Swerve, a new and unaudited decentralized finance protocol, has accumulated $380M in asset deposits within 12 hours of its launch.
Swerve is a fork of Curve, the popular stablecoin-to-stablecoin decentralized exchange. The protocol aims to be "100% community owned and governed," meaning that from day one, the protocol will allow users to begin generating SWRV tokens with their deposits with no allocation to early investors or team members.
"There's no fake-out deployment, no questionable pre-mining," Swerve's website reads, referring to Curve's forced launch by an anonymous developer in mid-August.
Swerve did not launch without issue, however. The protocol launched with a UI bug that prevented users from interacting with its contracts. That bug has since been addressed.