Crypto Spotlight: CRV
The next of our newest batch of cryptocurrencies is Curve DAO (CRV). If your knowledge of CRV isn’t quite up to scratch, don’t worry - read on to find out more.
What is CRV?
CRV is a freely tradable token that powers Curve.fi, a DeFi market maker protocol designed to make it easy to swap between Ethereum-based assets. Curve-fi promotes the creation of liquidity by offering incentives - namely CRV tokens.
Who created CRV?
CRV’s origins were not all that clear cut at first. The token was released suddenly in 2020 and the website listed no official team members, making the coin’s creator a bit of a mystery at first. However, some crypto sleuths managed to work out that it was physicist, Michael Egorov, who founded it.
What makes CRV unique?
Unlike other DeFi protocols, Curve.fi’s main focus is stablecoins. Its ultimate goal is to allow stablecoins such as MKR and USDT to be traded with low fees and minimal price variation. It does so not by using a central order book, but through pools of cryptocurrencies provided by users, which allow them to earn fees on their assets while letting traders buy and sell those assets at better prices.
Holding CRV allows you to have a say in the setting of rules on the platform, deciding which coins are allowed on the platform and choosing which rewards users should receive.