How convex finance [CVX] hit another tone as DeFi TVL hits 22-month low

• Convex Finance resisted the temptation to follow in the footsteps of other protocols when TVL fell below $40 billion
• CLC on-chain acted on declines

Despite its sixth position in the Total Value Locked (TVL) ranking, Convex Finance [CVX] failed to send DeFi TVL to its lowest level since February 2021. The Curve Finance [CRV]The Stake-based participation platform bucked the trend shown by other major protocols, leading to a 34.44% increase over the last 30 days.

Read Convex Finance’s [CVX] Price prediction 2023-24

Others contributed a significant part to the drop below $40 billion. MakerDAO Leading Protocol [MKR] it slid 11.52% in the same time period. uniswap [UNI]alone, lost 12.27%, according to data from DeFi Flame.

Source: DeFi Flame

Slow down, CVX still suffers

However, CLC has not been able to maintain its momentum of late. According to data from the DeFi aggregator, Convex’s 24-hour TVL indicated an increase of 0.50%, which adds up to a weekly decrease of 3.42%.

Initial understanding of CLC’s on-chain status revealed that the spike provided profit to its investors. Santiment, the crypto platform based on behavioral data, He showed a 1.61 million increase in daily volume on the profit chain on December 13.

However, CVX halted the run as the on-chain profit dropped to 42,300 at press time. In essence, this should have changed to using losses. In response, Santiment stated that CVX investors had recorded the loss in value as their daily on-chain loss volume was greater than 64,200.

Source: Feeling

The increase in TVL meant that Convex Finance saw increased on-chain deposits under the protocol. Therefore, a rise in active addresses should have been the case.

An evaluation of the daily active addresses showed that, between the 30-day period, there were notable increases showing relatively improved network activity. Recent participation within the Convex network dropped further to 124.

Furthermore, the agony did not seem to leave the CLC ecosystem. This was due to the status shown by the network value circulation rate per transaction (NVT). The NVT shows the relationship between market capitalization and circulation.

At the time of publication, the NVT circulation index was remarkably high at 1217. This indicated that the value of the CLC network was exceeding circulation. The high value of this metric signified a bearish reading.

Source: Feeling

Could not follow NFT commit

Over the course of the value-added lockdown, NFT traders were resistant to buying and selling collectibles under the Convex chain. According to Santiment, the highest value of NFT trading volume was $1.42 million on December 6.

This represented lower sales compared to the peak around September 29. At the time of writing, the CVX price was rarely affected, trading at $3.44, a decline of 10.66% over the past seven days.

Source: 0 Feeling

source: ambcrypto.com