Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Curve DAO votes on 10% crvUSD fee allocation proposal

Curve DAO votes on 10% crvUSD fee allocation proposal

GrafaGrafa2024/11/05 14:00
By:Liezl Gambe

Curve DAO (CRYPTO:CRV) members are voting on a new proposal to allocate 10% of crvUSD loan fees toward crvUSD savings, aiming to strengthen the stablecoin’s ecosystem.

Curve founder Michael Egorov explained that this proposal, now in its confirmation phase, is designed to support crvUSD’s growth, which currently has a market value of $60 million.

The proposal has gained majority support, with the vote set to conclude on Friday.

According to Egorov, the initiative would lower borrowing costs for crvUSD, increase its supply, and potentially enhance revenue for governance members in the long term.

However, realising such benefits immediately might be challenging.

So far, eight voting addresses representing around 10 million tokens, or roughly 30% of Curve’s voting power, have participated.

Community responses have been mixed.

A supporter with the handle Crv.Mktcap raised concerns that the proposal may negatively affect Curve’s governance token (CRV) and locked token holders in the short term.

They noted that if the proposal is implemented, “andCRV investors will have to forgo some of their income to finance the savings rate.”

Yet, advocates argue that expanding the stablecoin supply would ultimately bring more revenue to andCRV investors over time.

Curve, a decentralised exchange focused on stablecoin swaps, currently holds $1.7 billion in total locked value, ranking as the 15th largest DeFi protocol according to DefiLlama.

At the time of reporting, the Curve DAO Token (CRV) price was $0.2268.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Epic Games to bring back Fortnite Chapter One permanently

Share link:In this post: Fortnite’s original Chapter One will return permanently in December with a monthly rotation of seasons. The return will have classic loot and weapons in both build and zero-build modes. The new mode will not be part of Chapter Six and will go live on December 1, 2024.

Cryptopolitan2024/11/07 04:33

GTA 6 release in Trump’s presidency, Dan Houser’s fear becomes true

Share link:In this post: In 2018, Rockstar’s cofounder feared the satirical commentary in GTA would be difficult under Trump’s presidency. Rockstar Games will have to face the highly potent political era now that Trump is back. GTA 6 could also face a backlash for being woke

Cryptopolitan2024/11/07 04:33