The crypto market is notorious for its volatility, and recent trends have shown a significant downtrend affecting many major tokens. However, Convex Finance (CVX) and RCO Finance (RCOF) have emerged as significant winners amidst this turbulent market.
Convex Finance and RCO Finance have weathered the storm and shown impressive gains. This article explores the reasons behind their success and what makes them stand out.
Convex Finance (CVX) Gains 72% as Crypto Market Bleeds
Convex Finance (CVX) is the native token of Convex Finance, a decentralized finance (DeFi) protocol built on the Ethereum blockchain.
Convex Finance enhances yield optimization and staking rewards for Curve Finance (CRV) token holders and liquidity providers.
Instead of staking directly on Curve Finance, liquidity providers can stake with Convex Finance and receive boosted CRV and liquidity mining rewards.
Convex Finance’s CVX token price has seen a significant rally in recent market movements, recording an impressive 72% gain over the past seven days. Notably, the token has been soaring since June 16 and recovered from a sudden plunge witnessed on June 18.
Several factors contribute to the current CVX price rally. Firstly, Convex Finance’s strategic role in the Curve wars has heightened its importance in the DeFi space. The more CRV tokens a protocol holds, the more influence it has over interest rates on Curve.
Secondly, Convex’s reward model includes bi-weekly “bribes” yielding around 30% APR.
Sponsored
Moreover, DefiLlama data show an increase in total value locked (TVL) to $1.342 billion, though it has adjusted to $1.302 billion.
The open interest (OI) also saw a massive growth of 750%, rising from $1.30 million on June 16 to $9.19 million before stabilizing at $8.31 million.
These figures indicate a high level of engagement and volatility, reflecting traders’ keen interest in CVX.
The CVX price prediction shows that the 14-day RSI is currently at 65.03, just below the overbought region, signaling a possible short-term pullback. However, on the weekly chart, the RSI is at 25.35, indicating an oversold condition, thus signaling a possible increase in the current bullish momentum in the long term.
RCO Finance (RCOF) Catches Crypto Investors’ Attention With its DeFi Offerings
RCO Finance (RCOF) is another DeFi token making waves in the crypto market with its ongoing presale. It is the native token of RCO Finance, a pioneering DeFi trading platform that aims to offer a fully AI and ML-based trading platform, eliminating the need for human intervention.
RCO Finance provides various services, including AI-powered robo advisors, real-time market predictions, and low-interest borrowing and lending.
RCO Finance users can invest in spot Bitcoin and Ethereum ETFs, access a global debit card without geo-restrictions, and enjoy leverage up to 50x when trading on the platform.
The platform also allows users to purchase stocks and other real-world assets (RWAs) using cryptocurrencies without having to go through the tedious process of converting to fiat.
As the team advances towards the official launch of the RCO Finance trading platform, investors currently have the chance to invest in the project by participating in the ongoing RCOF token presale.
RCO Finance (RCOF) Token Presale Offers Opportunity
The RCO Finance presale round is currently in the first stage, and the RCOF token is priced at $0.01275 per token with over 70 million still up for grabs.
The RCOF token holders stand to benefit from tier-based rewards, staking rewards for staking the token on the platform, priority customer support, and participation in governing the RCO Finance platform.
While Convex Finance’s strategic positioning in the DeFi space and attractive reward model has driven significant gains for the CVX token, RCO Finance’s innovative AI and ML-driven platform is expected to revolutionize the DeFi sector and the value of the RCOF token is expected to go higher as the platform grows.
For more information about the RCO Finance Presale:
Visit RCO Finance Presale
Join The RCO Finance Community
This article contains a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.
