In June of this year, Curve's biggest risk — the massive leveraged position of founder Michael Egorov was completely liquidated, and the bearish pressure was fully released.

The market once viewed the liquidation as 'the founder cashing out', but a more reasonable interpretation is that: Michael Egorov was forced to sell tokens at the bottom, with limited cash-out options. From a long-term interest perspective, the team's value is highly tied to CRV, and the optimal strategy moving forward is to continue BUIDL, raising the token's value.

Another important signal is the turnover of chips. CRV's trading volume on CEX had long been higher than that of tokens with similar market capitalization, but the price remained flat, indicating that the market underwent thorough chip handover. With the short-term selling pressure dissipating, CRV has entered a new phase of supply-demand balance.

From the supply side, Curve has been online for 4 years, with the inflation rate reduced to 6.3%, of which 42.4% of CRV is locked, and the actual circulating inflation is only about 3%, gradually revealing the token's scarcity.

Additionally, the long-term value support of CRV lies in its ecological position. As a core infrastructure for stablecoin exchanges, Curve is experiencing new growth momentum against the backdrop of institutional entry. With funding from BUIDL funds and expectations for DeFi revival driving market recovery, CRV has the potential to break through previous highs in the future.