As revealed last summer, Curve Finance, the second-largest decentralized exchange after Uniswap, has deployed its highly anticipated stablecoin CrvUSD onto the Ethereum blockchain.
Announcing the development, the company 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!”
Launched during the DeFi summer of 2020, Curve Finance is a stablecoin-centric decentralized exchange that facilitates cheap swaps between stablecoins and other fixed-priced assets such as derivatives of Ethereum.
CrvUSD is an over-collateralized stablecoin backed by assets such as 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.
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.