Token Description & Project Background

Curve Finance is a decentralized exchange protocol. 

It was originally designed facilitate the efficient swapping of ERC-20 stablecoin assets on the Ethereum blockchain (e.g. WBTC and renBTC). 

Curve's liquidity pools pair up similar assets to keep volatility at bay within pools so as to minimize the  DeFi phenomenon known as "impermanent loss," which is when the price of an asset within an AMM's liquidity pool diverges away from the price of that asset outside of the liquidity pool resulting in a (merely temporary) imbalance.

In the early summer of 2021, Curve introduced its "TriCrypto" pool for yield farmers to lock in, and earn sizable yields from Tether (USDT), Wrapped Bitcoin (WBTC), and/or Wrapped Ethereum (WETH), while also minimizing slippage.

Curve in September of 2021 launched on Arbitrum, a layer-2 scaling solution for Ethereum. Instead of settling individual trades on Ethereum’s mainnet.

CRV is Curve DAO’s governance token. It is an ERC-20 token. 

Curve was initially conceived in late 2019 as Stableswap by Michael Egorov. As of August 2020, a DAO, controlled by the CRV token, is the primary decision making body for the operation of the platform.

Risks of CRV

Like an investment in other crypto assets, there are some general risks to investing in CRV. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in CRV is subject to the following specific risks:

• Any potential success associated with CRV depends on Curve Finance’s rate of adoption, as well as the continued growth and adoption of the DeFi sector.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with CRV. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The CRV community and Curve DAO are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of CRV have no recourse to the CRV community, Curve DAO, or Uphold if CRV declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing CRV on the Uphold Platform, Uphold performed due diligence on CRV and determined that CRV is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of CRV, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of CRV.
• Any marketing materials put forward by the CRV social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with CRV, including any code defects, security breaches and other threats concerning CRV and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with CRV, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of CRV. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.