Curve will redeploy its crvUSD stablecoin on Ethereum due to “scripting error’
Due to a problem with the original deployment, Curve Finance will relaunch its crypto-backed stablecoin.
After “a mistake in the deployment script,” which occurred a day after Curve Finance’s crypto-backed stablecoin’s smart contracts were deployed on the Ethereum mainnet, the company has decided to rerelease the code for the stablecoin.
After discovering an issue with the first deployment that would prohibit holders of vote-escrowed Curve (veCRV) tokens from receiving rewards from liquidity pools holding its new crvUSD stablecoin, the team has taken the necessary steps to correct the situation. The team has said that it will need to reload the stablecoin in order to fix this problem.
Following yesterday’s confirmation that the crvUSD smart contracts had been deployed, the team has now made this announcement. A user interface, or frontend, for interacting with the crvUSD smart contracts was mentioned as a missing piece of the final launch.
By using a vote-escrow approach, Curve enables CRV token holders to stake their tokens in return for a different token, veCRV, which contains staking prizes and incentives. The original release of crvUSD had a bug in the deployment script that prevented incentives from being fairly distributed among veCRV holders.
According to the results of a peer review of deployments, the present version of crvUSD must be redeployed, and that process will begin later on today. Due to an error in the deployment script, veCRV will not be compensated for this transaction, as stated by Curve Finance on Twitter.