The venture capital and incubation arm of leading crypto exchange Binance has made a $5 million investment in Curve DAO’s token CRV.
Binance Labs announced the news via a blog spot, citing Curve will explore deployment on the BNB chain. The deployment of Curve could drive major traction into BNB Chain’s DeFi ecosystem.
Curve is one of the biggest decentralized exchanges (DEX) with significant popularity and a TVL of $2.43 Billion, according to DeFiLlama.
“Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023,” commented the Head of Binance Labs Yi He, adding, “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration.”
CRV is Curve’s governance and reward token that is incentivized to liquidity providers of the protocol. Recently, it plunged across all markets on July 31st and onwards after a major exploit on Curve’s pools.
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