Curve Finance launches crvUSD stablecoin on the Ethereum mainnet
The developers of the decentralised exchange Curve Finance have deployed on the Ethereum mainnet the smart contracts of the decentralised stablecoin crvUSD.
As many figured — deployment of crvUSD smart contracts has happened!
This is not finalized yet because UI also needs to be deployed. Stay tuned!
— Curve Finance (@CurveFinance) May 3, 2023
“This is not yet finished, as the user interface also needs to be deployed. Stay tuned,” said representatives of the project.
Curve said that redeploying the smart contracts is needed after some peer review. In their words, the restart will take place “shortly today”.
After some peer-review of deployments, it was found that current version of crvUSD needs a redeployment which will follow shortly today [veCRV wouldn’t get fees with this one, due to a mistake in deployment script]
— Curve Finance (@CurveFinance) May 4, 2023
The DeFi Llama platform said that the key metrics of the new asset are already being tracked.
Now tracking $crvUSD on @ethereum
crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar pic.twitter.com/IOfAIBtB8u
— DefiLlama.com (@DefiLlama) May 4, 2023
The US dollar-pegged stablecoin from Curve Finance will use an over-collateralised model as with DAI from the project MakerDAO.
The stablecoin is built on the Lending-Liquidating AMM (LLAMMA) algorithm, which continuously liquidates and automatically deposits collateral to manage risk and maintain parity with the US dollar.
Curve Finance specialises in trading between stablecoins and other tokens of equal value with minimal slippage and fees.
The platform ranks fourth by TVL in the overall DeFi Llama ranking with a figure of $4.82 billion. Moreover, the platform leads among DEX.
Earlier this week, Curve Finance deployed the crvUSD smart contracts on the Sepolia test network.
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