Yield-boosting application Convex Finance crosses $20 billion in total volume locked
DeFi projects rely on smart contracts instead of middlemen for financial services such as lending, trading, and borrowing.from DeFi Llama shows that the platform locked just $68 million after its launch in May 2021, surpassing older projects in later months. The project took a month to attract $1 billion, and five months to reach $10 billion. Increased demand for the product led to an additional $10 billion in liquidity in the last two months.
The tokens are time-locked, meaning users are incentivized to lock their CRV for a long time to receive more veCRV and more platform rewards. However, this mechanism effectively locks up liquidity, creating opportunity costs for users.
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