Report reveals that Curve Collateral gained over $1 billion increase in the overall value locked after the launch of DAO.
The DeFi sector is not planning to leave the spotlight anytime soon as Curve Collateral project has already announced the staggering figure.
Coming on the back of this new revelation was the Yam token, which only needed less than 24 hours to make its impact. According to the developers, Curve seeks to provide traders who deal in stablecoin trading with maximum efficiency.
Presently, Curve finance has now moved to third place in the DeFi sector, and the most exciting fact is that it was just launched last week.
DAO launches a big player
Following the launch of the Curve Collateral protocol around last week, the total amount locked in the project has seen a massive increase worth around 300%.
According to the makers of the protocol, it seeks to provide lending across different protocols by collecting yield with it offering traders interest rates. One of the key elements and driving force on the platform is DAO, which boasts of more than $78 million in the total value on the platform.
The developers have noted that DAOs increase on the platform has seen it register a 730% surge as it presently holds 18.5% of the total number of the entire supply.
Binance listing another factor in the Curve Collateral price surge
Experts say they are keeping their fingers crossed as traders are being driven by the fear of missing out which has seen the price of the token increase drastically. Another driving force for the token was its listing on the renowned crypto website, Binance which saw the price move towards the $23 region.
Presently, Curve Collateral now trades at around $5 on the digital assets exchange platform with some reports claiming the token touched $50 briefly. A data analysis website, Dune Analytics said the total volume traded on the platform last week was $185 million with the website saying it recorded nothing less than $80 million.