{"id":78304,"date":"2023-05-04T16:50:30","date_gmt":"2023-05-04T13:50:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78304"},"modified":"2025-09-11T04:16:51","modified_gmt":"2025-09-11T01:16:51","slug":"curve-finance-relaunches-crvusd-after-deployment-error","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/curve-finance-relaunches-crvusd-after-deployment-error\/","title":{"rendered":"Curve Finance relaunches crvUSD after deployment error"},"content":{"rendered":"<p>Following <a href=\"https:\/\/forklog.com\/en\/news\/curve-finance-launches-crvusd-stablecoin-on-the-ethereum-mainnet\">the launch<\/a> of the decentralized stablecoin crvUSD on the Ethereum mainnet, the Curve Finance team said a redeployment of the smart contract was necessary.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">After some peer-review of deployments, it was found that current version of crvUSD needs a redeployment which will follow shortly today [veCRV wouldn\u2019t get fees with this one, due to a mistake in deployment script]<\/p>\n<p>\u2014 Curve Finance (@CurveFinance) <a href=\"https:\/\/twitter.com\/CurveFinance\/status\/1654060060090179585?ref_src=twsrc%5Etfw\">May 4, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The discovered error prevented veCRV holders from earning rewards from liquidity pools containing the stablecoin.<\/p>\n<p>Developers promised to fix the error &#8220;today in the near term&#8221;.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">4 May 2023 | 20:19<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>The Curve Finance team has completed the redeployment of the stablecoin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Redeployment is complete, see the details here:<a href=\"https:\/\/t.co\/iqCDvO402B\">https:\/\/t.co\/iqCDvO402B<\/a><\/p>\n<p>\u2014 Curve Finance (@CurveFinance) <a href=\"https:\/\/twitter.com\/CurveFinance\/status\/1654146951087112193?ref_src=twsrc%5Etfw\">May 4, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<p>The protocol team asked the user who purchased 49,970 crvUSD to contact them for a refund.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Asking 0x38abab9766e0b27d2912718a884292b8E7eb2803 to DM for selling crvUSD (could be a bit inconvenient via the pool at the moment) <a href=\"https:\/\/t.co\/6sRScktuP2\">https:\/\/t.co\/6sRScktuP2<\/a><\/p>\n<p>\u2014 Curve Finance (@CurveFinance) <a href=\"https:\/\/twitter.com\/CurveFinance\/status\/1654060295835246592?ref_src=twsrc%5Etfw\">May 4, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Curve developers also added <a href=\"https:\/\/etherscan.io\/tx\/0x13d4162a4fb62c7b65fec6b59afe5bfc3d3ba3b44fd36a8c65ff382bc84fb1d4\">a message to the transaction<\/a> with contact details for exchanging \u201cincorrect\u201d stablecoins. According to <a href=\"https:\/\/etherscan.io\/tx\/0x6077aa7e593e8c97502ddfee5c46e9f3928e0193b4642668b089a3b0f8dcd613\">on-chain data<\/a>, the user has already sent the coins and received the same amount in USDC.<\/p>\n<p>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.<\/p>\n<p>According to DeFi Llama data, at the time of writing only $6,788 was locked in the contract.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"427\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-04-v-16.28.05-1024x427.png\" alt=\"Snimok-ekrana-2023-05-04-v-16.28.05\" class=\"wp-image-206263\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-04-v-16.28.05-1024x427.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-04-v-16.28.05-300x125.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-04-v-16.28.05-768x320.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2023-05-04-v-16.28.05.png 1174w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Total value of locked crvUSD. Data: DeFi Llama.<br \/><\/figcaption><\/figure>\n<p>After the initial launch, Curve Finance said the deployment was not yet fully complete. In the future, developers will add a user interface.<\/p>\n<p>In April, the community <a href=\"https:\/\/forklog.com\/en\/news\/crypto-community-criticises-french-banks-release-of-a-digital-euro\">critiqued<\/a> the digital euro released by the French bank Societe Generale-Forge due to ambiguities in the smart contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After the launch of the decentralized stablecoin crvUSD on the Ethereum mainnet, Curve Finance said a redeployment of the smart contract was necessary.<\/p>\n","protected":false},"author":1,"featured_media":78305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1426,807],"class_list":["post-78304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-curve-crv","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78304"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78304\/revisions"}],"predecessor-version":[{"id":78306,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78304\/revisions\/78306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78305"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}