Overview
Curve Finance Launches crvUSD Stablecoin
DeFi protocol Curve Finance has successfully deployed its native stablecoin, crvUSD, on the Ethereum mainnet. While the stablecoin is not yet integrated into Curve’s user interface, public access will follow once UI deployment is complete.
Key features of crvUSD:
- Overcollateralized mechanism (similar to MakerDAO’s DAI).
- Utilizes Lending-Liquidating AMM (LLAMMA), an algorithm designed to manage collateral risk through continuous liquidation and collateral sales.
- Supports Collateralized Debt Positions (CDPs) for minting stablecoins against excess collateral.
Originally announced in November 2022, crvUSD aims to enhance DeFi liquidity and stability.
EigenLayer Prepares for Stage 1 Mainnet
EigenLayer, an Ethereum restaking protocol, has announced the upcoming launch of its Stage 1 mainnet. This initiative offers ETH stakers additional opportunities by:
- Lowering capital costs for Active Validation Services (AVS).
- Encouraging innovation through liquid restaking (using liquidity tokens) and native restaking.
Early adopters can apply via EigenLayer’s official form. The protocol previously launched a testnet on Ethereum’s Goerli network in April 2023.
Market Analysis
ETH Price Trends
- Current Price: ~$1,850 (consolidation phase).
- Support Levels: $1,850, $1,800.
- Resistance: $1,900.
- Weekly Performance: Peaked at $2,019 before settling at $1,917 (OKX data).
Network Metrics (Past Week)
| Metric | Value | Change (%) |
|---|---|---|
| Blocks Produced | 49,793 | -0.11% |
| Active Addresses | 2,709,919 | +5.6% |
| Block Rewards | 11,532 ETH | +134% |
| ETH Burned | 72,121 ETH | +150% |
Whale Activity
- Large transfers (>1,000 ETH) decreased by 7.1%, indicating reduced whale interest (OKLink data).
Ecosystem Updates
Technical Developments
Ethereum Core Developers Meeting (ACDC #108) discussed:
- Deneb Upgrade: Integration of EIP 4788 and EIP 6987.
- MEV-Boost Diversification: Enhanced relay client security post-recent exploits.
- SSZ Compatibility: Forward-compatibility considerations for EIP 4844.
Project Highlights
- Blend Protocol: NFT lending platform by Blur has facilitated 10,314 ETH in loans (911 transactions).
- Ankr x Mantle: Ankr will provide RPC services for Mantle’s Layer 2, boosting dApp performance.
- AltLayer: Launched multi-sequencer testnet Rollup with L1/L2 bridging support.
- Ethereum Attestation Service (EAS): Now supports file verification via cryptographic hashing.
- SKALE & OIX: Partnership enables zero-cost transactions for Web3 social platform OIX.
Staking Insights
- Total ETH Staked: 17.98M ETH (14.86% staking rate).
- Post-Shanghai Upgrade: Net +11,270 ETH staked, with 88K ETH added last week.
FAQs
Q: What is crvUSD’s collateral mechanism?
A: crvUSD uses overcollateralized CDPs, similar to DAI, with LLAMMA optimizing liquidation processes.
Q: How does EigenLayer benefit ETH stakers?
A: It offers restaking opportunities, reducing AVS capital costs and fostering innovation.
Q: Why did ETH whale activity decline?
A: Post-Shapella, whale addresses reduced holdings by ~1%, possibly due to profit-taking (Glassnode).
Q: What’s next for Ethereum’s Deneb upgrade?
A: Focus includes EIP 4788/6987 integration and MEV-Boost relay diversification.
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