Crypviser’s Stablecoin CVT and CVSWAP protocol launched on Huobi ECO Chain
Press Release, Crypviser GmbH, 29 July 2021
As part of its tokenomics migration to the Huobi ECO Chain (HECO), Crypviser launches CVT stablecoin backed by the CVSWAP protocol and pegged to the liquid crypto-asset pools.
The transformation of the original CVT utility token of the Crypviser Secure Network to a stablecoin in the HECO follows Crypviser’s Tokenomics Transformation Plan, designed to provide more options and convenience for individuals and enterprises alike in the Crypviser 2.0 Smart Platform.
Being a stablecoin in the Crypviser 2.0 Smart Platform, the CVT introduces new features for instant swap and transfer funds, a simplified payment method for the Crypviser 2.0 services, and popular DeFi features such as stacking, deposits, and loans.
In the first release, the CVT token is pegged to the US dollar at a $1.00 USD fixed rate and is backed by marketable liquid crypto-asset pools such as USDT, USDC, HUSD available on Huobi ECO Chain.
1 CVT (HECO HRC20) = $1 USD
Guidance on swapping the original CVT in the Crypviser Secure Network for CVT stablecoin in the HECO will be published in time for the final phase of the transformation plan. No action is required on the original CVT holders side at this time!
CVT Token Metrics
Name: CVT
Symbol: CVT
Format: HRC20 (HECO)
Type: Mintable
On-chain pegged liquidity asset pools: USDTHECO, USDC-HECO, HUSD, DAI-HECO
Smart contract address:
https://hecoinfo.com/token/0x6a2a34654bd7bdaa25148ebe62b3e2530fb5d550
CVSWAP Protocol on HECO
The CVSWAP protocol is designed to create custom stablecoins on the Huobi ECO Chain platform and provide a simple and reliable swap functionality, by pegging to the liquid crypto-asset pools available at HECO.
CVT is the first stablecoin in HECO deployed by the CVSWAP protocol, which allows acquiring CVT stablecoin and swap it to any of the pegged liquid assets pools (e.g. USDT) with one click in the Crypviser Secure Messenger 2.0
The principle of the CVSWAP protocol is simple and reliable! For instance, if the user purchases CVT stablecoin for USDT, the CVSWAP protocol mints the same amount of CVT on a 1:1 basis, transfers minted CVT to the user’s address, and locks USDT in the liquidity pool.
Conversely, if the user wants to swap CVT to USDT, the CVSWAP protocol unlocks USDT in the liquidity pool, transfers USDT to the user, and burns the received CVT accordingly. There is no swap fee, the user only pays the transaction “gas” fee of the HECO blockchain.
CVSWAP protocol for third parties
CVSWAP protocol has successfully passed public security audit and is available as open-source for third-party projects under GPL 3.0 license
Release and launch of a custom stablecoin using CVSWAP take less than 5 minutes!
Operating parameters of the CVSWAP protocol, such as the asset list of pegged liquidity pools, fees, etc., are managed by CVNX token holders via a governance voting mechanism.
Address of the CVSWAP protocol in Huobi ECO Chain
https://hecoinfo.com/address/0x9Fa65121f45b34887B3A93abC510eC008eF00bb2
Technical details of the protocol, detailed guides for developers and users will be published along with the Crypviser 2.0 Smart Platform Whitepaper.
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