Curve Re-Deploys Stablecoin crvUSD Successfully After Many Troubles

Key Points:

• Curve Finance shares that Curve’s native stablecoin crvUSD contract redeployment is complete.
• This implementation has been tested in place through soft liquidation of address difference transactions.
• Previously, Curve’s stablecoin went through several tweaks due to some bugs.

DeFi protocol Curve Finance tweeted yesterday evening that the re-implementation of Curve’s native stablecoin crvUSD contract is complete. This implementation has been tested in place through soft liquidation of address difference transactions.

Additionally, Curve Finance reported that the DAO raised about $2,000 from about 1.5 million crvUSD and stable crvUSD generated from Collateralized Debt Positions (CDPs) last week. These are “test revenue,” so they don’t translate into fee allocations but test what’s possible in the product.

Prior to that, Curve Finance will re-deploy crypto-backed stablecoins due to a crash in the first rollout. A bug in the original script was identified through a peer-review process.

This happened after the team identified an issue with the initial rollout that could prevent Curve (veCRV) token holders from escrow from voting for rewards from the liquidity pool containing their new crvUSD stablecoin. To get around this, the team said it would need to redeploy the stablecoin.

This announcement follows yesterday’s team’s confirmation that smart contracts for crvUSD have been deployed. However, they also note that the final launch still needs to be completed as the user interface – the user interface for interacting with crvUSD smart contracts – is still under development.

The implementation marks a significant milestone in Curve’s long-awaited stablecoin public launch. Curve, one of the largest decentralized marketplaces focused on stablecoins, with around $5 billion in assets on the protocol, announced last year that it had begun developing stablecoins pegged to its dollars.

According to the white paper, what sets crvUSD apart from its competitors is a new loan liquidity algorithm called LLAMA. This algorithm continuously rebalances users’ collateral as cryptocurrency prices fluctuate.

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