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On Wednesday afternoon, the highly anticipated crvUSD stablecoin was finally deployed on the Ethereum mainnet.
crvUSD Live On ETH Mainnet
The decentralized finance (DeFi) protocol, Curve Finance, has finally launched its much-awaited native stablecoin on the Etheruem mainnet. The token crvUSD is a collateralized-debt-position (CDP) stablecoin pegged to the US Dollar. The launch of the stablecoin token has had a direct positive impact on the protocol’s governance token. CRV has had a 7% hike and has reached the price tag of $0.97 in just a day.
The news was first hinted at when blockchain data firm Etherscan revealed that a smart contract on the Ethereum blockchain had minted a total of $20 million worth of crvUSD tokens across five transactions in under five minutes. The Curve.Fi Team wallet soon after created a $1 million crvUSD loan using $1.8 million of frxETH, which in turn was issued by another DeFi protocol Frax Finance.
Team Announces Deployment, Addresses Community Concerns
The official confirmation of the matter happened later on Twitter, where the Curve team tweeted,
“As many figured - deployment of crvUSD smart contracts has happened! This is not finalized yet because UI also needs to be deployed. Stay tuned!”
The team also conducted a peer review of the deployed crvUSD tokens after a community member pointed out that veCRV was receiving zero fees. The team conducted a peer review, which unveiled an error in the deployment script. The team was transparent about this error on Twitter, even thanking the community member who had first pointed out the bug and decided to redeploy the crvUSD tokens.
The community wanted more information about the deployed tokens, mainly how many of them were in circulation. However, the Curve.Fi team avoided answering that question directly, claiming that the total supply of crvUSD also included tokens that have not been released yet.
The Long-Awaited Stablecoin
The public has been waiting a long time for the protocol’s native stablecoin as it is one of the largest decentralized marketplaces, which focuses primarily on stablecoins. The company had announced its decision to develop its own dollar-pegged stablecoin last year, and ever since, the community has been anticipating the crvUSD. However, the stablecoin has not yet been integrated into the protocol’s user interface. As a result, the general public will not be able to access it just yet. According to someone in the know, the public release of the crvUSD stablecoin is “waiting on the front end,” which they said would happen soon.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.