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Curve Finance (CRV) Releases New Details About Its Upcoming Decentralized Stablecoin

crvUSD will use a lending-liquidating AMM algorithm, or LLAMMA, model to mitigate collateralization risks. crvUSD will be decentralized, backed by crypto assets, and...
Curve Finance (CRV) Releases New Details About Its Upcoming Decentralized Stablecoin Curve Finance (CRV) Releases New Details About Its Upcoming Decentralized Stablecoin
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  • crvUSD will use a lending-liquidating AMM algorithm, or LLAMMA, model to mitigate collateralization risks.
  • crvUSD will be decentralized, backed by crypto assets, and pegged to the U.S. dollar.
  • The release date of crvUSD is unknown.

Curve Finance (CRV), one of the longest-living decentralized exchanges built on Ethereum, released on Tuesday a whitepaper that goes into detail about its upcoming stablecoin crvUSD.

According to the document, the core idea of the new decentralized stablecoin is what the founder of Curve and the author of the whitepaper Michael Egorov calls a lending-liquidating AMM algorithm, or LLAMMA.

LLAMMA works by converting between the provided collateral and the stablecoin, depending on which is higher and which is lower. For example, if the price of the collateral in the form of ETH is high, users’ deposits are comprised solely of ETH. If the collateral depreciates in value, LLAMMA converts some of it to the stablecoin, helping better manage collateralization risks.

The LLAMMA mechanism, according to the whitepaper, is different from traditional automated market maker (AMM) designs where stablecoins are on top and the collateral is on the bottom.

Similarly to DAI, the other decentralized stablecoin issued by Maker, crvUSD will be overcollateralized with other crypto assets and pegged to the U.S. dollar.

Curve has joined Aave in releasing a crypto-backed stablecoin. Aave’s GHO will also be an overcollateralized stablecoin that users will be able to mint directly on Aave. It’s set to release in the near future.

The market cap of stablecoins backed by crypto assets is currently $6.7 billion, according to data from DefiLlama. Maker’s DAI leads the way, with a market cap of $5.3 billion. The total stablecoin market cap is just under $144 billion with USDT, USDC, and BUSD issuing almost $132 billion of their tokens.

On the Flipside

  • It’s unclear when crvUSD will launch.

Why You Should Care

Crypto-backed decentralized stablecoins comprise only a small portion of the total stablecoin market. Curve’s crvUSD, together with Aave’s GHO, are set to increase decentralized stablecoins’ market share in the near future.

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Aave (AAVE) Releases Technical Paper with New Details About Its GHO Stablecoin

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06-12-2022 01:18:39 (UTC+7)

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    EUR/USD 1.0504 ↑ Buy  
    GBP/USD 1.2193 ↑ Buy  
    USD/JPY 136.54 ↑ Sell  
    AUD/USD 0.6715 ↑ Buy  
    USD/CAD 1.3571 ↑ Sell  
    EUR/JPY 143.41 ↑ Buy  
    EUR/CHF 0.9893 Buy  
    Gold 1,782.65 ↑ Buy  
    Silver 22.422 ↑ Buy  
    Copper 3.7923 Neutral  
    Crude Oil WTI 77.69 ↑ Sell  
    Brent Oil 83.39 ↑ Sell  
    Natural Gas 5.638 ↑ Sell  
    US Coffee C 163.58 ↑ Buy  
    Euro Stoxx 50 3,956.53 ↑ Sell  
    S&P 500 4,011.00 ↑ Buy  
    DAX 14,447.61 ↑ Sell  
    FTSE 100 7,567.54 ↑ Sell  
    Hang Seng 19,518.29 Buy  
    Small Cap 2000 1,840.25 Neutral  
    IBEX 35 8,370.10 ↑ Sell  
    BASF 47.970 Sell  
    Bayer 53.09 ↑ Buy  
    Allianz 203.00 Buy  
    Adidas 122.06 ↑ Sell  
    Lufthansa 7.766 ↑ Buy  
    Siemens AG 135.44 ↑ Buy  
    Deutsche Bank AG 10.150 Neutral  
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