting decentralized finance (DeFi) protocols in
general. By providing attractive rewards for liquidity providers,
PayPal is signaling its commitment to the growth of this rapidly
evolving sector. Related Reading: Cardano Price Explosion: Crypto
Analyst Predicts ADA Price To Hit $6 As part of its incentive
program, PayPal has deposited vote incentives worth $132k in PYUSD
on Votemarket, a vote incentive platform. These rewards are
designed to encourage users to increase their liquidity on Curve.
In addition, PayPal will offer direct rewards to liquidity
providers distributed in PYUSD, with an APY of 11%. Observers note
that the $66,000 allocated weekly to Votemarket could direct at
least $55k in CRV, a governance token on Curve Finance, to the
PYUSD-USDC pool. Institutional Endorsement: Will CRV Rally Above
$0.75? With PayPal’s endorsement, Curve may attract even more
liquidity and cement its position as a leader in on-chain
stablecoin trading. It is unclear whether other Wall Street
heavyweights on the wings are ready to enhance liquidity via Curve
or other DeFi protocols. Their involvement will validate Curve and
DeFi’s potential, accelerating adoption among institutional
investors. According to DeFiLlama data on January 10,
Curve has a total value locked (TVL) of $1.82 billion, with a big
chunk of this in Ethereum. The protocol has deployed in Ethereum
layer-2s and other Ethereum Virtual Machine (EVM) compatible
platforms, including Arbitrum. For now, CRV, the native token of
Curve, remains under pressure. Looking at the performance in the
daily chart, the token is down 30% from recent December peaks,
sliding when writing. Related Reading: Bitcoin ETF Drama
Reveals Post-Approval Price Trend: Experts From price technical
analysis, any break above $0.75 could spark more demand, lifting
the token to new 2024 highs. Presently, CRV is trending inside a
bear candlestick, signaling general weakness. In the short term,
sharp losses below $0.45 might trigger a sell-off. CRV risks
dropping to September 2023 lows of around $0.40 in that case.
Feature image from Canva, chart from TradingView
Arbitrum (COIN:ARBUSD)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Arbitrum (COIN:ARBUSD)
Historical Stock Chart
Von Apr 2023 bis Apr 2024