Crypto Corner: a profile on CRV

We’re back with yet another cryptocurrency to tell you all about!

This week, we’re looking at the Curve DAO Token (CRV), an Ethereum-based cryptocurrency that joined the Wirex family in June. If you haven’t met yet, allow us to introduce you.

What’s it all about?

CRV is the native token of Curve.fi, a decentralised exchange (DEX) and automated market maker (AMM) protocol. Curve.fi is one of many emerging DeFi projects built on the Ethereum blockchain and is designed to facilitate the easy exchange of dollar-pegged stablecoins (e.g. DAI and USDC) and BTC-pegged stablecoins (e.g. wBTC and renBTC). Its ultimate goal is to allow these assets to be traded with low fees and minimal price variation.

Curve.fi incentivises users to lock their assets into cryptocurrency pools by offering a return on their coins (namely its native CRV token), as well as a proportion of fees from trades.

What can you do with CRV?

As well as earning CRV through creating liquidity pools, you can also use the token for governance. Holding CRV allows you to have a say on the platform rules, as well as vote on proposals that’ll impact it. For instance, deciding which coins should be allowed and which rewards should be given to users who lock their assets into pools.

Want in on the action? Buy and exchange CRV at exclusive OTC rates in the Wirex app today!

What makes Curve.fi different?

Curve.fi is often compared to exchanges like Uniswap and Balancer for allowing users to create cryptocurrency pools, which in turn lets them earn fees on their assets while letting traders buy and sell at better prices. However, while Uniswap and Balancer serve a variety of cryptocurrencies, Curve.fi’s main focus is stablecoins.

Who came up with the idea?

Interestingly, CRV’s website doesn’t list any founders, and there’s no official launch date on record. However, the whitepaper was published in 2019 and lists Michael Egorov, who also co-founded the NuCypher (NU) cryptocurrency, as author

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