Curve Finance’s Stablecoin Showdown
GM, crypto fam ☕️
Rise and grind! The crypto world never sleeps, and neither do we. As you sip your morning coffee and prepare to face the day, remember: In crypto, we trust.
Today’s teaser: We’ll dive into Curve Finance’s new stablecoin and the Solana Foundation’s NFT contest. Alright, enough horsing around…or should we say “goating”? Let’s get into it!
Curve Finance’s Stablecoin Rumble (crvUSD) Hits Ethereum Mainnet
The Launch: Curve Finance recently launched its algorithmic stablecoin, crvUSD, on the Ethereum mainnet. Over $20M worth of crvUSD was minted in just five minutes. Since then, the total has risen to more than $22M. Talk about a hot start!
Locked and Loaded: While the stablecoin isn’t yet available to the general public, its deployment on the Ethereum network is a significant step towards its grand debut. With a total value locked (TVL) of around $4.4B, Curve Finance is no small fry in the DeFi world.
Collateral Damage: Similar to MakerDAO’s stablecoin, crvUSD will function as a collateralized debt position stablecoin. Users must deposit collateral to borrow crvUSD, but Curve Finance still needs to specify the preferred collateral asset.
Friendly Competition: Aave, another DeFi protocol, plans to launch its own algorithmic stablecoin. With both projects racing to capture the market, let’s hope they can maintain stablecoin stability better than Terra.
Solana Foundation’s NFT Showdown: A Contest for Aspiring Creators
The Challenge: Solana Foundation’s “NFT Showdown” aims to attract contestants who want to create “real-world utility” collections in fashion, entertainment, and gaming. Get your creative hats on, folks!
The Plan: Solana wants to encourage artists to devise comprehensive business plans for profile-picture collections.
The goal? Create NFTs that offer tangible value beyond digital art.
The Prize: The submission window opens in early June, and the 10 contest winners will receive direct support from Solana, including guidance from industry experts to achieve long-term success.
Magic Eden’s Support: NFT marketplace Magic Eden is on board, fully supporting the competition. Tiffany Huang, head of marketing at Magic Eden, said, “This initiative is about getting new faces and ideas into the ecosystem. We’re excited to see how we can play our role to expand the ecosystem.”
The secret to successful investing is to figure out the value of something — and then pay a lot less. — Joel Greenblatt
Quick Bites: Crypto Snacks to Keep You Going 🍿
- Robert F. Kennedy Jr. Raises Crypto Taxes, Regulation as Issues in Opening Days of 2024 Presidential Race
- Binance Users Farmed $4B in SUI Tokens Ahead of Mainnet
- People Receive Airdrop Worth 7 ETH By Pasting Address On Twitter
- Bitcoin, Ether Could Face Risks From Potential Short Squeeze in Dollar Index, QCP Capital Says
- Jury Convicts Former Opensea Manager in NFT Insider Trading Case
If you enjoyed today’s scrumptious serving of crypto news, share the love by sending your friends:
Thanks for reading The GOAT Daily News! Subscribe for free to receive new posts and support my work.
GOAT out ✌️
