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Highlights:
- The Swerve project was founded by a pseudonymous developer called "John Deere".
- The token is listed on crypto exchanges like Huobi Global, Binance, etc.
- It returned over 520% gains in the last seven days.
The Swerve (SWRV) crypto gained over 158%, while its volume skyrocketed more than 2440% in the last 24 hours to Monday morning.
What is Swerve (SWRV) crypto?
Forked from the Curve (CRV) protocol, Swerve is a decentralized liquidity exchange pool. It mainly focuses on stablecoin pools like Curve.
It was launched by a pseudonymous developer called "John Deere" on September 4, with a combined pool of DAI, USDC, USDT, and TUSD.
As a decentralized autonomous organization (DAO), Swerve uses the Ethereum-based ERC-20 token to provide governance to the protocol besides rewards.
The Swerve founder claims that Curve’s governance wasn’t fair hence it was built as a community-driven alternative to the Curve protocol. John Deere further claims that Swerve provides better swap price and annual percentage yields (APY) on stablecoins than other platforms.
For instance, Swerve deploys a gaming mechanism called "Boost" for rewards. It allows liquidity providers to receive higher APYs by locking the native token SWRV.
The token is listed on crypto exchanges like OKEx, Huobi Global, Binance, etc.
Data Source: CoinMarketCap.com
Price and performance:
The SWRV token was priced at US$0.3536 at 10:52 am ET on June 27, up 158.79%, while its volume for the last 24 hours skyrocketed 2440.56% to US$115.44 million. It has a market cap of US$6.06 million, and its fully-diluted market cap is more than US$11.66 million.
The token has a maximum supply of 33 million, a total supply of 19.38 million, and its current circulating supply is over 17.16 million. Its total value locked (TVL) is US$728,832.
The SWRV crypto returned gains of 520.5% in the last seven days while increasing 522.32% in the last 30 days. It touched a peak price of US$2.28 and the lowest price of US$0.04 in the last 30 days.
Bottom line:
The global crypto market cap declined 3.10% to US$933.17 billion at the same time, and its volume for the trailing 24 hours jumped 8.60% to US$55.37 billion.
The gain in the SWRV crypto amid a slump in the broader market has attracted various crypto market enthusiasts towards the token. However, the investors should closely evaluate the cryptos before spending on them as the digital currencies are highly volatile and several risks are associated with the crypto market.
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