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Curve Finance Moving on With New Pool in View

Wed, 08/09/2023 - 12:00
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Godfrey Benjamin
Curve Finance canvassing for vote for new pool
Curve Finance Moving on With New Pool in View
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Decentralized Finance (DeFi) stablecoin lending platform Curve Finance has shown evidence it is no longer deterred by the Vyper attacks it suffered a few weeks back. According to an update shared through its official X account, Curve Finance is now canvassing for community votes for its next venture, the stableswap pool.

Curve DAO (CRV) Up 10%, Here Are 3 Reasons Why

According to the Curve Finance protocol, the soon-to-be-launched stableswap pool is a new-generation refactored pool. The protocol, however, highlighted a major impediment that features the low demand for stableswap pools with fees and, hence, wants community input to determine whether or not this new product should be floated.

Curve Finance spent a considerable time getting its house in order after more than $60 million was siphoned from the protocol. The protocol's founder, Michael Egorov, took on a large number of debt positions in a bid to help restore liquidity to the pool as well as confidence in the Curve ecosystem.

The recovery of Curve Protocol is also reflected in the price performance of the Curve DAO (CRV) token. The CRV price is currently pegged at $0.6032 after printing as much as 7.03% in the trailing seven-day period. From the lows it printed when its hack became public knowledge, the current price level is a big boost for Curve.

Ethereum (ETH) Might Be Biggest Victim of Curve Attack, Here's How

New era for Curve Finance

According to popular reports, Curve Finance's CEO has fully repaid his loans, despite the massive controversy that followed his approach to settling the strain the protocol experienced.

The move to launch a new stableswap pool is a crucial move to return the Curve Finance protocol to its winning ways. The resurgence in the relevance of Curve Finance will further boost other protocols that recorded a massive onslaught following the AMM's hack, with a joint recovery planned across the board.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.