Following these two exchange listings, the price of CVX spiked from $34.83 to $45.76, a gain of 42% in less than 36 hours.
CVX also received a boost to its value on Nov. 26 when the token was listed on the cryptocurrency exchange OKEx.A third element that points to the growing strength of Convex Finance is the total value locked on the protocol, which hit a new record-high of $19.49 billion on Dec. 29, according to data from Defi Llama.
As the Convex ecosystem expands and continues to add support for projects like Frax and potentially TerrraUSD in the future, the protocol's TVL is likely to continue to rise and could potentially surpass that of Curve Finance as it incorporates other stablecoin protocols. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.