The little surge across the crypto market has motivated existing protocols to revamp their projects and level up with new entrants. DeFi protocols were not left out as Convex Finance works on updating its staking process. Automated Market Maker, Curve has also seen a surge in users and value by up to 8.62% over the past few days.
New DeFi protocol and multi-chain bridging solution, Snowfall Protocol, is disrupting the DeFi landscape with ingenious use cases and innovative staking opportunities. The protocol released a working prototype of its staking app, and investors say it’s the best. With the Snowfall Protocol, analysts are confident that DeFi is in good hands. Read on to learn more about the latest development in DeFi globally.
Convex Finance Update Staking Mechanism, Users to Expect Enhanced Staking and Increased Reward
Convex Finance has announced updates to its staking mechanism to outclass other staking platforms with better staking opportunities and rewards. Launched in April 2021, Convex is an Ethereum-based DeFi platform for boosted staking rewards on Curve Exchange.
The update focuses on providing additional rewards and new wrapping contracts for cvxCRV holders. cvxCRV stakers will also be free to claim their reward in CRV, CVX, or 3CRV. Aside from this, the new update will redirect some Convex fees to the cvxCRV wrapping contract. Minor changes to the staking mechanism will also affect liquidity providers.
Since launch, Convex Finance has provided excellent boosted staking opportunities but faces stiff competition from Yearn Finance and Stake DAO. On the bright side, the update will enable stakers to earn more incentives and boost Convex and Curve token value.
Curve Token Gains 8.62% in 24 Hours
After announcing the staking mechanism update on Concave Finance, Curve has seen growing interest in its token. The Automated Market Maker and decentralized exchange is widely known for its low fee, low risk, and low slippage support for stablecoins and wrapped tokens exchange.
Late last year, Curve Token ($CRV) price fell hard by 97% to an all-time low price of $0.4. CRV is trading at $0.91 and has jumped by 8.62% over the past 24 hours despite growing concerns about a coordinated attack on Curve token. So far this year, Curve Token has risen by 75%.
Snowfall Protocol Release Prototype of Staking App
Earning passive income is now easier with Snowfall Protocol’s staking app, a dynamic DeFi and yield farming platform that doubles as a cross-chain bridging ecosystem. The newly released staking app prototype was beyond investors’ expectations. The platform offers unbeatable yield rewards and staking opportunities that other protocols can’t.
Unlike other staking protocols like Convex Finance, Yearn, or Stake DAO, Snowfall Protocol features an innovative crypto analytics add-on that helps users make informed decisions. Meanwhile, the multi-chain asset transfer system that it offers allows stakers to enjoy low-fee, high-speed, and seamless asset transfer over more than 200 chains.
Snowfall Protocol functions as an all-in-one financial platform. While providing maximum reward opportunities, Snowfall Protocol gives users the freedom of interoperability, security, and top-notch performance. APY reward is attractive and mouth-watering – it can go as high as 240% on liquidity farms and 40% on token staking. As you would have expected, the staking app prototype also supports low-interest and time-based borrowing and lending.
The Snowfall Protocol Staking platform is undoubtedly the most efficient and flexible we’ve seen. The interface is simple and easy to use, and you can auto-compound your earnings or restake manually, all with the click of a button.
Anyone can enjoy staking opportunities with Snowfall Protocol token ($SNW). The token has grown by more than 800% to $0.191 in presale already. Due to its multiple use cases across the protocol, $SNW is speculated to grow by more than 1000x. Therefore, this is just the beginning of the success of the protocol. You can be a part by signing up for the presale at the Snowfall Protocol website.
You can also be a part of this life-changing opportunity – sign up and buy $SNW at Snowfall Protocol’s presale website.
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