Curve Finance issues its crvUSD stablecoin on Ethereum

The protocol Curve Finance started at issue its token crvUSD on the mainnet Ethereum. The stablecoin will be ” soon “ accessible at public.

Curve FinanceCurve Finance, a large decentralized finance protocol specializing in the exchange of stablecoins with a TVL exceeding $4 billion, launched its own digital stablecoin on the Ethereum backbone.

On Twitter, Curve confirmed the deployment of the smart contract from crvUSD. “This is not yet finalized as the user interface still needs to be deployed, stay tuned “the protocol stated.

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

A spokesperson made it known on the project’s Telegram channel that crvUSD would be ” soon “ accessible to all, but without giving a timetable.

Much anticipated by a number of DeFi users, crvUSD is a stablecoin backed by the U.S. dollar, whose operation is similar to the DAI.

The token is sold as overcollateralized and is based on the ‘collateralized debt position (CDP)’ mechanism. In order to mine crvUSD, users will need to make a deposit, a guarantee of an excess amount.

Also, LLAMMAan algorithm similar to an automated market maker, has the function of continuously managing collateral in order to optimize the management of potential collateralization risks.

Curve DAO Token (CRV) price over 24 hours – source : CMC

The course of Curve’s governance token advanced yesterday in the wake of the stablecoin rollout. Curve DAO Token (CRV) gains 5.7% over 24 hours to about $0.95.

Another great DeFi protocol, Aaveis also working on issuing its own stablecoin. Earlier this year, GHO made its debut on one of Ethereum’s testnets.

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