New Altcoin Built on Ethereum Soars After Receiving Burst of Support From Two Major Crypto Exchanges

An altcoin that helps holders optimize their yields is surging after two top cryptocurrency exchanges gave it the green light.

Convex Finance (CVX) is a decentralized finance (DeFi) protocol built on top of stablecoin exchange Curve Finance (CRV). Its native token is used for staking, liquidity mining, and voting.

Both Binance and Huobi Global have added CVX to their roster, causing the altcoin to surge. CVX is trading for $40.61 at time of writing, a 19.2% increase on the day.

The token will appear in Binance’s Innovation Zone and Huobi’s Pioneer Zone which are dedicated trading spaces offering investors crypto assets that are susceptible to price volatility.

Huobi says that spot trading on the CVX/USDT trading pair will start once appropriate liquidity conditions are met.

Binance also announced that it is adding ConstitutionDAO (PEOPLE), a patriotic decentralized autonomous organization (DAO) that crowdfunded roughly $47 million worth of Ethereum (ETH) in order to purchase one of the few remaining first-edition copies of the U.S. Constitution at an auction. The effort was unsuccessful due to the group being outbid by an unknown buyer.

Binance says of the project,

“The PEOPLE token is now representing a DAO movement with historical significance.

[The] token has no explicit use cases as the founding team has chosen to close the project and burned their multi-sig that controlled the raised fund.”

PEOPLE is rallying in the wake of the new listing, jumping over 10% to $0.15 at time of writing.

Binance says that both CVX and PEOPLE will be available for Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.

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Featured Image: Shutterstock/Inozemtsev Konstantin/Vladimir Sazonov

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