Ethereum-based decentralized finance (DeFi) platform Curve Finance has proposed to add more gauges to its liquidity pools on the Ethereum network.
The request for additional gauges came from whale addresses on the platform. The gauge system on Curve Finance measures the liquidity of a particular pool or set of pools on the platform.
The gauges are used to determine a given pool’s stability fee (or interest rate), with pools with lower gauges having a higher stability fee. With gauges on Curve Finance, liquidity is distributed evenly among its pools.
According to Curve Finance, the request for adding more gauges to the Ethereum Network was due to the success of its V2 pools, which are made up of different tokens with sufficient liquidity.
These gauges will be added by adding one gauge per several weeks, starting with the MATIC/ETH, Curve Finance said.
Adding more gauges to the Ethereum network on the Curve Finance platform will expand the number of pools available for users, providing more options for exchanging various assets.
The proposal has received support from the community, with all 22 votes cast in favor of adding more gauges.
CoinMarketCap data shows that the Curve DAO Token [CRV] saw a 20.89% increase in value over the past week, making it one of the top five cryptocurrencies with the highest gains during this period. As of this writing, the altcoin traded at $1.08, having seen a 7% price jump in the last 24 hours.
The overall cryptocurrency market has been showing positive sentiment since the start of the year, and as a result, the number of unique addresses trading CRV tokens has increased.
Additionally, there has been a significant rise in demand for the token as the daily number of new CRV addresses created has increased by 103%.