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Introduced final Summer season, Curve Finance’s highly-anticipated stablecoin is now reside on Ethereum.
“As many figured—deployment of crvUSD sensible contracts has occurred!” tweeted the Curve Finance staff. “This isn’t finalized but as a result of UI additionally must be deployed. Keep tuned!”
Launched in the course of the DeFi summer time of 2020, Curve Finance is a stablecoin-centric decentralized alternate (DEX) that facilitates low-cost swaps between stablecoins and different fixed-priced belongings akin to derivatives of Ethereum. It’s the second-largest DEX by quantity after Uniswap.
CrvUSD is an over-collateralized stablecoin backed by belongings like USDC, Ethereum, liquid staking derivatives like Frax’s sfrxETH, and liquidity provision tokens of stablecoin swimming pools.
At present, solely borrowing in opposition to Frax’s sfrxETH is enabled. The sfrxETH token represents the ETH staked through Frax Finance and accrues the staking yield from the Frax ETH validators.
Curve Finance founder Michael Egorov executed the primary crvUSD mortgage value $1 million in opposition to $1.8 million value of sfrxETH as collateral.
One other Ethereum person borrowed 5,000 crvUSD in opposition to 3.56 sfrxETH, value round $6,780.
An preliminary crvUSD-USDC pool on Curve was additionally established, which witnessed a swapping transaction of 49,974.2 crvUSD for 50,000 USDC as collateral.
Whereas the sensible contract has been deployed on the mainnet, the net UI for borrowing the stablecoin has not been arrange. Customers borrowing crvUSD now are interacting instantly with the sensible contract.
In line with DeFiLlama, the crvUSD sensible contract has $1.82 million value of collateral.
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