Increased demand for CVX during the recovery attempt of the market in March stabilized Convex Finance TVL which has surpassed Aave (AAVE) TVL at the beginning of May 2022.
Convex Finance (CVX) has seen its total value locked (TVL) beat out major competitors such as Aave, Uniswap (UNI), Compound (COMP), PancakeSwap (CAKE), Instadapp, SushiSwap (SUSHI), Yearn Finance (YFI), and Bancor (BNT) among others.
The Convex Finance protocol had approximately $11.26 billion in TVL, according to Be[In]Crypto Research.
Although Convex Finance opened May with a TVL of around $11.56 billion, the protocol still managed to hold the lion’s share against one of the best DApps in the space today, Aave.
As an inventive decentralized finance (DeFi) protocol, Convex Finance was built on top of Curve Finance, a stablecoin exchange. At its peak, CRV stakers, and Curve liquidity providers (LPs) are rewarded with additional DeFi yields by Convex Finance.
Convex Finance TVL continues to decline in 2022
As an ERC20 token that was launched on the blockchain technology of Ethereum in May 2021, Convex Finance experienced a huge amount of growth within 12 months.
A few days after launching, Convex Finance had a TVL in the…