Robinhood Crypto on Thursday said it has listed the decentralized trading platform and automated market maker Curve Finance’s governance and utility token Curve DAO Token (CRV).
This marks a major milestone as DeFi adoption gains amid TradFi plans to bring stock, exchange-traded funds (ETFs), and treasuries on-chain.
Robinhood Announces Listing of Curve DAO Token (CRV)
In an X post on September 18, commission-free trading platform Robinhood Markets revealed Curve DAO Token (CRV) listing on the Robinhood app and Robinhood Legend.
CRV listing on Robinhood to expand its reach beyond decentralized exchanges amid rising interest for DeFi.
Users can buy, sell, and hold CRV directly on the platform, which could trigger a surge in CRV trading volume in the short term.
CRV support on Robinhood Legend to enable traders to make use of its advanced charting and tools to make better decisions.
This also boosts the token’s liquidity, which becomes crucial amid recent price crashes.
Curve founder Michael Egorov has introduced Yield Basis proposal to make CRV a direct income generator for holders and prevent recent events of CRV positions’ liquidation risk faced by Egorov.
This could further boost trading for the token as investors will seek to earn income directly by participation in the decentralized DeFi platform.
As the Coin Republic reported earlier, Robinhood listings have historically sparked major spikes in the token’s volumes, as witnessed after Sui listing on August 20. SUI token has rallied over 20% since then.
CRV Price Jumps Over 10%
CRV price jumped slightly after the announcement as traders responded immediately. The price was up more than 10% in the past 24 hours and 200% in a year, with the price currently trading at $0.81.
The 24-hour low and high were $0.7247 and $0.818, respectively. Furthermore, the trading volume rocketed by 104% in the last 24 hours, indicating a massive rise in interest among traders.
The market cap has crossed $1 billion milestone on Thursday after an 8% increase over the last 24 hours.
In the daily timeframe, the price was trading below the 50-SMA at $0.847. The price needs to cross above the level for a rally.
CRV successfully jumped above the 100-SMA amid the latest jump. If bull failed to hold the level, the price could fall back under $0.75, with a potential of deeper downside towards 200-SMA at $0.68.
Whereas, the Relative Strength Index (RSI) rises to 49, signaling potential for further upside move.
CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total CRV futures open interest jumped 12% to $329 million in the last 24 hours.
4-hour CRV futures OI on Binance, OKX, and Bybit climbed nearly 3% 1.5%, and 2%, respectively. This signals bullish sentiment among derivatives traders.
Robinhood (HOOD) Stock Jumps Over 4%
Robinhood’s listing of CRV will give the token exposure to millions of new retail and institutional investors the platform gained after the latest S&P 500 inclusion.
Robinhood has a large user base with over 27 million investors relying on the app for its ease of use and diverse investible assets like stocks, bonds, and crypto.
Robinhood stock price jumped more than 4% in the last 24 hours. At the time of writing, the stock was trading at $123.69 on Thursday.
The 24-hour low and high were $119.86 and $124.17. However, the 24-hour trading volume was lower than the average volume of almost 45.82 million.
As per Yahoo Finance, the stock price has climbed more than 7% in a month amid demand after S&P 500 inclusion. Also, the stock has rallied more than 230% year-to-date.