Curve (CRV) sees 150% rebound as DeFi bottoms and ETH gas fees drop

DeFi tokens and protocols took a heavy hit on May 19 as price dropped to $30,000 and while BTC has entered what some analysts describe as a ‘compression' phase, the total value locked in DeFi and the value many of the sector's tokens have yet to rebound to the levels seen before the market crash.

Curve DAO token (CRV) stands among the few DeFi tokens that have seen a strong recovery over the past two weeks due to reduced gas fees, the launch of Convex Finance and the DeFi sector beginning to find a bottom.

CRV/USDT 4-hour chart. Source: TradingView
Total value locked on Convex. Source: Defi Llama
Average Ethereum gas fee. Source: Etherscan
VORTECS™ Score (green) vs. CRV price. Source: Cointelegraph Markets Pro