[Photo by Tabrez Syed on Unsplash]
Up until now, DeFi is dominated by USD-pegged stablecoins like $DAI, $USDT and $USDC in the lead. In my recent DeFi article series, I speculated about the EURO coming to DeFi. Just a few weeks later, EURO on DeFi becomes a reality: Curve Finance started to create a EURO-based stablecoin pool with STASIS' $EURS and Synthetix' synthetic $sEUR (currently making up 10% of their synthetic assets). Synthetix is subsidizing this pool with extra incentives of currently 8.000 SNX per week for those providing liquidity to that Curve pool. Even Yearn Finance joined the tribe and set up a dedicated Yearn vault (eursCRV) for EURO - again based upon Curve finance. Really cool to see the first money legos appear for my home currency. This will make the on-boarding for European citizens into crypto even smoother.
On the other hand, users have to be a bit cautious: The liquidity pools on prominent DeFi platforms like Uniswap, Bancor or Balancer still have very low liquidity, see here. So, it's still early days for the EURO on Ethereum, but things are developing...
Let's see which DeFi player moves next.