Following the launch of the decentralized stablecoin crvUSD on the Ethereum mainnet, the Curve Finance team said a redeployment of the smart contract was necessary.
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 discovered error prevented veCRV holders from earning rewards from liquidity pools containing the stablecoin.
Developers promised to fix the error “today in the near term”.
The Curve Finance team has completed the redeployment of the stablecoin.
Redeployment is complete, see the details here:https://t.co/iqCDvO402B
— Curve Finance (@CurveFinance) May 4, 2023
The protocol team asked the user who purchased 49,970 crvUSD to contact them for a refund.
Asking 0x38abab9766e0b27d2912718a884292b8E7eb2803 to DM for selling crvUSD (could be a bit inconvenient via the pool at the moment) https://t.co/6sRScktuP2
— Curve Finance (@CurveFinance) May 4, 2023
The Curve developers also added a message to the transaction with contact details for exchanging “incorrect” stablecoins. According to on-chain data, the user has already sent the coins and received the same amount in USDC.
The stablecoin is built on the Lending-Liquidating AMM (LLAMMA) algorithm, which continuously liquidates and automatically deposits collateral to manage risk and keep parity with the US dollar.
According to DeFi Llama data, at the time of writing only $6,788 was locked in the contract.
After the initial launch, Curve Finance said the deployment was not yet fully complete. In the future, developers will add a user interface.
In April, the community critiqued the digital euro released by the French bank Societe Generale-Forge due to ambiguities in the smart contract.