Decentralized stablecoin exchange Curve Finance has added the euro as a secondary currency option at the request of users.
As announced on December 20 tweet, Curve now has a liquidity pool to switch between the Stasis euro stablecoin (EURS) and a synthetic euro (sEUR) on Synthetix’s derivatives platform.
Currently, the stablecoin market is dominated by currencies pegged to the US dollar, meaning that European and Asian users often have no choice but to take some USD exposure, whether they want to or not.
Curve hopes that the new pool will develop euro markets on the platform, gauge interest in further currency options on Ethereum, and ultimately represent a step towards Curve opening up forex markets.
A governance proposal has been passed to allow Curve DAO token (CRV) rewards for liquidity providers in the pool. However, this did not appear to have been established at the time of press.
The platform’s governance token and contract was deployed prematurely by a community member in August. After the developers frantically verified that the contracts and parameters were legitimate, it was decided to adopt the implementation as the official launch.
The following month, Curve was one of them ten new members joining Huobi’s Global DeFi alliance.
According to recent figures from Dune Analytics, Curve is the fourth largest DEX by volume, with about ten percent of the total market share. The largest was Uniswap with almost 60%. Curve is an automated market maker specializing in swaps between similar assets that are not expected to vary in value. Many Curve pools hold different iterations of USD stablecoins on Ethereum, but the exchange also supports switching between different versions of packed assets, including Bitcoin (BTC).