Help us spread the word by sharing this thread on 𝕏
This weekend, Curve deployed the suite of contracts for Curve Lend, colloquially referred to as “Llama Lend.”
It’s not an “official” launch in that the UI does not yet exist. It’s more like a “test in prod” period where some money is tossed up, analogous to a bug bounty. It serves as a training period, during which arb traders (and anybody who apes directly onchain) are allowed to play with the contract first.
If you are thinking of interacting at this early stage, note that Curve may well redeploy the contracts before the launch is finalized. Recall the original $crvUSD was relaunched several times while collecting data.
As always, haters scoffed, but it seems $crvUSD sailing past $150MM TVL without any hiccups is getting the last laugh…
Mich would immediately drop six figures to spur such adoption.
Serving as both borrower and lender, Mich dropped 300K $CRV (worth about $174K) worth of collateral, and borrowed $93K $crvUSD against this amount.
As usual, the loan was quite risky in order to deliberately test out the liquidation mechanics. Although it was not the lowest possible number of bands, a liquidation range starting at $0.63 meant the position could get eaten into very quickly.
Also as usual, FUD-ding $CRV on 𝕏 gets 10x the impressions than usual bullposting.
Hopefully this expanded audience caught wind of this “soft liquidation” mechanics via a leak of the UI work in progress. In this case, a full liquidation of Mich would require $CRV dropping to about $0.23 — and even this would likely not fully eradicate his position.
But hey, might as well use lean into some heavy marketing judo… turn the death spiral FUDsters’ meme-ntum against them…
But enough spectating… what if you want to actually want to play?
We put together a robust tutorial showing off how you can reverse engineer the transactions happening on mainnet, in case you wanted to actually go ahead and launch your own markets (a feature that may be delayed in the UI):
At the moment 5 markets have been created.
We list the controller addresses, from which you can find your way to the other contracts or reverse engineer existing interactions as was shown in the tutorial.
From any of the controllers, you could open a position by calling the create_loan
function. Here’s a sample from the transaction Mich used to open his position:
Then, you can borrow more using the borrow_more
function.
An example of how to repay using the repay function
Or, heavens forfend, remove collateral
If you want to check rates, look at the vault contract (which you can scrape from the factory) and divide by 10**18…
So far, it’s looking like a successful “test in prod” — at some point surely the UI will drop and the masses will flood in, but a good time now if you want to play around.