- The stablecoin code on GitHub was released by its developers.
- Excessive collateral ensures that the new currency will maintain its $1 peg in the market.
With DeFi بروتوكول Curve FinanceA new stablecoin pegged to the dollar may be available soon. On Tuesday, the stablecoin code was released on GitHub by its developers. The new code demonstrates many features of the new stablecoin smart contract with redundant collateral, however, details are few.
Michael Egeroff, founder of the protocol, verified the existence of the Curved Dollar (crvUSD) during a Web3 event in July. Curve’s green currency will be backed by the cryptocurrency treasury. It easily bypasses the full value of the crvUSD tokens in circulation. Especially in contrast to centralized stablecoins like Circle’s USDC and Tether’s USDT, which are backed by physical cash and assets. Excessive collateral ensures that the new currency will maintain its $1 peg in the market.
Multiple stablecoins are coming
Maker DAI is one of the most recognized stablecoins. ghost It recently announced the launch of its new stablecoin, dubbed GHO.
1/ Summon all GHOsts 👻
We have created ARC for a new decentralized, collateral-backed stablecoin that is home to the Aave ecosystem, better known as GHO.
Read more below and discuss your ideas for a shot (soon)! 👇https://t.co/P7tHl9LbBe
– Aave (AaveAave) 7 July 2022
To authorize the introduction of a new stablecoin with collateral called GHO, the Decentralized Autonomous Organization (DAO) that regulates the Lending and Borrowing Protocol recently held a referendum.
Moreover, almost everyone in the community (99.9%) agreed with the idea of GHO, offering half a million AAVE tokens as collateral. With the use of smart contracts and the Ethereum blockchain, Curve Finance facilitates stablecoin trading at low transaction costs with minimal slippage.
Stacking the cryptocurrency in one of the protocol’s liquidity pools, which together holds $5.49 billion, earns users annual payments. Curve’s interface was hacked last month. Just over 327 Ethereum (at the time worth $570,000) was stolen and directed to crypto exchange FixedFloat for laundering.
Of the stolen assets, FixedFloat managed to freeze 112 Ethereum on the day of the incident. Moreover, a few days later it was stated by Binance CEO Changpeng “CZ” Zhao that the exchange had frozen 83% of assets, totaling $450,000.
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