CRV Token Uses

Curve Finance is a decentralized exchange (DEX) where users can swap their tokens in a decentralized way. It also act as liquidity aggregator where users can earn interests by providing liquidity to various pool available. It mainly focuses on stablecoins such as $DAI, $USDT, $USDC etc. CRV token is the governance token issued by CurveDAO. There are three main uses for $CRV which are voting, staking and boosting as governance token but as a crypto token, the holder can do anything to it. In this dashboard, we will take a look at what holders use the $CRV token for. The data shown below are only for transaction in year 2021 only.

If we segregate the volume of $CRV token by the function name from udm_events table, we can see that the highest function is transfer which is when users send their $CRV tokens to either on Centralized Exchange (CEX) like Huobi, Binance etc or Decentralized Exchange (DEX) like on Curve itself, Uniswap etc.

We can see that Binance has highest volume followed by Huobi and Okex. We can see that Binance is by far the most popular DEX for trading CRV at almost 1B tokens this year only.

I am unsure what execute function is for so I will skip that. For Claim function, it is for claiming more $CRV tokens from vesting escrow where holder vote-lock their CRV token.

Most of the $CRV token are used to provide liquidity on Sushiswap pool.

Let's see which pools CRV token holders provided their tokens to. There are three liquidity pools on Sushiswap which are; WETH-CRV, cvxCRV-CRV SLP and yvecrv-dao-crv and cvxCRV-CRV SLP is by far the most popular one for this year. cvxCRV is token users receive when they stake the CRV token on Convex Finance (https://www.convexfinance.com/stake) which is also a very popular yield aggregator for Curve tokens.

For withdraw function, users withdrew their $CRV tokens from any protocol. Most of it are being withdrew from AAVE where users deposited $CRV as collateral.

For swapExactTokensForTokens and swap functions, are both as the names suggests; are swapping tokens. Swapping tokens mostly happens on Decentralized Exchanges (DEX). Let's see which DEXes are being used to swap $CRV tokens. For the year of 2021, most swap happens on Sushiswap at almost 100M tokens of $CRV tokens being swapped for other tokens followed by 1inch and then Sushiswap.

For Mint function, it is when new $CRV tokens minted. And Exit function, is I believe when users exited their $CRV tokens from LP pools.

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CRV Token Uses