Finance DeFi

Curve Fork Swerve Finance (SWRV) Locks in over $400 Million within a Day of Launch

Swerve Finance: 100% community-owned 33 million tokens, no fake-out deployment, and no questionable pre-mining.

After the Uniswap forks, it’s time for another hot DeFi project, Curve, a stablecoin-to-stablecoin DEX.

Curve’s clone Swerve Finance is an unaudited decentralized finance protocol that has over $410 million locked within 12 hours of its launch and a volume of $55.4 million.

The protocol aims to be “100% community-owned and governed,” allowing users to generate SWRV tokens with these deposits.

“It's a simple 33,000,000 supply owned entirely by you, the community of liquidity providers and users. If you provide liquidity to Swerve, you get ySWRV tokens, which can be staked in the Swerve DAO to earn $SWRV.”

With “no questionable pre-mining,” which means the team members or early investors won't be allocated any tokens, Swerve refers to Curve’s token CRV’s forced launch last month.

Swerve’s launch, however, wasn’t issue free either as the protocol launched with a bug, now addressed, that prevented users from interacting with contracts.

Curve Finance was launched in January 2020 and is one of the most popular DeFi projects with more than $1 billion of total value locked (TVL). After Uniswap, it is the second-most popular DEX and fourth-largest project in the DeFi world.

This project allows consumers to trade between stablecoin with the lowest slippage thanks to high liquidity allowing users to lose less marginal profit. While growing, the protocol continues to face grievances in the form of control over the project and unfair voting rights.

Yearn Finance creator Andre Cronje found Swerve Finance’s design “very intriguing” stating, “What Swerve did was add a proxy pattern, so the implementation is the copyright curve contract. But the storage is Swerve. This abides by the copyright, but also allows a full feature fork. Both from a legal and technical perspective, this is really smart.”

SWRVE token is currently trading at $12.16, already losing 66% of its value from the all-time high of $39 hit earlier in the day, as per CoinGecko.

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