Tron Purchases $2 Million Worth of Curve Tokens (CRV) After DAO Vote
TRON DAO Ventures, the VC arm of TRON has revealed that it recently acquired CRV tokens to the tune of $2 million. This strategic alliance will allow Curve to debut on both the TRON and BTTC networks simultaneously. Meanwhile, TRON, a leading innovator in the DeFi space, will provide Curve with its safest and most advanced offerings.
In an over-the-counter (OTC) transaction valued at $2 million, Tron founder Justin Sun bought 5 million CRV tokens from Curve Finance founder Michael Egorov. The transaction was rumoured to have taken place at a discount to the going price, somewhere in the range of $0.40 per token.
Curve’s mission and rising performance in DeFi
Curve is a DEX that has established itself as a market leader, thanks to its AMMs that are specifically designed to facilitate trade in stablecoins. With the support of TRON and BTTC, Curve is expecting an upturn of investor interest, and its users will see a more thriving DeFi environment in the cryptocurrency market.
At the beginning of August, TRON formed a collaboration with Curve and added a stUSDT pool to the trading platform. The integration of the stUSDT protocol into the TRON blockchain could potentially be revolutionary, amid comparisons with China’s Yu’E Bao, which was once the country’s largest money market fund.
While supporting well-known public blockchains like Ethereum, Arbitrum, and Avalanche, Curve provides substantial benefits in the form of reduced financial expenses and time inefficiencies. Therefore, TRON’s DeFi ecosystem stands to benefit from this partnership.
The number of people using Curve is growing in the DeFi ecosystem. For instance, Aave, another key player in the DeFi space, got the approval of its DAO when they voted last week to spend $2 million on Curve tokens. By staking their tokens, Aave will be able to cast votes on the decentralised trade platform Curve. This move will give Aave a say in how the platform’s token benefits are doled out, as well as who gets to vote on important matters like where to put the new CRV rewards (like liquidity pools).