{"id":541000,"date":"2023-07-04T07:03:37","date_gmt":"2023-07-04T07:03:37","guid":{"rendered":"https:\/\/wncen.com\/?p=541000"},"modified":"2023-07-04T07:03:37","modified_gmt":"2023-07-04T07:03:37","slug":"curve-dao-notches-17-climb-as-native-stablecoin-gains-traction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/curve-dao-notches-17-climb-as-native-stablecoin-gains-traction\/","title":{"rendered":"Curve DAO Notches 17% Climb As Native Stablecoin Gains Traction"},"content":{"rendered":"

So far, Curve DAO has been seeing enormous gains at the start of the month as CRVUSD, Curve\u2019s native stablecoin, gains significant traction in users. <\/span><\/p>\n

According to <\/span>recent<\/span><\/a> data posted by Curve DAO\u2019s official Twitter page, the stablecoin has reached a supply and debt level of over $50 million, which <\/span>indicates that the stablecoin is being used heavily just after two months after its launch.<\/p>\n

CRVUSD now joins the growing number of stablecoins available in the industry. However, another tense moment in the crypto market occurred last month.<\/span><\/p>\n

\n

Some graphs pic.twitter.com\/lHnNw6Cej1<\/a><\/p>\n

\u2014 Curve Finance (@CurveFinance) July 1, 2023<\/a><\/p><\/blockquote>\n

Major Hiccup In The Stablecoin Industry<\/b><\/h2>\n

Just last month, Tether\u2019s USDT <\/span>depegged<\/span>, prompting serious fears of another collapse on the horizon. According to some sources, it was mostly caused by an imbalance within Curve DAO\u2019s <\/span>Curve 3Pool<\/span>. This small imbalance caused a 70% surge in USDT\u2019s balance which indicated a significant sell-off.<\/span><\/p>\n

Related Reading: Litecoin $100 Milestone Indicates Promising Bullish Trends \u2013 Here\u2019s Why<\/a><\/div>\n

In an interview with Tether CTO Paolo Ardoino, he emphasized Tether\u2019s role as \u201ca gateway to liquidity\u201d and how Tether is solid. He also puts confidence in USDT by saying that \u201cthese events are a good test for us.”<\/span><\/p>\n

Meanwhile,\u00a0there is virtually no fear, uncertainty, or doubt surrounding CRVUSD, thanks to the ecosystem’s innovative utilization of LLAMMA\u2014an exclusive algorithm designed specifically for CRVUSD.<\/span><\/p>\n

