A new tool to capture yields from prominent stablecoin swapping service Curve has attracted over $60 million from depositors just over a week after launch.
Each omnipool allocates liquidity of a single asset into different Curve pools. All Curve liquidity provider tokens get staked on Convex to boost curve rewards earnings. Convex , another Curve ecosystem token, is also rewarded, and so is conic , Conic’s native token. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools by participating in Conic’s Liquidity Allocation Votes – which determine the share of an omnipool’s liquidity that a Curve pool can receive.
As such, CNC tokens currently trade at $8, losing 4% in the past 24 hours with a market capitalization of $32 million.Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, according to developer documents. Depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform, which locks over $5 billion worth of Ethereum-based tokens on its platform.
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