The VVS Finance price is in a consolidation mode as investors reflect on the latest news on the xVVS token launch. The token is trading at 0.000023 USDT, where it has been in the past few days. This price is about 10% above its lowest level this year and 47% lower than its YTD high. According to CoinGecko, the total market cap of the platform is $265 million, making it a top 250 cryptocurrency.
VVS, which stands for Very, Very Simple, is an upcoming platform in decentralized finance (DeFi). The network was built using Cronos technology. Cronos is the new name for Crypto.org Chain, the platform owned by Crypto.com. VVS’s goal is to bring DeFi to the masses by creating a platform that is simple to use and affordable to all.
Participants can be a DeFi trader, where they can swap their coins with low fees. Think of this as other platforms like Uniswap and PancakeSwap. The other important role in the network is that of being a liquidity provider. Here, a trader can supply their coins to the network and earn returns. Finally, one can be a VVS miner and help to generate new coins. Since it is a proof-of-stake network, this mining is in the form of staking.
A look at its platform shows that investors have provided millions of dollars in liquidity to the platform. For example, the CRO-ETH pair has a staked liquidity of over $273 million while CRO-WBTC has over $236 million. According to DeFi Llama, VVS Finance has a total value locked of over $1.3 billion, which is slightly below its all-time high of $1.4 billion.
The most recent catalyst of the VVS price is the upcoming launc of xVVS, which is the yield governance token. It will come out on Friday this week. In its announcement, the management said that after the upgrade, miners will use xVVS instead of VVS.
The four-hour chart shows that the VVS Finance price has been in a tight range recently and is currently trading near its all-time low. The coin is below the 23.6% Fibonacci retracement level while the 50-day moving average has flattened. Oscillators like the MACD and the Relative Strength Index (RSI) have moved to the neutral level.
Therefore, there is a likelihood that the VVS price will bounce back ahead of the xVVS governance token launch. If this happens, the next key level to watch will be at 0.000026 USDT. A drop below its all-time low will invalidate this view.
This post was last modified on %s = human-readable time difference 08:57