Convex Finance (CVX) price prediction: Making CRV staking easier

Convex Finance (CVX) price prediction: Making CRV staking easier

Convex Finance lets CRV , an Ethereum-based token that powers the Curve Finance network, stakers and liquidity providers earn higher returns in a simple and easy way. The platform was built on the decentralised exchange platform for trading cryptocurrency assets, Curve Finance.

Unlike other platforms that charge trading fees to pay for gas, Convex Finance does not have any withdrawal fees. Instead, the platform offers CRV stakers and liquidity providers rewards in the form of CVX, the platform’s native token.

Convex Finance launched on May 17, 2021, making it a relatively new asset. The CVX token has a market capitalisation of $1.295bn on CoinMarketCap, as of the time of writing (26 January), and is ranked 210. The coin has a circulating supply of 47,500,713 CVX tokens and a maximum supply of 100 million.

The CVX coin saw a bullish trend since its launch in May. Despite hitting its all-time low of $1.8823 on 20 July 2021, the token’s price skyrocketed by 3033.93% to the all-time high of $58.99 on 1 January 2022.

Since then, the token has dropped by 53.82% to $27.24, as of the time of writing (26 January). What does the CVX forecast predict for 2022, 2025 and 2030?

What is Convex Finance?

In short, Convex Finance is a yield optimiser for the Curve Finance protocol that aims to bring the CRV boost ecosystem to everyone by simplifying the coin’s staking process and providing Convex users with special rewards in the form of its native token, CVX.

The platform is built on the decentralised exchange platform Curve Finance, also known as Curve.fi, and allows Curve.fi liquidity providers to earn boosted rewards without having to lock (stake) their CRV, Curve Finance’s native token.

Curve.fi liquidity providers will also be able to easily receive boosted CRV and liquidity mining rewards in CVX form with zero deposit and withdrawal fees, as well as no fees on extra incentive tokens such as SNX.

Meanwhile, CRV stakers will be able to earn a share of the Convex platform in CRV as well as trading fees from the Curve platform (3CRV). Stakers will also be able to receive CVX rewards. According to Convex Finance, the platform is the perfect choice for CRV stakers who want to remain liquid while staking the token.

CVX stakers can deposit their tokens on the platform and have the opportunity to withdraw them at any time, as well as receive a portion of the platform fees.

While Convex Finance has no withdrawal fees,  a small performance fee, which amounts to 16%, is imposed on all CRV revenue generated by Curve liquidity providers on the Convex Finance platform. Of that 16%, 10% is paid out in CRV form to cvxCRV stakers, 5% to CVX stakers as cvxCRV and 1% to a harvest caller in CRV.

When a user deposits CRV into the platform, that CRV is locked forever as veCRV. A tokenised version of veCRV, cvxCRV, is then returned to the user. cvxCRV can then be staked into the platform and exchanged for Curve admin fees. Users will also be able to receive CRV from Convex’s performance fee and the platform’s native CVX token.

Convex Finance uses the Ethereum blockchain. Those who wish to join the platform will have to set up an Ethereum wallet to be able to stake Curve liquidity provider coins, convert CRV, and stake cvxCRV and CVX. All Convex Finance services can be navigated via its official website.

CVX price analysis: Key drivers

The CVX token performed fairly well in the first few weeks after its April 2021 release, climbing by 203.61% from its $6.1921 launch price to $18.8 on 4 June 2021. However, the bullish momentum did not last long. The coin’s value reached its all-time low on 20 July 2021, dropping by 89.98% to $1.8823.

The bearish trend continued for CVX coin’s value, despite the news that Convex Finance saw a total value locked (TVL) between $3.5bn and $4bn for over a month and was approaching the $5bn mark at the start of August.

The token started to show bullish movement by mid-August 2021. By 6 September 2021, it had reached $13.22. This followed news that the platform’s revenue surpassed $100m at the end of August and the introduction of CVX voting at the start of September.

In the following 10 days, the token’s value climbed to $14.36, following the announcement that 100m CRV had been staked.

By 23 October 2021, Convex Finance’s TVL surpassed $12bn. The CVX token jumped to $20.78 on 24 October – a 44.70% rise on its mid-September price. Value continued to climb in the following months, reaching a peak of $40.37 by 11 November 2021.

In the lead up to Convex Finance’s release of its November update, however, the CVX token price dropped by 36.16% to $25.77 on 30 November, the day when the month’s update was published.

During that time, Convex enjoyed some positive news: a listing on OKEx crypto exchange and a collaboration with decentralised finance (DeFi) portfolio management platform Zerion. But these events failed to boost its value, which continued to drop, reaching $18.97 by 4 December 2021.

