{"id":80471,"date":"2023-06-20T11:47:15","date_gmt":"2023-06-20T08:47:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80471"},"modified":"2025-09-11T17:12:54","modified_gmt":"2025-09-11T14:12:54","slug":"curve-finance-dao-to-vote-on-weth-collateral-for-crvusd","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/curve-finance-dao-to-vote-on-weth-collateral-for-crvusd\/","title":{"rendered":"Curve Finance DAO to vote on WETH collateral for crvUSD"},"content":{"rendered":"<p>The Curve Finance DEX community was invited to back the addition of wrapped Ether (WETH) as collateral for borrowing the stablecoin crvUSD.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Vote for non-staked ETH collateral just dropped in<\/p>\n<p>* <a href=\"https:\/\/t.co\/YBEYNKSzoB\">https:\/\/t.co\/YBEYNKSzoB<\/a><br \/>* <a href=\"https:\/\/t.co\/6UKq9XxVEB\">https:\/\/t.co\/6UKq9XxVEB<\/a><br \/>* <a href=\"https:\/\/t.co\/LmgS9fcb9P\">https:\/\/t.co\/LmgS9fcb9P<\/a><\/p>\n<p>\u2014 Curve Finance (@CurveFinance) <a href=\"https:\/\/twitter.com\/CurveFinance\/status\/1670714779256643586?ref_src=twsrc%5Etfw\">June 19, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The debt ceiling for WETH collateral is set at $200 million.<\/p>\n<p>In May, the DeFi project launched on the Ethereum mainnet a <a href=\"https:\/\/forklog.com\/en\/news\/crvusd-gho-and-dai-is-there-a-future-for-decentralized-stablecoins\">decentralised stablecoin<\/a>. The crvUSD launch did not go smoothly \u2014 due to an integration error a <a href=\"https:\/\/forklog.com\/en\/news\/curve-finance-relaunches-crvusd-after-deployment-error\">redeployment<\/a> of the smart contract was required.<\/p>\n<p>The stablecoin uses a collateralisation model similar to DAI from the platform <a href=\"https:\/\/forklog.com\/en\/news\/what-are-makerdao-mkr-and-the-dai-stablecoin\">MakerDAO<\/a>.\u00a0<\/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 maintain parity with the US dollar.<\/p>\n<p>The first collateral asset for the issuance of crvUSD was the staked Ether sfrxETH from the Frax Finance protocol.\u00a0<\/p>\n<p>In early June <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">DAO<\/a> Curve <a href=\"https:\/\/forklog.com\/en\/news\/curve-finance-enables-crvusd-issuance-backed-by-wsteth\">enabled the ability<\/a> to borrow the stablecoin against collateral in the wrapped version of stETH from <a href=\"https:\/\/forklog.com\/en\/news\/what-is-lido\">Lido<\/a>. The debt ceiling for the asset is $150 million, while for sfrxETH \u2014 just $10 million.<\/p>\n<p>As of writing, users had borrowed 28.51 million crvUSD against wstETH collateral. The total supply of the stablecoin is 39.8 million coins.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Ex09AWM5dzBh8ooA9C3OwoOSTDF_Dff-1Us1HaAisD8O1BnWxH3R6B4KVYRoSehdPdqBHbN7UgCr6XNIAoY82vbwUwPhSoX5pQTtBxGrcedvf6f-mCoRf7h7jUyNYDgeUPTX81ICkJvvZUE1fOkCi-w\" alt=\"Curve Finance DAO to vote on WETH collateral for crvUSD\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/crvusd.curve.fi\/#\/ethereum\/markets\">Curve Finance<\/a>.<\/figcaption><\/figure>\n<p>In May it emerged that Curve CEO Michael Egorov and his wife <a href=\"https:\/\/forklog.com\/en\/news\/curve-finance-chief-buys-two-melbourne-mansions-for-40-million\">purchased two villas<\/a> worth about $40 million in Melbourne.<\/p>\n<p>Against this backdrop, concerns arose in the Aave DeFi community about the entrepreneur&#8217;s large debt position collateralised in Curve DAO (CRV) tokens.\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>However, users unanimously rejected the proposal to lock collateral in CRV.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Curve Finance DEX community was invited to back the addition of wrapped Ether (WETH) as collateral for borrowing the stablecoin crvUSD.<\/p>\n","protected":false},"author":1,"featured_media":80472,"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":[1426,1093,787,807],"class_list":["post-80471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-curve-crv","tag-defi","tag-dex","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80471","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=80471"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80471\/revisions"}],"predecessor-version":[{"id":80473,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80471\/revisions\/80473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80472"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}