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Curve DAO is a decentralized exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity. Launched in January 2020, it has become a significant player in the decentralized finance (DeFi) phenomenon. In August 2020, Curve launched a decentralized autonomous organization (DAO), with CRV as its in-house token.
The founder and CEO of Curve is Michael Egorov, a Russian scientist with extensive experience in cryptocurrency-related enterprises. He co-founded NuCypher in 2015, a cryptocurrency business building privacy-preserving infrastructure and protocols. Egorov is also the founder of LoanCoin, a decentralized bank, and loans network. The Curve team is part of the CRV allocation structure and receives tokens according to a two-year vesting schedule.
The total CRV supply is 3.03 billion tokens. The majority (62%) are distributed to liquidity providers. The remainder is divided as follows: 30% to shareholders, 3% to employees, and 5% to a community reserve. The shareholder and employee allocations come with a two-year vesting schedule. No premine was done for CRV, and the gradual unlocking of tokens means that around 750 million should be in circulation one year after launch.
CRV is a freely-tradable token and is available against cryptocurrency, stablecoin, and fiat currency pairs on major exchanges. These include Binance, OKEx, and Huobi Global, which hold the majority of trading volume.
Curve caters to anyone involved in DeFi activities such as yield farming and liquidity mining, as well as those looking to maximize returns without risk by holding non-volatile stablecoins. The platform makes money by charging a modest fee, which is paid to liquidity providers.
Curve has gained considerable attention by focusing on stablecoin trading. The launch of the DAO and CRV token brought in further profitability, given CRV’s use for governance, as it is awarded to users based on liquidity commitment and length of ownership. The explosion in DeFi trading has ensured Curve’s longevity, with AMMs turning over huge amounts of liquidity and associated user profits. As such, Curve is a key player in the DeFi activities such as yield farming and liquidity mining.
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Curve DAO, a decentralized finance (DeFi) protocol, has recently launched a new stablecoin called crvUSD. This digital currency is pegged to the U.S. dollar and has been deployed on the Ethereum mainnet. Since its launch, more than $22 million worth of crvUSD has been minted. However, it remains inaccessible to general users until it's integrated with Curve's front-end user interface.
In other recent news about Curve DAO, its native token, $CRV, has become the most traded token among the top 500 largest whales on the Ethereum network. This indicates a significant interest and activity around Curve DAO in the crypto community.
Curve DAO has also been in the news for clearing its bad debt of around 2.7 million Curve DAO (CRV) tokens. This debt resulted from a failed trade by an individual known for exploiting other DeFi protocols. By purchasing these tokens, Curve DAO was able to eliminate this bad debt, demonstrating its commitment to maintaining a healthy and secure financial ecosystem.
Lastly, Curve DAO has been collaborating with other entities in the DeFi space. For instance, XBE Finance has built on Curve and Convex to grow the DeFi market. They've launched an on-chain referral structure that allows community members to earn up to 10% of the deployed capital’s yield as commissions. This development shows Curve DAO's potential for fostering innovation and growth in the DeFi sector.