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Zunami ProtocolZunami Protocolby0xF9605D8c4c987d7Cb32D0d11FbCb8EeeB1B22D5dsterx.eth

Zunami DAO Vote Id: 13 - add crvUSD/FRAX strategies to the USD Omni pool.

Voting ended over 2 years agoSucceeded

The Zunami Team is excited to announce that the vote is now open to add crvUSD/FRAX as a new USD Omnipool strategies.
 Stablecoin Description:
crvUSD is a stablecoin that operates as a collateralized debt position (CDP) and maintains a peg to the US Dollar. It was launched by the Curve team.
 Collateral Risk:
Currently, frxETH and wstETH serve as collateral for crvUSD. However, there are plans to incorporate additional crypto assets in the future. To ensure sufficient collateralization for crvUSD, Curve employs a lending-liquidity automated market-making algorithm (LLAMMA). Positions are managed passively: if the price of the collateral decreases, the system automatically initiates a "soft liquidation mode" and sells off collateral. Conversely, if the price of the collateral increases, the system recovers the collateral. This mechanism protects borrowers from losing all their collateral and provides additional crvUSD to offset their positions in the event of default.
 Custody Risk:
The Curve Stablecoin infrastructure is entirely governed by an on-chain DAO, which ensures control and management of the system.
 Depeg Risk:
To maintain the peg of crvUSD, an Automatic Stabilizer called PegKeeper is utilized. It mints new crvUSD and deposits it directly into Curve Pools, thereby increasing liquidity for crvUSD and generating trading fees. If the price of crvUSD falls below the peg, crvUSD is withdrawn from the pool and burned, thereby reducing the overall supply of crvUSD.
 Smart Contract Risk:
The MixBytes team conducted a security audit for crvUSD. You can find the audit report at the following link: https://github.com/mixbytes/audits_public/tree/master/Curve%20Finance/Curve%20Stablecoin%20(crvUSD)

Off-Chain Vote

yes
344.93K ZLP100%
no
0 ZLP0%
Download mobile app to vote

Timeline

Jun 14, 2023Proposal created
Jun 14, 2023Proposal vote started
Jun 17, 2023Proposal vote ended
Feb 15, 2025Proposal updated