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Curve Finance has recorded a trading volume of $1.07 billion over the past 24 hours, marking a new high for the year. Only two other days in its history have seen a higher volume, and they both occurred immediately after the collapse of FTX, according to data from DefiLlama.
$CRV experienced a 11% surge in the last 24 hours also due to a widespread interest in decentralized stablecoins. Last June, Curve announced their plans to introduce a dollar-pegged asset, crvUSD.
Recently, Curve hinted at the upcoming issuance of crvUSD, stating that an ongoing proposal is necessary for its autonomous functioning. The proposal would enable stablecoin pools to provide pricing information to external protocols.
crvUSD differs from traditional stablecoins. Instead of being collateralized by a single asset, crvUSD is collateralized by LP (liquidity provider) tokens and uses the LLAMMA (Lending-Liquidating Automated Market Maker Algorithm) algorithm to avoid liquidations and bad debt. The algorithm sells the collateral in stablecoins in a linear way to prevent sudden drops in the value of the collateral
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