Curve DAO Receives $5 Million Funding From Binance Labs

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DeFi protocol Curve DAO has received $5 million in funding from Binance Labs, Binance’s venture capital firm.

We’ve invested in @CurveFinance‘s CRV token with our full commitment to collaborate with the protocol and shape the future of the DeFi sector together.
Read more👇https://t.co/39q08pqwUF
— Binance Labs Fund (@BinanceLabs) August 10, 2023

With this investment, Binance aims to support Curve DAO and brings its CRV stableswap distribution to the BNB chain.

Curve DAO is the largest stable swap and the most prominent decentralized exchange. With over $2.4 billion total value locked and $215 million in daily volume data press time, Curve DAO became one of the focal points for Binance’s attempts to bring more growth to the DeFi space.

Binance Co-Founder and Head of Binance Labs, Yi He, said that as a key protocol, Curve has contributed to the steady growth of DeFi in 2023.

“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration.”, he said.

He continued that this collaboration will grow the DeFi ecosystem even further.

Partnership to Also Benefit Binance Chain

In addition to bringing the largest DeFi in the world, Curve DAO also presents several benefits, including letting users exchange ERC-20 tokens at low fees and slippage. The Curve DAO Token (CRV) has also established its mettle in the DeFi space with its staking, boosting, and voting utilities.

Curve’s collaboration with multiple chains allows those chains to tap into Curve’s advantages, including high speed and low cost. Binance Lab’s recent contribution of $5 million is to bring these facilities to the BNB chain.

In the blog post informing the community about this strategic partnership, Michael Egorov, founder of Curve, they were told that Binance’s current market position and significant presence in DeFi are perfect for deploying Curve’s products.

“We look forward to collaboratively fostering innovation and growth across the DeFi ecosystem,” he added.

Curve’s Past Developments and Current Price Analysis

Curve DAO has had a good run this year. After entering 2023 at $0.522, it experienced a massive uptick in March, pushing the tokens’ value to its yearly high of $1.2. The token’s value has declined steadily since then.

But the bulls sprang into action on June 13th and pushed the CRV price from $0.5 to $0.86 before correction set in again.

The same month, however, Curve DAO got drained of $73 million due to an exploit. While most of the funds have been returned, most of them – $19 million – remain.

However, these events have had little impact on Curve DAO’s price.

Earlier today, its price margin spiked from $0.61 to $0.64. But the surge didn’t persist, and in the last 24 hours, CoinMarketCap reported that CRV had a 1.09% decline in its price.

That said, there has been a substantial increase in Curve DAO’s trading volume in the last 24 hours, which is currently $96.5 million. With its $526 million market capitalization, Curve DAO token ranks 71st largest cryptocurrency in the world.