Curve Finance Launches crvUSD Stablecoin
Curve Fiance developers use smart contracts to create crvUSD Stablecoin, a decentralized stablecoin launched on Ethereum Mainnet.
Twitter of Curve Finance revealed that
“A lot of things have been thought out and there has been a Smart Contract implementation for crvUSD which is not final yet because the UI still needs to be developed.”
The team has created a supply of over 20 million crvUSD tokens which can be viewed.informationObtained from Etherscan
How does Curve Finance stablecoin work?
Curve’s crvUSD Stablecoin is a decentralized currency. Similar to MakerDAO’s DAI Stablecoin, Curve is based on US dollar reserves.
The crvUSD will have crypto-backed assets which will outnumber the crvUSD supply.
crvUSD uses an algorithm called “Lending-Liquidating AMM (LLAMMA)” will automatically liquidate and deposit collateral assets to manage potential risks. and will always remain equal to the dollar.
crvUSD is a stablecoin based on a well-known financial platform in the crypto industry. It competes with rival DAI, which currently has a market capitalization of $4.6 billion, and lending platform Aave has been testing its “GHO” stablecoin on the Goerli testnet since February.
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