30s Summary

Curve Finance unveils a new stablecoin, Savings-crvUSD (scrvUSD), aiming to reinforce the existing crvUSD stablecoin. Users can create scrvUSD by depositing their crvUSD, backed by several digital currencies, including Ethereum and Wrapped Bitcoin. This move ensures crvUSD borrowing costs remain consistent. The introduction of scrvUSD will enhance the flexibility of Curve’s stable assets, offering new possibilities in the DeFi sector. In 2024, Curve Finance lowered its annual token emissions considerably and switched its CRV tokens for crvUSD. In partnership with The Open Network, they are working towards a more efficient decentralized system.

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Curve Finance has rolled out a new stablecoin that offers consistent returns with a minimal amount of risk. This coin, called Savings-crvUSD (scrvUSD), aims to strengthen the existing crvUSD stablecoin.

As per an announcement made on November 13, Curve Finance users can create scrvUSD by depositing their crvUSD into the scrvUSD section. The crvUSD that users put in is backed by multiple digital currencies, including Ethereum (ETH), Wrapped Bitcoin (WBTC), and more. The folks at Curve Finance told us that once you put your funds into scrvUSD, they stay put and are not used for other purposes.

This setup helps keep the borrowing costs for the crvUSD stablecoin steady. “With over 3 million crvUSD in Savings crvUSD, this piece of the system is already in good shape,” said Curve’s founder, Michael Egorov.

According to Curve Finance, the arrival of scrvUSD will bolster the flexibility of the platform’s stable assets. These assets can be used throughout the decentralized finance world to come up with exciting opportunities for traders and investors.

Back in June 2024, Curve Finance switched from using 3cr tokens for fee distribution to using its crvUSD stablecoin. Michael Egorov, the founder of Curve Finance, stated that using crvUSD would encourage users to use the stablecoin across various decentralized finance methods and products.

After making crvUSD the primary fee distribution currency, the DeFi platform dropped its annual token emissions significantly for its Curve DAO Token (CRV) – the governing token for the Curve decentralized autonomous organization. In 2020, around 274 million CRV tokens were issued, but in 2024, only 137 million were released.

Recently, in November 2024, Curve Finance began partnering with The Open Network to enhance the overlap between the two decentralized systems. This would allow the various segments of the DeFi infrastructure to work together more efficiently.

As part of the partnership between both systems, there was a contest to develop Curve’s Constant Functional Market Maker (CFMM). This aims to up efficiency by keeping volatility and market slippage in check.