Conic Finance, a recently launched platform that allows users to deposit tokens into its omnipools, has garnered more than $60 million from investors in just over a week since its launch. The tool is designed to capture yields from Curve, a popular stablecoin swapping service. With Conic Finance's omnipools, investors can diversify their exposure across the Curve ecosystem and earn higher rewards. Each omnipool pools the liquidity of a single asset into different Curve pools, with all Curve liquidity provider (LP) tokens getting staked on Convex to boost CRV rewards earnings. In addition to rewards in CRV, Conic's native token CNC and Convex's token CNX are also rewarded.
Conic Finance offers annualized yields of up to 21% on its three omnipools for DAI, FRAX, and USDC. The USDC pool has attracted over $50 million in liquidity, as it currently provides one of the highest yields available in the crypto market for USDC. In contrast, deposits of FRAX and DAI are much lower, with $7 million and $5 million respectively. Users who hold CNC tokens can lock them for vlCNC to participate in Conic's governance and control how liquidity is allocated across Curve pools through Liquidity Allocation Votes (LAVs). This could ultimately increase demand for CNC tokens, which are currently trading at $8 with a market capitalization of $32 million, having lost 4% in the last 24 hours.