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The founder of Curve proposed a significant increase in the crvUSD Intrerest Rate to address the decoupling.
crvUSD responds to de-pegging pressure, Curve founder proposes adjusting Intrerest Rate strategy
Recently, following Aave's GHO, Curve's crvUSD stablecoin has also faced slight de-pegging issues. In response to this situation, Curve's founder Michael proposed an important measure on the governance forum on November 21, aimed at stabilizing its price by significantly raising the base Intrerest Rate of crvUSD. The proposal was voted on in Curve DAO on November 28 and received 100% support.
Data shows that the lowest price of crvUSD in the past 7 days was around 0.99 USD, and it has currently rebounded to 0.996 USD. As a soft-pegged stablecoin to the USD, the price fluctuations of crvUSD have attracted market attention. When the price deviates from 1 USD, there are usually arbitrageurs stepping in, but recent experiences indicate that buying behavior when the price is below 1 USD does not always effectively support the price. This situation may lead users to have concerns about holding this stablecoin in the long term.
The core of Michael's proposal is to adjust the interest rate multipliers for all crvUSD markets. Specifically, for non-staked ETH and BTC, the base interest rate will increase from 5.8% to 11%; for staked ETH, the base interest rate will rise from 8.6% to 15%. This adjustment is expected to significantly increase the actual borrowing interest rates, with the borrowing rate for ETH potentially rising to 13.2% and the borrowing rate for wstETH possibly reaching 19.7%.
The expected effects of the proposal include:
It is worth noting that crvUSD adopts a dynamic interest rate mechanism, where the final interest rate depends not only on the base interest rate but also on the performance of the crvUSD price and the debt ratio of PegKeeper. PegKeeper, as a contract specifically used for minting and absorbing crvUSD debt, plays an important role in stablecoin price management.
Currently, this proposal has taken effect, and the interest rate for borrowing crvUSD by collateralizing wstETH has risen to 19.94%. This change may prompt some users to choose to repay their loans. However, whether this strategy can stabilize the crvUSD price in the long term, whether PegKeeper debt will increase as a result leading to a subsequent decrease in interest rates, and what impact these operations will have on the application of crvUSD still requires further observation and evaluation.