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Enjoy exclusive benefits with the GG Membership PassAnnounced last Summer, Curve Finance’s highly-anticipated stablecoin is now live on Ethereum.
“As many figured—deployment of crvUSD smart contracts has happened!” tweeted the Curve Finance team. “This is not finalized yet because UI also needs to be deployed. Stay tuned!”
Launched during the DeFi summer of 2020, Curve Finance is a stablecoin-centric decentralized exchange (DEX) that facilitates cheap swaps between stablecoins and other fixed-priced assets such as derivatives of Ethereum. It’s the second-largest DEX by volume after Uniswap.
CrvUSD is an over-collateralized stablecoin backed by assets like USDC, Ethereum, liquid staking derivatives like Frax’s sfrxETH, and liquidity provision tokens of stablecoin pools.
Currently, only borrowing against Frax’s sfrxETH is enabled. The sfrxETH token represents the ETH staked via Frax Finance and accrues the staking yield from the Frax ETH validators.
Curve Finance founder Michael Egorov executed the first crvUSD loan worth $1 million against $1.8 million worth of sfrxETH as collateral.
Another Ethereum user borrowed 5,000 crvUSD against 3.56 sfrxETH, worth around $6,780.
An initial crvUSD-USDC pool on Curve was also established, which witnessed a swapping transaction of 49,974.2 crvUSD for 50,000 USDC as collateral.
While the smart contract has been deployed on the mainnet, the web UI for borrowing the stablecoin has not been set up. Users borrowing crvUSD now are interacting directly with the smart contract.
According to DeFiLlama, the crvUSD smart contract has $1.82 million worth of collateral.