<\/p>\n

CRV market cap currently at $694 million. Chart: TradingView.com<\/a><\/pre>\n
LLAMMA: How Does It Work?<\/b><\/h2>\n
In a Twitter <\/span>thread<\/span><\/a> created by <\/span>Poopman DeFi<\/span><\/a>, LLAMMA uses a concept known as soft liquidation. The user must first deposit sfrxETH as collateral to borrow CRVUSD at an overcollatelrized ratio of 117%. <\/span>LLAMMA<\/span><\/a> then uses the price fluctuations of the two assets to rebalance the ratio between the two.<\/span><\/p>\n
\n
crvUSD is the most hard-core stablecoin to ever exist.<\/p>\n
Instead of facing full liquidation when borrowing CDPs,<\/p>\n
crvUSD introduced LLAMMA \ud83e\udd99, an algo that use soft liquidation to reduce impermanent loss during huge liquidation.<\/p>\n
A very in-depth thread on crvUSD by @CurveFinance<\/a>\ud83e\uddf5 pic.twitter.com\/lnY5TJKV6V<\/a><\/p>\n
\u2014 Poopman \ud83d\udca9, \ud83c\udf3f- DeFi Rookie (@poopmandefi) July 2, 2023<\/a><\/p><\/blockquote>\n
The collateral is then spread over a band, which is basically a price range which the collateral will be spread upon. This reduces CRVUSD\u2019s exposure to Ethereum while gaining the upside if ETH\u2019s price pumps. <\/span><\/p>\n
According to recent sources, Frax Finance\u2019s sfrxETH is currently the only supported collateral by the system with more assets to be onboarded in the future.<\/span><\/p>\n
\"\"<\/p>\n
CRV sustains 17.3% increase in the last week. Source: Coingecko<\/pre>\n
Bulls Lead The Way, But Can They Sustain The Momentum?<\/b><\/h3>\n
At the time of writing, CRV price was at $0.799, up nearly 5% in the last 24 hours. The token registered an impressive 17.3% rally i<\/a>n the last seven days, data from crypto market tracker Coingecko shows.\u00a0<\/span><\/p>\n
CRV is currently facing resistance at the $0.817 price level. With its present momentum, we might see a bullish breakthrough next week or even earlier.\u00a0<\/span><\/p>\n
Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements<\/a><\/div>\n
This will provide the bulls leverage for another price pump in the near future. However, failing to break through this level will require CRV to stabilize above or below $0.712.\u00a0<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from PortalCripto<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
So far, Curve DAO has been seeing enormous gains at the start of the month as CRVUSD, Curve\u2019s native stablecoin, gains significant traction in users. According to recent data posted by Curve DAO\u2019s official Twitter page, the stablecoin has reached a supply and debt level of over $50 million, which indicates that the stablecoin is being used heavily just after two months after its launch. CRVUSD now joins the growing number of stablecoins available in the industry. However, another tense moment in the crypto market occurred last month. Some graphs pic.twitter.com\/lHnNw6Cej1 \u2014 Curve Finance (@CurveFinance) July 1, 2023 Major Hiccup In The Stablecoin Industry Just last month, Tether\u2019s USDT depegged, prompting serious fears of another collapse on the horizon. According to some sources, it was mostly caused by an imbalance within Curve DAO\u2019s Curve 3Pool. This small imbalance caused a 70% surge in USDT\u2019s balance which indicated a significant sell-off. Related Reading: Litecoin $100 Milestone Indicates Promising Bullish Trends \u2013 Here\u2019s Why In an interview with Tether CTO Paolo Ardoino, he emphasized Tether\u2019s role as \u201ca gateway to liquidity\u201d and how Tether is solid. He also puts confidence in USDT by saying that \u201cthese events are a good test for us.” Meanwhile,\u00a0there is virtually no fear, uncertainty, or doubt surrounding CRVUSD, thanks to the ecosystem’s innovative utilization of LLAMMA\u2014an exclusive algorithm designed specifically for CRVUSD. CRV market cap currently at $694 million. Chart: TradingView.com LLAMMA: How Does It Work? In a Twitter thread created by Poopman DeFi, LLAMMA uses a concept known as soft liquidation. The user must first deposit sfrxETH as collateral to borrow CRVUSD at an overcollatelrized ratio of 117%. LLAMMA then uses the price fluctuations of the two assets to rebalance the ratio between the two. crvUSD is the most hard-core stablecoin to ever exist. Instead of facing full liquidation when borrowing CDPs, crvUSD introduced LLAMMA \ud83e\udd99, an algo that use soft liquidation to reduce impermanent loss during huge liquidation. A very in-depth thread on crvUSD by @CurveFinance\ud83e\uddf5 pic.twitter.com\/lnY5TJKV6V \u2014 Poopman \ud83d\udca9, \ud83c\udf3f- DeFi Rookie (@poopmandefi) July 2, 2023 The collateral is then spread over a band, which is basically a price range which the collateral will be spread upon. This reduces CRVUSD\u2019s exposure to Ethereum while gaining the upside if ETH\u2019s price pumps. According to recent sources, Frax Finance\u2019s sfrxETH is currently the only supported collateral by the system with more assets to be onboarded in the future. CRV sustains 17.3% increase in the last week. Source: Coingecko Bulls Lead The Way, But Can They Sustain The Momentum? At the time of writing, CRV price was at $0.799, up nearly 5% in the last 24 hours. The token registered an impressive 17.3% rally in the last seven days, data from crypto market tracker Coingecko shows.\u00a0 CRV is currently facing resistance at the $0.817 price level. With its present momentum, we might see a bullish breakthrough next week or even earlier.\u00a0 Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements This will provide the bulls leverage for another price pump in the near future. However, failing to break through this level will require CRV to stabilize above or below $0.712.\u00a0 (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from PortalCripto<\/p>\n","protected":false},"author":557,"featured_media":541009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[83432,81093,86837,88553,11164],"class_list":["post-541000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crv","tag-crvusd","tag-cryptonews","tag-curve-dao","tag-stablecoin"],"acf":[],"yoast_head":"\nCurve DAO Notches 17% Climb As CRV Token Gains Traction<\/title>\n<meta name=\"description\" content=\"So far, Curve DAO has been seeing enormous gains at the start of the month as CRVUSD, Curve\u2019s native stablecoin, gains significant traction in users.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Curve DAO Notches 17% Climb As Native Stablecoin Gains Traction","url":"http:\/\/wncen.com\/news\/curve-dao-notches-17-climb-as-native-stablecoin-gains-traction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/curve-dao-notches-17-climb-as-native-stablecoin-gains-traction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-15.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-15.png?fit=979%2C471"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crv","crvusd","cryptonews","curve dao","stablecoin"],"dateCreated":"2023-07-04T07:03:37Z","datePublished":"2023-07-04T07:03:37Z","dateModified":"2023-07-04T07:03:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Curve DAO Notches 17% Climb As Native Stablecoin Gains Traction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/curve-dao-notches-17-climb-as-native-stablecoin-gains-traction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/curve-dao-notches-17-climb-as-native-stablecoin-gains-traction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-15.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/a-15.png?fit=979%2C471\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crv\",\"crvusd\",\"cryptonews\",\"curve dao\",\"stablecoin\"],\"dateCreated\":\"2023-07-04T07:03:37Z\",\"datePublished\":\"2023-07-04T07:03:37Z\",\"dateModified\":\"2023-07-04T07:03:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/a-15.png?fit=979%2C471","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541000"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=541000"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541009"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=541000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=541000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=541000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}