Curve Finance founder Michael Egorov has proposed launching the Venus Protocol on the Ethereum blockchain.
The move is seen as a strategic expansion for Venus, a decentralized finance (DeFi) protocol that allows users to borrow, lend, and trade crypto assets. By integrating with Ethereum, Venus will tap into a larger liquidity pool and a wider user base.
Curve’s stablecoin crvUSD and its native token CRV will be integrated as collateral options on Venus.
This will provide additional utility for crvUSD and allow users to access liquidity from both platforms.
Curve Finance holds a pivotal position in the DeFi sector, with a Total Value Locked (TVL) of $1.8 billion and a widely used stablecoin (crvUSD) with a supply of $130 million.
Key Benefits of Venus-Ethereum Integration
- Enhanced visibility and brand recognition for Venus on Ethereum, a leading blockchain network.
- Additional adoption and utility for crvUSD as a stablecoin within lending protocols.
- Creation of liquidity pools that integrate the offerings of both Venus and Curve.
Proposed Features and Rewards
Egorov has also proposed a liquidity mining incentive, which could provide a 10% Annual Percentage Rate (APR) over 120 days to users who supply assets to the Venus-Ethereum liquidity pools.
The proposal has received strong support from the community, with leaders and members expressing enthusiasm for the cross-chain collaboration.
FAQ
What is Venus Protocol?
Venus Protocol is a decentralized lending protocol that allows users to borrow, lend, and trade crypto assets.
What is Curve Finance?
Curve Finance is a decentralized exchange that specializes in stablecoin trading.
What is crvUSD?
crvUSD is a stablecoin issued by Curve Finance that tracks the value of the US dollar.
What is CRV?
CRV is the native token of Curve Finance that is used for governance and staking.
The successful implementation of the proposal depends on the community’s support, with historical precedent showing favorable outcomes for similar proposals.
Contents
Curve Finance founder Michael Egorov has proposed launching the Venus Protocol on the Ethereum blockchain.Curve’s stablecoin crvUSD and its native token CRV will be integrated as collateral options on Venus.Key Benefits of Venus-Ethereum IntegrationProposed Features and RewardsFAQWhat is Venus Protocol?What is Curve Finance?What is crvUSD?What is CRV?
Image source: Shutterstock
Credit and rights: BITboosters