An Unknown Developer Deploys Curve Tokens And Contracts With An Unexpected Launch
An Unknown Developer Deploys Curve Tokens And Contracts With An Unexpected Launch
August 14, 2020
An Unknown Developer Deploys Curve Tokens And Contracts With An Unexpected Launch
An Unknown Developer Deploys Curve Tokens And Contracts With An Unexpected Launch
August 14, 2020

An unknown developer has prematurely deployed decentralized finance (DeFi) project Curve tokens and contracts with an unexpected launch of its DAO and governance token CRV.

It has been reported that the developer tweeted from a brand new Twitter account, which he thought that the contracts were ready and had jumped the gun.

However, in a preliminary response, the Curve team confirmed that everything looked correct, and then spent the morning frantically verifying the contracts and deployment parameters.

 

As per the report, seven hours after the early contract deployment, Curve announced the official launch on Telegram and Discord by confirming that the early deployment was verified and legitimate.

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The post read:

“The Curve team is proud to announce that Curve Finance native token CRV has officially launched. The Curve DAO was deployed by a community member. The contracts have been thoroughly verified by the team to make sure they follow the correct deployment process.”

Likewise, the team has also confirmed that the user relinquished any admin powers. Shortly after the announcement, Curve further explained that although initially skeptical, the deployment was completed with the “correct code, data and admin keys” and they had no choice but to accept it, pushing forward the launch even though the official UI was not yet ready.

Curve added:

“Due to the token/DAO getting traction, we had to adopt it. […] The launch has happened.”

Curve is a decentralized exchange liquidity pool built on Ethereum, which allows for efficient and low-cost trading of stablecoins. Curve states their fees are only 0.04% of any trade.

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In light of the developments and the unexpected launch, Poloniex announced trading for the CRV/USDT trading pair just seven minutes after the official launch. 

Binance has also said that it will list the CRV token by stating that although deposits are open, trading will not commence until “deposits have reached a level sufficient enough to ensure healthy market dynamics.”

It has been analyzed that the contracts were available for deployment due to the fact that they were published open-source on Github by allowing anyone to see the code and deploy it on Ethereum.

Curve probably assumed no one would wish to front the deployment costs of more than $8,000 (19.9 ETH) in fees.

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The Curve project lead shared his support for community engagement on the team’s Discord channel:

“I think it’s kinda cool personally.”

Thus, some of the project’s community members have raised concerns about the fairness of the launch with popular influencer Boxmining saying:

“So you invalidated a frontrunning attempt?? This makes zero sense .. This will taint your launch…”

Source: Cointelegraph | Image: Crypto Briefing


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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