Curve’s crvUSD Stablecoin Completes Third Deployment To Fix High Gas
- Curve Finance announced that the third deployment of Curve’s native stablecoin crvUSD had been completed.
- No errors were detected, and they have fixed unexpected high gas usage in some cases.
- crvUSD was deployed on the Ethereum mainnet on Wednesday afternoon.
Curve Finance shared that the third implementation of the native stablecoin crvUSD has been completed. No errors occurred, and fixed unexpected high gas usage in some cases.
Before that, after peer-to-peer testing of their native stablecoin crvUSD implementation, it was found that the current crvUSD version needs to be redeployed and that the performance will be done today. Additionally, veCRV was not billed due to an error in the deployment script.
Decentralized finance protocol Curve Finance also announced the deployment of its much-anticipated stablecoin on the Ethereum mainnet on Wednesday afternoon.
The implementation marks a significant milestone in the public launch of Curve’s long-awaited stablecoin. Curve, one of the largest decentralized marketplaces focused on stablecoins, with around $5 billion in assets on the protocol, announced last year that it began developing its dollar-pegged stablecoins.
According to the white paper, what sets crvUSD apart from its competitors is a new loan liquidity algorithm called LLAMA, that continuously rebalances users’ collateral as cryptocurrency prices fluctuate.
This mechanism provides a smoother, continuous liquidation process than a single, drastic event that sometimes causes chaos and massive losses to lending protocols when crypto prices fall.
Additionally, collateral stored in an automated market maker (AMM) pool provides liquidity for people to trade, rather than sitting in a vault or lending pool. “This makes the overall efficiency of the system high,” Dustin Teander, an analyst at crypto research firm Messari, said in a note.
In addition, Curve’s stablecoin will face stiff competition due to a series of problems with rival DeFi protocols that are or are in the process of developing their stablecoin to attract users and increase activity at a time when cryptocurrency trading and lending are struggling.
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