Swerve Finance's total value locked hits 40% of Curve's deposits within four days of its launch

Swerve Finance, an unaudited fork of decentralized finance (DeFi) protocol Curve Finance, has amassed over 40% of Curve's deposits within four days of its launch.

The total value locked (TVL) or the total amount of Swerve deposits has hit $415 million. Curve's TVL, on the other hand, stands at a little over $1 billion.

While the TVL game between Swerve and Curve is heating up, the volume game isn't as strong yet. Swerve's daily trading volumes are only about 9% of Curve's, at around $13 million, compared to Curve's $160 million.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

But that could change in the future if Swerve provides better liquidity with the least slippage or the difference between the expected price and the execution price of a trade.

Both Swerve and Curve are decentralized exchange protocols for trading stablecoins. The key difference between the two protocols is that Swerve is "100% community-owned and governed," meaning its users started generating SWRV tokens with their deposits from day one. Curve, on the other hand, did not launch its CRV token on day one. In fact, Curve was forced to launch CRV earlier than its planned schedule, after an anonymous developer front run and deployed smart contracts without the knowledge of the Curve team.

To reiterate, Swerve is an unaudited protocol, making it riskier than Curve, which is audited by smart contracts audit firm Trail of Bits.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.