Crypto Yield Farming Takes Off: Convex Finance (CVX) Price Skyrockets

• Convex Finance (CVX) doubled in price within 24 hours, establishing new records for trading volume on major exchanges.
• Analysts capitalized on CVX’s price swings, leveraging high APR incentives.
• The rise underscores growing interest in DeFi platforms, positioning CVX as a player in the market.

Convex Finance’s (CVX) price surged over 100% within the past 24 hours, accompanied by record-breaking trading volumes across major exchanges.

On June 16, crypto analyst Wu Blockchain highlighted that Binance saw CVX/USDT spot trading volume near $32 million, a new daily record for the platform. Simultaneously, Bybit recorded $120 million in CVX USDT perpetual contract trading.

Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours. On June 16, Binance CVX/USDT spot trading volume reached nearly $32 million, setting a new record for a single day. In the past 24 hours, Bybit CVX USDT perpetual contract trading volume reached $120…

— Wu Blockchain (@WuBlockchain)
June 17, 2024

This surge follows a statement by crypto investor CrediBULL Crypto, who detailed their experience with Convex Finance. The investor first purchased CVX in 2021 at around $5 and recouped their initial investment within a year due to the high APR from “bribes,” or incentives, paid to CVX holders bi-weekly. These bribes, around 30% APR, scaled with the price, allowing the investor to recover their principal faster than expected.

Despite CVX reaching an all-time high of $60, it eventually dropped back to $2. The investor took advantage of this dip to triple their holdings, making a final purchase at $2 to reach their desired allocation.

With the APR still around 25%, the investor expects to recover their investment again within a year, while holding a much larger stake, hoping for new all-time highs to take future profits.

First bought $CVX in 2021 at around $5.

Over the next year or so I would completely recoup my principle via the “bribes” or incentives that are paid out to holders every two weeks.

The ~30% APR I was earning at the time scales with price- so I ended up recouping my investment… https://t.co/or2PYeY4f6

— CrediBULL Crypto (@CredibleCrypto)
June 16, 2024

The trading activity and optimism of long-term investors suggest renewed interest in Convex Finance. This occurs amid a broader trend of increased attention towards yield amplifiers and DeFi platforms.
Convex Finance (CVX) is currently trading at $4.03, with a 24-hour trading volume of $174,861,508.83. CVX has increased 82.40% in the last 24 hours and 68.87% over the past seven days.

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