In the cryptosphere, we have bulls, bears, but also, sometimes, rabbits. We have the rabbits that come out of magicians’ hats promising amazing returns, and DeFi projects that multiply like rabbits through the simple process of cloning. DeFi is now “Swerving” us a new protocol from the fork of Curve Finance (CRV).
Take your forks: Swerve is served!
The Challenge continues its frantic development; lfigures excite traders and investors, while raising concerns.
This worried growth Especially since it is accompanied by an increase in forks on many protocols. The clones of DeFi projects follow one another, without our being sure of their viability.
Uniswap gave birth to SushiSwap ; now it’s time to Curve, which is one of DeFi’s most popular projects, to fork and give birth to Swerve.
Curve Finance was created in January 2020 and, is currently on 4th most important DeFi protocol.
This fork gave birth to an unaudited protocol which has already recorded a transaction volume of $ 55 million and a Total Value Locked (TVL) of $ 410 million, just 12 hours after its launch.
(Small) injuries from the first days
The launch of Swerve Finance had a few glitches: a bug that prevented users from interacting with contracts had been discovered but, this one would have been solved.
Swerve Finance presents itself as being governed and owned at 100% by the community, with a fixed token supply of 33 million units.
The team of Swerve points out that there will be no pre-mining phase, probably indirectly referring to the controversial launch of the native token of Curve, the CRV, in August 2020.
The founder of Yearn Finance (YFI), Andre cronje, praised the project on Twitter, noting that its design was very intriguing and particularly ingenious in a technical and legal point of view.
Compliments from Cronje unfortunately could not prevent the token price from falling SWRVE : The latter has already lost 66% of its All Time High of $ 39 and was recently trading at $ 12.16.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
There will only be a few left, but it is not known how many. It’s not just students who know how to use the famous Ctrl + C and Ctrl + V. A few tweaks here, a few selling points there, and voila! And beware, this is not plagiarism! The DeFi craze continues, and it will be interesting to see in a few years what projects are still around.
Litecoin, welcome in the Silver Age