Curve Deploys Stablecoin Smart Contract on Ethereum

Finalizing UI may be the final step before access to crvUSD

article-image

Ivan Babydov/Shutterstock modified by Blockworks

share

Curve Finance has deployed the smart contract for its stablecoin crvUSD on Ethereum.

The project designed the stablecoin using the Lending-Liquidating Automated Market Maker Algorithm (LLAMMA), which is a combination of both a traditional AMM and a lending market. 

According to a white paper from last October, LLAMMA uses an external oracle that ensures that crvUSD pools are made up of two different assets: crvUSD and the asset used to mint the stablecoin (such as ETH or BTC). This differs from other AMM designs, where assets are swapped at the price determined by the AMM curve.

When the price of the collateral is higher, all of the user’s deposits will be in the deposited collateral, but as the price of the collateral goes lower, the oracle will convert the deposits to crvUSD.

Curve deployed its initial crvUSD smart contracts yesterday, but a minor issue where fees were not flowing to the project’s DAO was noted by its team, Blockworks Research Senior Analyst Dan Smith said. 

This protocol resolved this minor issue after Curve Finance redeployed an updated smart contract this morning.

Even though information on Etherscan shows that Curve minted an initial 20 million crvUSD, Smith notes that this was part of the deployment process and the tokens themselves did not leave the system.

“crvUSD only becomes circulating after it has been borrowed by an end user,” he said. 

At the time of writing, Michael Egorov, the founder and CEO of Curve Finance, has the only open loan of $1.05 million.

The final step, Smith noted, will be to push the user interface onto the Curve website.

“With two major releases during the depths of the bear market (crvUSD and upgraded tri crypto contracts), Curve is well positioned for success when liquidity and volume returns,” Smith said.

“Curve now controls multiple parts of [the] DeFi stack with a DEX, lending market, and stablecoin.”

To learn more about Curve Finance and its Q1 performance, check out this detailed report by Blockworks Research.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Featured.png

Research

Helium stands at a pivotal moment in its evolution as a decentralized wireless network, balancing rapid growth, economic restructuring, and global expansion. With accelerated growth in domestic DAUs and Hotspots supporting its network, Helium is leveraging strategic partnerships and innovative proposals to scale internationally. The recent implementation of HIP 138, “Return to HNT,” has unified its token economy under HNT, simplifying participation and strengthening liquidity, while HIP 139’s phase-out of CBRS refocuses efforts on scalable Wi-Fi offload. Meanwhile, governance shifts under HIP 141 raise questions about centralization as Nova Labs consolidates control over the roadmap.

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.

article-image

Kado’s founder Emery Andrew spoke to Blockworks about the acquisition and what’s next for the team

article-image

LayerZero’s Bryan Pellegrino chatted with Blockworks about the firm’s next steps and its 10-year runway

article-image

Colosseum co-founder Matty Taylor is seeing “high-performance [Solana] founders showing a lot of interest in private trading technology”

article-image

Executives weigh the growth potential they see in the public stock and private credit/equities arenas

article-image

Players can stake ME, trade tokens and link wallets to climb the leaderboard