Crypto Exchange Giant Lists Two DeFi Altcoins During Market-Wide Correction
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Crypto exchange titan Crypto.com (CRO) is adding support for two decentralized finance (DeFi) altcoins as the digital assets market experiences a widespread pullback.
According to a company blog post, the Singapore-based exchange platform says it will be listing Convex Finance (CVX), an Ethereum-based protocol built on top of stablecoin exchange Curve Finance (CRV) and Trader Joe (JOE), an Avalanche-based automated market maker (AMM) and decentralized exchange (DEX).
Convex, which offers no withdrawal or minimum performance fees, rewards liquidity providers and CRV stakers on the Curve Finance exchange. Its native utility token CVX can be staked into Convex Finance to earn a share of Curve’s liquidity pool earnings and vote on CVX’s governance.
CVX is exchanging hands at $44.54 at time of writing, a 9.5% decrease from its seven-day peak of $49.14.
TraderJoe, a platform that combines decentralized exchange services such as token swapping with lending and leveraged trading, also recently gained support from US-based crypto giant Binance, causing its price to spike from $2.17 to $2.62, a 17% increase.
Its native governance token JOE can be used to vote on the platform’s direction and also be staked to receive protocol rewards.
TraderJoe has since stabilized and is trading for $2.30 at time of writing.
Crypto.com recently made waves into the mainstream after purchasing the naming rights to the iconic Los Angeles sports stadium last month in a staggering $700 million deal. It is now known as the Crypto.com Arena.
Crypto.com notes that neither CVX nor JOE will be available for customers in the United States or Singapore.
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