How Convex Finance [CVX] struck another tone as DeFi TVL hits 22-month low

CVX has, however, not been able to sustain its momentum in recent times. Based on information from the DeFi aggregator, Convex’s 24-hour TVL indicated a 0.50% increase, summing up to a 3.42% weekly decline.

The initial understanding from CVX’s on-chain status revealed that the spike provided its investors with gains. Santiment, the behavioral data-driven crypto platform,However, CVX halted the run-through as the on-chain profit decreased to 42,300 at press time. In essence, this should have switched to using losses. In response, Santiment exposed that CVX investors had recorded value forfeiture since its daily on-chain volume in losses was higher at 64,200.

Further, agony did not seem to depart the CVX ecosystem. This was due to the status displayed by the Network Value to Transaction circulation ratio. The NVT shows the relationship between the market cap and circulation. At press time, the NVT circulation ratio was remarkably high at 1217. This indicated that the CVX network value outpaced the circulation. The high value of this metric signified a bearish reading.Over the course of the aggregate value lock, NFT traders resisted buying and selling collectibles under the Convex chain. According to Santiment, the NFT trade volume’s highest value was $1.42 million on 6 December.as compared to the spike around 29 September.

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