Smart contracts for the functioning of the token have already been successfully deployed, but the user interface for working with them is not yet ready and is under development.
“As many have seen, we have already deployed crvUSD smart contracts. However, the process is not yet complete because the user interface needs to be deployed.
We’ll let you know when it changes,” wrote the developers of Project DeFi.
Curve Finance team issued 20 million crvUSD tokens. The developers have borrowed $1 million in crvUSD stabelcoins to test the performance. 957 Frax Ether ($1.8 million) was used to provide it.
CrvUSD itself resembles MakerDAO’s DAI stabelcoin – the project does not store fiat currency to secure the token, but uses other cryptocurrencies, and the amount of collateral exceeds the capitalization of the stabelcoin.
The developers have implemented a new collateral algorithm called Lending-Liquidation AMM, which continuously liquidates and automatically deposits collateral to support the steblecoin rate.
One of the largest decentralized protocols, Aave DAO, has also developed its own steablecoin called GHO.. Now the developers have launched a token pilot project on Goerli’s Ethereum test network.