Curve and Convex Linked Rebound: DeFi Veteran Protocols Regain Attention

On December 23, a remarkable twin star rise occurred in the DeFi space: Curve DAO's CRV token surged 10% to $0.377, while Convex Finance's CVX token saw an increase of 10% to $1.821. The close linkage of the two protocols once again validates the narrative logic of DeFi's Lego combination.

From a technical chart perspective, CRV's RSI reached 66.3 on the 4-hour level, approaching overbought but still having upward space. The MACD golden cross is confirmed, and the price has broken through the descending wedge pattern towards the resistance level of $0.40 trend line. The perpetual contract open interest is $91.6 million, increasing by 5.21% in 24 hours. The funding rate remains positive at about 0.01%, indicating a dominant bullish stance.

As the core infrastructure for stablecoin trading, Curve's crvUSD has become the third-largest stablecoin by trading volume globally. The protocol recently passed a proposal to grant 17.45 million CRV to Swiss Stake as funding. Meanwhile, YieldBasis has expanded the crvUSD credit limit to $1 billion. These developments showcase the continuous expansion of the Curve ecosystem.

The logic behind Convex's rise is more straightforward. As a yield optimizer for Curve liquidity, Convex allows users to stake Curve LP tokens to receive amplified CRV rewards and additional CVX tokens. CVX's RSI is 63.3 on the 4-hour level, maintaining a bullish outlook. The MACD histogram is positive, with an open interest of $7 million, increasing by 17.66%.

The TVL data for both is also worth noting. Curve's TVL is relatively stable, supporting its position as a liquidity hub for stablecoins. Convex's TVL is $911 million, with Ethereum chains dominating at $887 million. The annual income is $2.26 million, which, although not as high as during the bull market peak, is still remarkable in a bear market environment.

From a competitive landscape perspective, Curve faces challenges from Uniswap and emerging DEXs like Aerodrome, but its algorithmic advantage in stablecoin swaps remains irreplaceable. Convex, on the other hand, is tied to the Curve ecosystem and forms differentiated competition with multi-chain yield aggregators like Beefy Finance.

From an investment perspective, the linked rise of CRV and CVX reflects the market's re-evaluation of DeFi blue chips. After the cooling of meme coins and new public chain narratives, funds are flowing back into protocols with actual cash flow and user bases. Both tokens currently have significant discounts compared to historical peaks. If DeFi Summer comes again, Curve and Convex, as infrastructure, are expected to achieve higher multiples of price increases. Short-term attention should be on whether the two key resistance levels at $0.40 and $1.93 can be broken.