The growth of the stablecoin sector within crypto has been one of the most impactful developments of  2022. In detail, stablecoins became integral to the expanding decentralized finance (DeFi) ecosystem equally their total value eclipsed $162 billion, co-ordinate to CoinMarketCap.

One project that has seen its token cost surge thanks to its focus on stablecoins and the Bend Finance (CRV) ecosystem is Convex Finance (CVX), a protocol that aims to help users heave CRV staking to maximize yields.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a depression of $18.79 on December. 4, the toll of CVX surged 215% to constitute a new record high at $60.22 on December. 27. Over the same menstruum, its 24-60 minutes trading volume spiked from an average of $xx million to more than $163 million.

CVX/USDT 4-60 minutes chart. Source: TradingView

Three reasons for the new all-time high for CVX include the launch of new assets on the protocol, the listing of the CVX token on several prominent exchanges and the continued growth in full value locked (TVL) on the Convex protocol.

The launch of new assets and LP pools

One reason for the edifice strength of Convex Finance in December has been the add-on of new avails, including new opportunities to provide liquidity in support of the Convex platform. Almost recently, Convex announced that information technology would exist expanding beyond its focus on Curve Finance by adding support for the up-and-coming Frax Finance stablecoin ecosystem.

On height of the add-on of a new stablecoin protocol to its ecosystem, Convex also launched an Ether/CVX pool on the Bend v2 protocol as well as a new CRV/Ether pool on Convex that offers a projected yield of 178.49%.

New commutation listings

A second gene that helped boost the price and trading book of CVX was the listing of the token on several prominent exchanges, including Binance on December. 22 and Huobi Global on Dec. 23.

Post-obit these two exchange listings, the price of CVX spiked from $34.83 to $45.76, a proceeds of 42% in less than 36 hours.

CVX also received a boost to its value on Nov. 26 when the token was listed on the cryptocurrency substitution OKEx.

Related: 3 reasons why Curve (CRV) price is trending toward a new i-year loftier

Rising full value locked

A third element that points to the growing strength of Convex Finance is the total value locked on the protocol, which hit a new tape-loftier of $19.49 billion on Dec. 29, co-ordinate to data from Defi Llama.

Total value locked on Convex Finance. Source: Defi Llama

The steady climb in assets locked on the protocol has elevated Convex Finance to the third-ranked protocol in terms of TVL in all of DeFi behind Aave, which reports total liquidity of $26.56 billion across all supported networks, and Curve Finance, which has a electric current TVL of $23.14 billion.

Equally the Convex ecosystem expands and continues to add together support for projects similar Frax and potentially TerrraUSD (UST) in the future, the protocol's TVL is probable to keep to rise and could potentially surpass that of Bend Finance as information technology incorporates other stablecoin protocols.

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