Market sentiment shifted in mid-December 2021. On 21 December, Convex Finance announced that it was expanding beyond Curve Finance’s CRV and added Frax Finance’s Frax Shares (FXS) to its system. The CVX token rose from $31.94 on the day of the announcement by 84.69% to the all-time high of $58.99 on 1 January 2022.

Since then, the token’s value started to shrink, falling by 29.78% to $41.42 on 20 January amid the wider crash in cryptocurrency markets.

In more recent CVX crypto news, on 20 January, Chainlink, the decentralised blockchain oracle network built on Ethereum, added the CVX token to its price feed for CVX/USD. The token’s price continued to decline, reaching $27.24 as of the time of writing (26 January) – a 34.23% decrease since 20 January.

Technical analysis provided by CoinCodex showed that short-term sentiment on the token was bearish, with 16 indicators showing bearish signals and nine showing bullish signals. A relative strength index (RSI) reading of 38 was in the neutral position, yet close to the oversold territory. A reading of 30 or below may signal that the coin is oversold or undervalued.

Convex Finance (CVX) price prediction

Despite recent downward price action, algorithm-based forecasting service Wallet Investor gave a bullish CVX coin price prediction, calling it an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the forecasting service predicted that CVX could trade at $101.712 in 2023 and at $391.112 in 2027.

DigitalCoinPrice supported the bullish CVX forecast, seeing the coin reach $41.37 in December 2022. The coin’s price could rise to $67.41 in December 2025, according to the site.

Although a Convex Finance price prediction for 2030 is not currently available, DigitalCoinPrice estimated that the coin could reach $92.66 in December 2028 and jump to $122.53 in the following year.

Please note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

Analyst views on CVX coin

BigONE Exchange’s chair Anndy Lian explained that Convex Finance is a simple and easy to understand product.

“The bullish surge has been going on since late last year and it crosses $20bn in locked value. Right now, it has dipped because of the market but I do see that if CURVE continues to do well, Convex will too in the longer term,” he told Capital.com.

“Right now, CVX has dipped because of the market, but I do see that if CURVE continues to do well, Convex will too in the longer term.”

Note that analysts can be wrong. Analysts’ views should not be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

 

 

Original Source: https://capital.com/convex-finance-cvx-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Linfinity Making Waves Regionally – Engaging Industry Leaders across Sectors in Blockchain Technology Discussions

Linfinity Making Waves Regionally – Engaging Industry Leaders across Sectors in Blockchain Technology Discussions

Blockchain is much more than just hype over bitcoin and cryptocurrency – decision makers in various industries have a real interest in the topic. To delve deeper into the application and potential for distributed ledger technology, Linfinity has held multiple roundtable discussions where leaders from a diverse range of industries from finance and investments, to hospitality and real estate, came together to provide industry insights. Amid the discussion, it was clear that blockchain has potential to transform various industries. Below are the highlights of the roundtable discussions.

How Blockchain Will Disrupt Everything

The participants largely agreed that the adoption of blockchain was a question of not if, but when. As aptly put by roundtable attendee, Elaine Chia, Bank of Singapore’s Associate Director – “blockchain and cryptocurrency is a tsunami you cannot stop”. Participants brought up examples of how blockchain could potentially disrupt everyday scenarios: from search engines, to food security, to luxury goods. Had blockchain existed earlier, the milk powder scare of 2008 could have been largely avoided. By validating products on blockchain through adopting transparency and credibility, consumers can be more aware of the origins and expiry dates of pharmaceuticals and food products. In the luxury industry, fashion goods can also be authenticated on the blockchain system. Even fisheries can benefit from hosting information on blockchain to prove their sustainability measures, value adding to their consumers.

Blockchain: Boon or Bane?

The benefits of blockchain were agreed to go beyond encouraging transparency and traceability, as blockchain has the potential to boost efficiency. Participants in the banking and finance sectors stated during the roundtable discussions that blockchain technology should be adopted in its processes. It was mentioned that longstanding banks have strong views that technology can undoubtedly improve efficiency and there’s a massive amount of untapped potential to transform the way banks work.

Real estate consultant from Seed Global Investment, Edward Tan, shared with other roundtable participants that blockchain is a commonly discussed topic due to the nature of the industry where funds are frequently moved and a large amount of transactions happen on a daily basis. This creates an urgent need to implement blockchain technology.

Regardless of the background of participants, one thing was for certain: blockchain has the potential to improve systems everywhere. This is why Linfinity has embarked on the total supply chain wave, to provide businesses with a solution to improve transparency and efficiency. By implementing anti-counterfeit measures, traceability technology can strengthen processes.

ICOs: Are they Legitimate?

