Curve DAO (CRV) turns bullish after Curve Finance’s partnership with TON Foundation

2024-10-12 21:40

Curve DAO (CRV) has experienced a bullish uptick following a partnership between Curve Finance with the TON Foundation.

According to a press release issued on October 11, the collaboration aims to boost stablecoin trading on the TON blockchain by utilizing Curve’s established market-maker solutions.

This strategic move, alongside ongoing developments within Curve’s ecosystem, has reinvigorated investor interest, pushing CRV prices higher after a period of volatility triggered by significant liquidations.

Collaborative hackathon as part of the partnership

Following the partnership, Curve Finance, and the TON Foundation launched a joint hackathon to advance their Stable Swap Project on the TON blockchain.

The hackathon will run until October 17, 2024, and is designed to attract developer teams who will work on optimizing stablecoin trading and enhancing the user experience on the TON network.

At least 70 teams from the TON community have already expressed interest in participating, further highlighting the excitement surrounding this collaboration.

During the hackathon, participants will utilize Curve Finance’s constant-function market maker solution, which is well-suited for stablecoin swaps and yield-bearing token exchanges.

The goal is to make stablecoin trading more accessible and increase adoption on the TON blockchain.

A panel of judges, including Curve’s founder, Michael Egorov, and representatives from TON, will evaluate the submissions.

The top three teams will be offered an opportunity to continue working with Curve and TON, potentially contributing long-term to the stablecoin ecosystem on the network.

CRV price jumps after a 38% drop

The Curve Finance and TON Foundation partnership comes at a crucial time for Curve Finance, which has been recovering from a challenging period that saw significant liquidations across multiple positions.

The liquidations have caused a 38% drop in the Curve DAO token (CRV) price, which serves as collateral in various liquidity pools.

The collaboration has positively impacted the price of Curve DAO tokens (CRV), which saw a 2.9% following the announcement.

As of the latest update, CRV was trading at $0.263, showing signs of recovery.

It has also shown gains against Bitcoin (0.054230 BTC) and Ethereum (0.0001081 ETH), with 24-hour price fluctuations ranging from $0.2519 to $0.2652.

Despite a year-long decline of 38.5%, the recent partnership has brought renewed optimism to CRV holders and traders.

This partnership, coupled with the increased visibility expected from the hackathon, has positioned CRV for potential long-term growth, as the collaboration could enhance both Curve’s and TON’s ecosystems.

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