Curve Finance is the Base Protocol for Andre Cronje’s new Fixed Forex application. Forex does $6.6T in daily volume….if the defi forex protocol took even a small percent of that volume, Curve stakeholders would be massive incentivized by their portion of transaction fees.

On July 2nd, Andre Cronje, the programmer behind Yearn Finance, announced a new project that he was launching: Fixed Forex.

The interesting thing is that the project is notable for being built upon the Curve protocol for stable coin liquidity….a protocol with low slippage and minimal impermanent loss.

Although the project is experimental (and currently unaudited), the concept is bold and potentially a groundbreaking use-case for decentralized finance (defi).

To understand the potential significance of this project, it is important to understand the massive amount of volume which moves through the traditional finance (tradfi) Forex market everyday.

The foreign exchange or forex market is the largest financial market in the world – larger even than the stock market, with a daily volume of $6.6 trillion, according to the 2019 Triennial Central Bank Survey of FX and OTC derivatives markets.

If Fixed Forex was able to take even 1% of the transaction volume away from tradfi…that would be 66 billion dollars moving across the Curve protocol every day.

Fees and pool parameters are decided by the Curve DAO. Currently, the fee on all pools is 0.04%, of which 50% goes to liquidity providers, and 50% to veCRV holders (members of the DAO). As such, veCRV holders get .02% of all transaction fees.

.02% of 66 Billion daily fees is: 13,200,000 a day.

Since rewards inception on 10/7/20, a total of $30,059,590.81 has been generated for stake holders. Imagine if forex volume could equal those rewards in 2.5days. On chain growth would be extraordinary with significant value accrued by stake holders.




What do you think?

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  1. The fees would have to come down further to be competitive but the is a great start. Retail can get a spread of 0.0006 cents between eur/usd so for FF to work the fees have to be polygon level

  2. Was waiting for someone to build this! Seems like the natural next step for stablecoins. Even if you don’t do forex trading this is still a good thing. For those outside the US this means we can now easily hold and transact with stablecoins that are pegged to our home currency.

A better way to gift Safemoon to crypto-resistant family and friends?

Game over for Binance in Europe.