CRV Successfully Overtakes Shiba Inu As Whale ETH Most Traded Token

CRV managed to beat Shiba Inu as the most traded token on-chain. (Photo; Doc. Coin98)

JAKARTA - CRV is a token issued by the decentralized finance (DeFi) platform Curve. Recently CRV has overtaken the meme token Shiba Inu (SHIB) as the most traded token on-chain among the big 500 token holders on Ethereum. Uniquely, this comes ahead of the much-awaited release of Shibarium.

The information shared by the largest token holder monitoring service WhaleStats, CRV recently overtook SHIB to become the most traded token among Ethereum whales.

Despite this, the meme-inspired token is still in the top spot in terms of total token value, with the average token holder holding over $5.3 million in SHIB. But it is hoped that with the launch of Shibarium, an upcoming layer-2 solution, the Shiba Inu ecosystem can experience significant improvements.

“Just logged in: CRV @curvefinance reversed SHIB for the MOST TRADED token among the top 500 ETH whales,” captioned WhaleStats (@WhaleStats), January 17, 2023.

It should be noted that these figures do not include blockchain native tokens Ethereum, ETH, and stablecoins such as USDT and USDC. The curve is a decentralized finance (DeFi) platform built on top of Ethereum that has extended to several other blockchains. It is a decentralized market maker protocol and automated market maker focused on stablecoins and low slippage trading.

The CRV token is the protocol's native governance token, which means it can be used to vote on governance proposals made to upgrade and improve the protocol. These tokens can also be locked in for various periods, up to four years, in an effort to vote on governance and claim protocol fees.

According to CryptoGlobe, Curve is one of the largest DeFi protocols by total locked value (TVL), and at the time of writing has over $4.3 billion in digital assets locked into DeFi Curve, with over $4 billion in the storage on the Ethereum network.

CRV has overtaken SHIB as the most traded token among Ethereum whales ahead of the expected launch of Shibarium, a layer-2 solution that aims to enhance the Shiba Inu ecosystem by providing faster transactions at lower fees, among other important improvements.