Ethereum’s DeFi ecosystem is heating up as Curve Finance introduced smart contracts for its stablecoin crvUSD.
The crvUSD smart contract has been deployed by the Curve team, but the launch has not yet been completed since a user interface, or frontend to interact with the crvUSD smart contracts, is currently being developed.
“As many figured – the deployment of crvUSD smart contracts has happened! This is not finalized yet because UI also needs to be deployed. Stay tuned!” the team wrote in the tweet.
Curve Finance, one of the largest decentralized exchanges and automated market makers [AMM] offers low-fee swaps and boasts nearly $5 billion in total value locked.
The DEX first unveiled its plan on launching a dollar-pegged stablecoin last June. The announcement caused quite a stir in the decentralized finance [DeFi] sector back then.
This was because the launch came in the wake of the Terra crash in May and the subsequent failure of a number of other stablecoins, which led to increased regulatory scrutiny of stablecoin issuers.
Curve Finance is one of the major players in the DeFi protocol and so its stablecoin would serve Ethereum price extremely well.
As we all know, the second-largest cryptocurrency in the world by market value is also one of the biggest liquidity providers in the DeFi area, and it hosts a number of web3 applications.
The blockchain would gain additional locked liquidity and value from the adoption of the crvUSD smart contract.
Having said that, the Ethereum network experienced its biggest daily rise in exchange supply since the day before the Merge.
Ethereum Network Scored A Major Milestone
This was due to a massive transfer of Ethereum tokens valued at over $500 million to Binance occurred, the leading data platform Santiment noted.
Additionally, the ETH network achieved another milestone as the Shanghai upgrade catalyzed a record-breaking weekly inflow of ether deposits for staking, primarily driven by institutional staking service providers and investors reinvested profits following withdrawal.
As reported by TronWeekly, roughly 571950 Eth tokens valued at more than $1 billion, were deposited by investors into staking contracts.
On the price front, Ethereum has regained the $1900k mark despite the FED hiking interest rate. At the time of writing this post, ETH is up by over 2% in the past 24 hours to trade at $1905.
