- The largest DeFi protocol is successfully working on a stablecoin
- Yesterday they provided the new token code on GitHub
- Judging from it, smart contracts will receive several options
Curve Finance developers have started working on the release of their own crvUSD stablecoin. Yesterday they uploaded or coded the project to GitHub.
So far, there are few details. But judging by the code, smart contracts will receive several functions. Importantly, crvUSD will become an overcollateralized stablecoin. Unlike centralized ” brothers “, its assets will be backed not only by ” hard ” currencies but also by the cryptocurrency treasury. And the volume of capital will exceed the total value of crvUSD coins in circulation. Now the most popular example of such a stablecoin is DAI from the MakerDao protocol.
A similar variant of stablecoins is being developed by Aave. Their GHO coin will be backed by various cryptocurrencies. And the interest generated by GHO mining will not go to liquidity providers, but directly to the treasury of Aave DAO.
By the way, the founder of Frax Protocol, Sam Kietzman, proposed integrating GHO with the Curve Finance stablecoin exchange. This will provide liquidity initially and rapid adoption across the wider DeFi ecosystem.
Last month, Curve Finance was the victim of an exploit and lost $570,000. But in just two days, almost all the money was returned thanks to the efforts of Binance.