DeFi Protocol Curve Finance may be on the verge of issuing its new dollar-pegged stable currency,
on Tuesday, stablecoin code It was uploaded to GitHub by its developers. Details are currently thin, but the new code shows several smart contract work for new hypercollateralized stablecoin,
The dollar of the curve (crvUSD) was Confirmed by Michael Agrov, the protocol’s founder, at a Web3 summit in July.
Unlike centralized stablecoins like Circle USDC Or Tether’s USDT, which is backed by hard cash and assets, the value of the greenback of the curve will be underpinned by a cryptocurrency Treasury that will comfortably exceed the total value of the CRVUSD tokens in circulation.
This is called over-collateralization, and is done to ensure that the new coin will not slip its $1 peg. the creatorThe DAI is perhaps the best-known example of a hypercollateralized stablecoin.
Another stablecoin contender come, The Decentralized Autonomous Organization (DAO) recently ran a survey to approve the launch of a new overcollateralized stablecoin called GHO.
GHO’s proposal was approved by 99.9% of the community, who also pledged half a million AAVE tokens to pledge it.
catch up with curve finance
curve finance is a Ethereum-based protocol that leverages smart contracts that allow users to swap stable coins for low fees and minimal slippage.
Users earn annual rewards by placing their cryptocurrencies in any of the liquidity pools on the protocol, which at the time of writing host a total value of $5.49 billion.
Last month Curve was the victim of a frontend hack. The attackers bowled a few overs. 327 ethereum (at a value of $570,000), which was later sent to the Fixed Float crypto exchange for laundering.
FixedFloat managed to freeze 112 Ethereum of the looted funds on the day of the attack. a few days later, Binance CEO Changpeng “CZ” Zhao reported that his exchange had frozen 83 percent of its funds at the time. $450,000,
one in report good Organized with domain registrar company iwantmyname, Curve said its platform was targeted at an agreement In the hosted domain name service (DNS) infrastructure of an external provider.
A customer’s domain was targeted, and from that, the hackers managed to point the domain’s DNS records toward cloned servers, in a type of attack known as DNS cache poisoning.
People interacting with the domain found themselves inadvertently redirected to a page of the attacker’s choosing, while thinking it was the original domain and using the site as usual.
Curve also recommended that people use ethereum name service (ENS) for added protection.
ENS was launched five years ago by members of the Ethereum Foundation to enable people to register memorable domains for their crypto wallets, which are not limited to the massive string of random numbers and letters that would typically be found on a blockchain. represent the address.