While the cryptocurrency agenda was busy with the SEC’s lawsuit against Binance and Coinbase, the stETH support statement came from the decentralized exchange Curve Finance. Accordingly, stETH holders will now be able to use their tokens to issue Curve USD (crvUSD), a stablecoin issued by Curve Finance.
Because 100% of CurveDAO community members voted today, crvUSD was allowed to be printed via stETH. Users will be able to automatically print crvUSD by showing their stETH as collateral.
Users have to pay a borrowing rate of 6%. However, if the value of the collateral falls below the intended $1 fixed value of crvUSD, it will be automatically liquidated. Speaking to Coindesk, DeFi developer Daniel Zlotin said: “CrvUSD could be a very interesting development because we have yet to see a stablecoin issued by a major DEX.”
The Terra Classic community approves the network’s most important update
The Terra Classic community has approved the v2.1.0 upgrade, which is cited as one of the network’s most important updates. With the unanimous acceptance of the update proposal, the network upgrade is expected to occur on June 14, and this update will bring many important innovations to the Terra Classic network. Prominent among these innovations is the integration of the Terra Classic network with the Terra 2.0 and Cosmos chains, making them equal with these blockchain networks. Thus, an increase in the number of developers who can work on the Terra Classic network is expected. The upgrade proposal was accepted by a large majority, with the approval of almost all of the community members. This upgrade is considered the biggest update since the blockchain split after the Terra Classic network collapsed last year.