Despite the excitement and potential of blockchain, participants agreed that dubious ICOs are a possible explanation for the hesitancy and scepticism in blockchain adoption. Recently, ICO scams have been dominating headlines for scamming investors of millions. Often, these companies simply develop and market an attractive landing page or video in order to raise quick funds for their company.

In a recent Bloomberg Article, Lee Boon Ngiap, Assistant Managing Director of Capital Markets at the Monetary Authority of Singapore (MAS), said that the number of digital token exchanges and ICOs in Singapore has been on the rise. She continued that there is no need “to restrict them if they are bona fide businesses…but if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action.” To avoid these scams, investors should study white papers with a discerning eye before committing to an investment. Due to the hot topic of ICOs often being a swindle, Linfinity is not heading towards the direction of an ICO. Instead it relies on the token model in order to incentivise businesses and end consumers.

Introducing Practical Applications of Blockchain Technology

Moving blockchain technology from a concept to reality, Linfinity has sought out strategic collaborations with companies to build a more trustworthy and traceable supple chain, based on their blockchain system.

To date, Linfinity has signed Memorandum of Understandings (MOUs) in Singapore and Taiwan, with more upcoming in the region. The Singapore MOUs marked the start of partnerships between Linfinity and six companies across various industries – Crossinvest, RHTLaw Taylor Wessing LLP, RHT Holdings, RONGDE Logistics, Scientific Tradition, and WealthBriefingAsia. These partnerships span different industries from finance and legal to logistics and FMCG, and will see Linfinity’s implementation of blockchain technology improving the efficiency and transparency of supply chains.

In Taiwan, Linfinity and the Alishan Group signed a strategic cooperation agreement. Under this agreement, Linfinity will create a counterfeit traceability system for all players within the Alishan Group from manufacturers to consumers, as well as prevent counterfeit goods from circulating on the supply chain by using the first-ever dynamic game mechanism.

Anticipating Government Challenges and Regulations

As blockchain remains relatively new and unprecedented, companies must anticipate government challenges and regulations moving forward. Participants pointed out that the decentralized nature of blockchain leaves it resistant to government intervention, in the sense that governments cannot simply ban the access to blockchain altogether unlike Facebook in China.

Even so, companies interested in blockchain are still preempting what governments might do when they start to regulate blockchain. While the Singaporean government is in the midst of fine-tuning its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than cut away from it. In TechINAsia’s recent article, Bobby Ong, co-founder of CoinGecko, one of the largest cryptocurrency data websites, recently shared that regulations set up by Singapore are steps in the right direction, as “clear laws and guidelines by regulators are always welcomed by blockchain startups to ensure that the work that they are doing complies with regulations. It also helps blockchain companies with getting bank accounts.”

Linfinity Talk in Seoul, Korea, on 9th June on overview of blockchain technology with 180 attendees

In a bid to raise awareness and educate the mass public on blockchain and how it can benefit industries, Linfinity has made large strides beyond Singapore. The firm is establishing Linfinity Talks, the company’s self-contained global roadshow platform that demonstrates blockchain projects, as well as connect with like-minded businesses to further explore blockchain technology. Hosted by CEO of Linfinity, Mr Anndy Lian, he will share about blockchain technology and the importance of building a trusted and traceable anti-counterfeiting supply chain.

Targeting a regional audience, Linfinity has made its first stop in Seoul, Korea, where they were joined by CodePress – an out-of-the-box decentralized digital content distribution solution, aimed at helping content producers to quickly build their own content distribution networks.

Following its first successful event in Korea, the next Linfinity Talk will be held in Japan on 1st July 2018, Sunday. Subsequently, Linfinity will be involved in the ‘Asia Digital Asset and Blockchain Congress’ also held in Tokyo, Japan on the 2nd July 2018. Mr Anndy Lian be a Keynote Speaker at the event.

He will then be travelling to Taipei to be a panellist at the 2018 Asia Blockchain Summit on 3rd July.

 

 

 

 

 

 

 

 

 

 

 

 

Aside from Japan and Taiwan, Linfinity has plans for more upcoming talks spread across the globe for the next three months – spanning from Singapore, London to Vietnam and Hong Kong. The possibilities of transforming supply chains across different industries is exciting – as the demand for trustworthy and reliable data increases. Mr Anndy Lian is open to discussions should there be interest in collaborations with Linfinity to apply their blockchain system to existing organisations and/or supply chains. You can reach him at [email protected].

For more information on Linfinity, please refer to: https://www.linfinity.io/

Facebook: https://www.faccebook.com/linfinity.io

Twitter: https://www.twitter.com/linfinitytoken

Linkedin: https://www.linkedin.com/company/linfinity

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j