Ethereum

Rally

2024

Stake DAO

<p>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.&nbsp;</p> 
<h2 id="paypal-incentivizing-pyusd-liquidity-via-curve">PayPal Incentivizing PYUSD Liquidity Via Curve</h2> 
<p>This development, which Stake DAO first <a class="editor-rtfLink" href="https://twitter.com/StakeDAOHQ/status/1744839829160861715" target="_blank" rel="noopener nofollow">captured</a> 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.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-568978" src="https://www.newsbtc.com/wp-content/uploads/2024/01/GDbpfMWWwAEsZl6.png?resize=847%2C454" alt="PayPal incentivizes liquidity via Curve | Source: Stake DAO" width="847" height="454" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/GDbpfMWWwAEsZl6.png?resize=847%2C454?w=847 847w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDbpfMWWwAEsZl6.png?resize=847%2C454?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDbpfMWWwAEsZl6.png?resize=847%2C454?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/GDbpfMWWwAEsZl6.png?resize=847%2C454?w=750 750w" sizes="(max-width: 847px) 100vw, 847px" data-recalc-dims="1"> 
<p>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.</p> 
<p>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%.</p> 
<p>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. </p> 
<h2 id="institutional-endorsement-will-crv-rally-above-0-75">Institutional Endorsement: Will CRV Rally Above $0.75?</h2> 
<p>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.</p> 
<p>According to DeFiLlama&nbsp;<a class="editor-rtfLink" href="https://defillama.com/protocol/curve-finance" target="_blank" rel="noopener nofollow">data</a>&nbsp;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.</p> 
<img loading="lazy" decoding="async" class="size-full wp-image-568977" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443" alt="Curve TVL | Source: DeFiLlama" width="1024" height="443" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443?w=1139 1139w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Screenshot499.png?resize=1024%2C443?w=750 750w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>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.&nbsp;</p> <a href="https://www.tradingview.com/x/RlVp7SzJ/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/RlVp7SzJ/" alt="Curve price trending downward on the daily chart | Source: CRVUSDT on Binance, TradingView" width="1233" height="592"></a> 
<p>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.</p>

PayPal Incentivizing People To Provide PYUSD Liquidity On Curve, CRV To The Moon?

Table of Contents

NewsBTC

Other articles published on Jan 11, 2024

Blox.pro: The Evolution of DeFi Trading Tools

The US CPI Rates Came Out Hotter Than Expected, Causing Volatility in Bitcoin Price: Here’s What ...

SEC Approves First Spot Bitcoin ETFs in the US: A Milestone for Crypto

Ethereum Breaks out of Compact Range and Surges Above $2,500

Ethereum Classic Surges Amid Market Volatility

DOT Price Breakthrough Signals 40% Hike Potential!

Join our free newsletter for daily crypto updates!