The developers of the decentralized exchange Curve Finance announced the launch of the crvUSD stablecoin on the main Ethereum network.
Smart contracts for the functioning of the token have already been successfully deployed, but the user interface for working with them is not yet ready and is under development.
“As many have seen, we have already deployed crvUSD smart contracts. However, the process is not yet complete as the user interface needs to be deployed. We will announce the changes,” the developers of the DeFi project wrote.
The Curve Finance team has issued 20 million crvUSD tokens. To test the performance, the developers made a loan in crvUSD stablecoins for $1 million. 957 Frax Ether ($1.8 million) was used for collateral.
By itself, crvUSD resembles the DAI stablecoin of the MakerDAO project – the project does not store fiat currency to secure the token, but uses other cryptocurrencies, and the amount of collateral exceeds the capitalization of the stablecoin. The developers have implemented a new collateral algorithm called Lending-Liquidation AMM, which constantly liquidates and automatically deposits collateral to support the stablecoin price.
One of the largest decentralized protocols, Aave DAO, has also developed its own stablecoin called GHO. Now the developers have launched a pilot project of the token on the Goerli Ethereum test network.
