Curve, a decentralized funding project (DeFi), was forced to launch its CAD and VRC governance token prematurely after an anonymous developer implemented the contracts without the knowledge of the official team.
The developer tweeted on a new Twitter account that he thought the contracts were ready.
„Hey, @CurveFinance! I saw that your DAO is ready to detonate and I’ll have to MAXIMIZE MY ALPHA! So I went ahead and implanted it. Talk to me at DM to verify and let’s get this party started! „
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In a preliminary response, Curve’s team confirmed that everything seemed to be in order, so they spent the morning frantically reviewing contracts and implementation parameters.
Tested and launched
Seven hours after the initial implementation of the contract, Curve announced in Telegram and Discord the official launch, confirming that the initial implementation was verified and legitimate.
„The Curve team is proud to announce that Curve Finance’s native CRV token has been officially launched,“ the publication said.
„Curve DAO was implemented by a member of the community. The contracts were thoroughly reviewed by the team to ensure they follow the correct implementation process.
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The team also confirmed that the user gave up any power of administration. Shortly after the announcement, Curve further explained that, although initially skeptical, the implementation was completed with „the correct code, data and administrative keys“ and they had no choice but to accept it, running the release despite the fact that the official user interface was not yet ready:
„Because the token/DAO is gaining momentum, we had to adopt it. […] The launch has already happened.
In light of the developments and the unexpected launch, Poloniex announced the trading of the CRV/USDT pair only seven minutes after the official launch:
„Well… that was unexpected. New entry to #DeFi: @CurveFinance . The $CRV wallets are now open and you can start depositing and posting orders in CRV/USDT „
Binance also said it will include the CRV token indicating that although deposits are open, trading will not begin until „deposits have reached a level sufficient to ensure healthy market dynamics.
Curve is a decentralized exchange built on Ethereum’s liquidity pool, which allows for efficient, low-cost trading of stablecoins. Curve says its rates are only 0.04% of any trade.
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The contracts were available for implementation because they were published in open source on Crypto Trader, allowing anyone to view the code and implement it on Ethereum. Curve probably assumed that no one would want to assume the cost of implementing more than $8,000 (19.9 ETH) in fees. The project leader shared his support for community involvement in the team’s Discord channel, „Personally, I think it’s great.
However, some members of the project community expressed concern about the fairness of the launch, and the popular influencer Boxmining said
„So you invalidated an attempt to move forward? It doesn’t make any sense… It will contaminate the launch… „