I am proposing to launch crvUSD on the Verus Protocol. I proposed launching thUSD on Verus to the Threshold community and they are interested but they were wondering whether Curve were interested in launching crvUSD on Verus as part of this. What will happen is that, should this proposal be agreed on, crvUSD, thUSD, tBTC, vETH and VRSC will be added to a new basket on Verus. This will allow crvUSD to be bridged from Ethereum to Verus, 1:1, over the trustless Verus to Ethereum bridge and then be traded without MEV at the protocol level on Verus. If you want to learn more about Verus, you can message me on discord on @faderr, or you can view some Verus resources: https://verus.io/ , https://cryptodashboard.faldt.net/ , https://docs.verus.io/currencies/mapping-1:1-eth.html
Abstract:
The proposed change is simply permission to launch crvUSD on Verus. There is no change on the Curve side and we will handle all costs associated with this.
Motivation:
This adds support for crvUSD on another network, increasing crvUSD’s adoption and visibility.
Specification:
Currencies (tokens) can be launched or mapped 1:1 from their ERC-20 counterparts without any coding knowledge - no smart contracts required. Instead, only simple RPC commands are used which I can help with. There is also a cost of 200 VRSC but as far as I know, we will pay for this fee and the fee goes straight to Verus miners/stakers.
For:
It increases crvUSD’s use and adoption, as well as increase liquidity. It also provides more stablecoin options on Verus.
Against:
There aren’t really any major downsides that I can think of. It adds crvUSD support on another network without any costs to Curve, we just need permission from the Curve team/community to launch this
scrvUSD could be added as well or instead of crvUSD if wanted. It’s up to what people want. However, if scrvUSD is added this might take extra work on the Verus side. I’m not really sure how scrvUSD accrues interest/how this is actually paid out - from what we understand from the Verus side, this would require quite a bit of extra work but we might be misunderstanding how this works
Thanks for creating this proposal. I’m interesting in learning more about Verus! I’m also curious to know what resources and support would you need directly from Curve?
I can share some details here but it might get a bit long, Verus has so many features. Do you have discord or telegram where I can share some info about Verus?
To put it simply, the Verus Protocol is a protocol for building blockchains and Dapps. People can launch blockchains on Verus that are fully interconnected with the rest of the Verus ecosystem, and Verus makes this much easier to do than launching a blockchain without Verus as it provides the network security at launch to do this (through merge-mining). Verus also has fully on-chain (protocol level), MEV-resistant DeFi. This is what we will be launching crvUSD on should this proposal be accepted. “Basket currencies” can be launched on Verus which are the equivalent of a liquidity pool on a DEX, allowing users to trade between the assets in that basket without the need of a DEX or CEX. Users can add liquidity to these baskets by holding the basket currency and earn from conversion fees. We will be launching a basket currency with the Threshold team to include tBTC and thUSD among other assets. The proposal is to also launch a stablecoin basket which will have thUSD, crvUSD and probably USDT, USDC or EURC (all three currently on Verus but with low liquidity). If you have any more questions about Verus or this proposal, feel free to reply or message me
Thanks for the proposal. Feel free to add crvUSD or/and scrvUSD. Both are ERC-20 and should work out of the box.
crvUSD is pegged to the dollar, while scrvUSD is going up over time. 1 scrvUSD = 1 scrvUSD (no rebasing token), but the underlaying crvUSD get more over time:
Just a little update on this: crvUSD and scrvUSD have been bridged over to Verus from Ethereum using the trustless Verus - Ethereum bridge. The first basket that includes a Curve product (scrvUSD) has also been launched into preconversion mode, fully launching in about a week. You can find out more about this at Introducing vYIELD: Curve Stablecoin Yield Comes to Verus | by Max Theyse | Verus Coin | Nov, 2024 | Medium . crvUSD will be included in a new stablecoin basket coming to Verus in the coming weeks.
