Effects of Curve’s hack echo as CRV volume craters

CRV’s trading volume rallied to a daily high of $300 million on that day due to increased token sell-offs, as many feared a severe decline in the alt’s value.By 7 September, the asset’s daily trading volume was less than $10 million, having declined by 98%. The steady fall in trading volume has resulted in a significant drop in CRV’s value since the beginning of August.

Moreover, the number of active addresses involved in CRV trades daily since the exploit has also plummeted. According to data fromApart from the steady decline in the token’s curve, increased liquidity exit from Curve Finance has led to a fall in the DEX’s total value locked . Previously ranked as the third-largest decentralized finance protocol in terms of TVL, the exploit has pushed Curve Finance to the sixth position, data fromIts TVL was $2.46 billion at press time, registering a 35% drop since 30 July. In the last month, this has decreased by 12%.

Further, one of Curve’s largest liquidity pools, stETH-ETH, experienced a reduction in daily trading volume and TVL over the past few weeks.Curve’s [CRV] Price PredictionFor context, on the day of the hack, the trading volume on Curve’s stETH-ETH liquidity pool totaled $81 million. On 31 August, this was less than $10 million.

As liquidity providers scampered to remove funds from the pool after the exploit, its TVL dwindled. By 31 August, it had fallen by 20%.

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