Curve Finance Extends Its DeFi Protocol To Moonbeam
Curve Finance, has launched its decentralized finance (DeFi) protocol to Moonbeam, the Ethereum-compatible smart control platform on Polkadot.
The largest decentralized finance (DeFi) protocol Curve Finance which has nearly $20 billion locked in total value locked, is now accessible on Polkadot ecosystem.
Curve Finance launched on Moonbeam, which means that Ethereum decentralized applications can be deployed onto Polkadot fairly easy.
Curve Finance supports eight different blockchain networks. However, Ethereum is by far the largest, representing $16.66 billion of its $19.36 billion in total value locked, according to DeFiLlama. In other words, Polkadot’s ecosystem users have gained access to over $16 billion in liquidity via Curve Finance’s Ethereum markets.
Curve is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. It was launched in January 2020.
In August last year, Curve launched a decentralized autonomous organization (DAO), with CRV as its in-house token. The DAO uses Ethereum-based creation tool Aragon to connect multiple smart contracts used for users’ deposited liquidity.
The Curve protocol also has an influential and popular vote-escrowed tokenomics model that, earlier this month, Balancer proposed adopting in some form. This vote-escrowed tokenomics model causes protocols to attempt to gather and lock as much of Curve’s CRV token as possible in order to acquire veCRV, which allows those behind the protocol to vote for their protocols’ users to get more rewards—this has been dubbed the Curve Wars, and it has caused token supply to dwindle.
Polkadot is a so-called Layer 0 blockchain that Layer 1 blockchains can connect to via parachains. Projects compete for parachain slots (that connect to the “heart” of the network: its Relay Chain) via parachain slot auctions, which began last November. While Acala won the first Parachain slot auction, Moonbeam was the first protocol to fully launch on Polkadot on 11 January this year.
