Curve Finance, a platform for crypto-backed stablecoins, has announced that it will re-release its code due to an issue with its crvUSD stablecoin. This comes after the team identified a problem with the initial deployment which would have prevented veCRV token holders from earning rewards out of the liquidity pool containing the stablecoin. The team needed to redeploy the stablecoin to fix the issue and requested an Ethereum address to contact them with in order to swap back the crvUSD to USDC via an over the counter swap.

The use of a vote-escrowed model for the crvUSD deployment allowed CRV holders to stake tokens in exchange for another token (veCRV), with the advantages of earning staking rewards and incentives. However, due to a bug in the deployment script, this version of the stablecoin did not properly distribute the rewards. The team then identified the problem and decided to redeploy the crvUSD code to fix the issue.

When the team identified the issue, they requested the address of a DeFi user (0x38) who earlier purchased 49,970 crvUSD tokens from Curve’s liquidity pool. The team sent an on-chain message to the user requesting them to contact them on Twitter or Telegram to swap the crvUSD back to USDC. The user then sent back the tokens and successfully received 49,965 USD in return.

To conclude, Curve Finance is re-deploying the code for its crypto stablecoin, crvUSD, to fix an issue with the rewards for veCRV token holders. The team requested the address of a DeFi user who had purchased the tokens from their pool and successfully swapped the tokens back to USDC via an over the counter swap. The re-deployment of the code is meant to ensure that the stablecoin will work correctly in the future, creating a secure and rewarding environment for all the users.



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