Terra launched its ambitious “4pool” liquidity pool on the DeFi platform, taking the Curve DAO Token (CRV) up over 17% in the last 24 hours.
Among the top 100 cryptocurrencies, CRV has become the top gaining token. The 4pool stablecoin, which includes TerraUSD (UST), Tether (USDT), USD Coin (USDC), and Frax, has been successfully launched by Curve Finance.
More capital is projected to flow into Curve as a result of the new liquidity pool.
CRV TVL reaches $19 billion
The 4pool liquidity pool combines liquidity from four different stablecoins to provide deposit returns similar to those offered by a decentralized savings account. Its launch on Curve which was announced in a tweet, is likely to boost deposits even more.
According to data from DeFi Lama, Curve is the largest DeFi lending platform by total value locked, which is above $19 billion.
Curve Finance had earlier shown a simulation of 3pool fees being cut to 1 basis point. It stated that 3pool fees have become required in the stablecoin. 3pool revenues may decline, but total DAO earnings would eventually increase due to efficiency of metal pools, the blog added.
Over $16.75 billion of CRV is projected to be locked up in the Ethereum network.
The 24-hour trading volume of CRV soars by 100%
The 24-hour trading volume of CRV tokens has increased by more than 100% to $300 million. The recent price surge has aided the token in recouping its seven days losses. At the time of writing, the CRV token was trading at an average price of $2.45. With a market valuation of $1.1 billion, the CRV coin is now the 70th largest cryptocurrency.
The CRV token was listed among the most used smart contracts by the top 1000 Ethereum (ETH) whales, according to WhaleStats. Meanwhile, Whales have been hoarding USDC and USDT stablecoins. USDC and USDT are also among the top 10 tokens bought by ETH whales in the last 24 hours.
The biggest of the whales owns USDC and USDT tokens worth $722 million and $611 million, respectively. USDC and USDT account for 11.21% and 9.47% of total whale holdings, respectively.