CVX (Convex Finance) rose 17.25% in the last 24 hours.

Gate News Bot news, on September 19, according to CoinMarketCap, as of the time of writing, CVX (Convex Finance) is currently priced at 4.16 USD, with a rise of 17.25% in the last 24 hours, reaching a high of 4.16 USD and a low of 3.31 USD. The trading volume in the last 24 hours is 39.5 million USD. The current market capitalization is approximately 402 million USD, an increase of 59.1 million USD compared to yesterday.

Convex is a decentralized liquidity provision protocol that offers enhanced staking rewards for Curve, Frax, and f(x) protocols. Users can deposit LP tokens from these platforms into Convex and automatically receive community-boosted rewards. Convex participates in governance by locking CVX tokens, controlling a significant amount of veCRV, veFXS, and veFXN, which gives it considerable governance weight on the relevant platforms. The platform currently has a total locked value of $1.379 billion and cumulative platform revenue of $487 million.

Recent important news about CVX:

1️⃣ The growth of the DeFi ecosystem drives CVX demand Convex Finance is an important component of the DeFi ecosystem, and its value is closely related to the development of the entire DeFi market. With the continuous expansion of the DeFi market and the increase in user participation, the demand for CVX token has also risen, which is one of the key factors driving its recent price pump.

2️⃣ Liquidity mining returns attract investors The enhanced staking reward mechanism provided by the Convex platform continues to attract investors. As more users deposit LP tokens into Convex for additional earnings, the platform's total locked value and the market demand for CVX have increased, thereby supporting the rise in token prices.

3️⃣ Governance weight increase enhances CVX value Convex's governance weight obtained by locking CVX tokens in veCRV, veFXS, and veFXN continues to increase, strengthening its influence in related DeFi protocols. This enhanced governance position not only elevates Convex's importance in the DeFi ecosystem but also indirectly increases the utility value and market attractiveness of the CVX token.

From a technical perspective, CVX has broken through recent resistance levels and is showing strong upward momentum. However, considering the high volatility of the cryptocurrency market, investors should remain cautious and pay attention to potential short-term pullbacks.

This message does not constitute investment advice; investors should be aware of market volatility risks.