The last couple of months has been extremely difficult for everyone who has participated in the global markets. While the entire financial sector has received a huge blow, the biggest by far was the cryptocurrency industry, which lost more than 80% of its value within a matter of months.
BTC, the frontrunner crypto, also crashed hard, plunging to the $20,000 level from an all-time high of more than $76,500 back in 2021. While this crypto winter has hit altcoins hard, projects have still been trying to make the best out of the situation by building their infrastructure.
However, among the helm of controversial cryptocurrencies is the Defi category. There has been a list of issues, like liquidity crunches, financial distress, and low engagement, which forced a huge number of major companies to retire from operations. It was seen that only the top projects or ones with dedicated communities were able to manage.
This was even more prominent among stablecoins. Stablecoins have been looked at critically by a huge chunk of the investing citizenry today and may have lost their reputation as volatility-proof assets. Despite such conditions, one prominent project has managed to set up the stage for its very own stablecoin. Curve Finance has gained much traction among investors for such a development this crypto winter.
What is Curve Finance?
Curve Finance is a popular Defi project that was launched with a decent community back in 2020. Since its inception, Curve has managed to create good product offerings and actualize several announcements. They have been one of the few projects that have been publicly trying to update their infrastructure and build aggressively during the bear market.
Created by Michael Egorov, who is also the co-founder of Nu-Cypher, another cryptocurrency project, Curve is listed across many major exchanges. The project is actually an Automated Market Maker(AMM), which essentially allows users to transfer and trade in digital assets without having to spend too much on slippage or fees. This is made possible by the asset from accumulating liquidity pools that are made of similar assets.
For the users who participate in the ecosystem by staking or actively helping the project grow, Curve issues rewards in the form of CRV(the project’s native token) and good interest. It is one of the most reputed defi protocols in the industry at the time and has over $5.8 billion worth of assets deposited.
About the stablecoin crvUSD
Curve had initially introduced its plans for their stablecoin way back in June this year. However, specifics on the same weren’t exactly made public. Now, the protocol has announced that it has managed to build a javascript library to support their much-awaited stablecoin’s crvUSD launch.
Several minor, as well as major investors and personalities in the blockchain sector, commented on the project’s development. The decision was highly embraced and appreciated by a majority of the masses, who believed that Curve had the capability to make their stablecoin a success. While dates for the same are yet to be finalized, it is highly likely to come out sometime in September itself.
This move has come at a point where stablecoins have been struggling to maintain their status as safe and stable assets that also promise sustainability. Curve’s developer team has been vocal about their intent to release the asset as soon as possible to cater to their user base. They have ensured to be working on bringing this new product to the market as soon as possible.
Egorov, who is the current CEO however, was of a different opinion. He voiced his disapproval of launching crvUSD before the merge. He stated that launching the coin before Ethereum’s much-anticipated Merge from PoW to PoS mechanism may expose the project to any unwanted risk and potential complications.
While a final decision or announcement regarding the same is yet to roll out, the 313,000 strong twitter community seems to disagree with the CEO and has been showing their anticipation in the form of tweets and other social media posts. The price of CRV at the time of writing is $1.21, up almost 8% since yesterday with a market cap of $647 million.
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