## What Is Swerve (SWRV)?

Swerve is a decentralized [liquidity](https://coinmarketcap.com/alexandria/glossary/liquidity) exchange [pool](https://coinmarketcap.com/alexandria/glossary/liquidity-pool) that was forked from [Curve](https://coinmarketcap.com/currencies/curve-dao-token/). Similar to Curve, it is primarily focused on [stablecoin](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) pools. It launched with just one combined pool of [Dai](https://coinmarketcap.com/currencies/multi-collateral-dai/) (DAI), [USD Coin](https://coinmarketcap.com/currencies/usd-coin/) (USDC), [Tether](https://coinmarketcap.com/currencies/tether/) (USDT) and [TrueUSD](https://coinmarketcap.com/currencies/trueusd/) (TUSD). In December, the project [reported](https://twitter.com/SwerveFinance/status/1337546455033122816) that the pool had reached nearly $1 billion in total value locked.

As a [decentralized autonomous organization](https://coinmarketcap.com/alexandria/glossary/decentralized-autonomous-organizations-dao), Swerve uses an [Ethereum](https://coinmarketcap.com/currencies/ethereum/)-issued [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) token, SWRV, for governance in addition to rewarding [liquidity providers](https://coinmarketcap.com/alexandria/glossary/liquidity-provider).

The project was [announced](https://twitter.com/SwerveFinance/status/1301619585976807428) on Sept. 3, 2020, and [launched](https://twitter.com/SwerveFinance/status/1302063258195681282) the next day.


### Who Are the Founders of Swerve?

Swerve was launched by a pseudonymous developer known as "John Deere" who started it as a passion project outside of his full-time job. When asked about his personal background in an "ask me anything" session, he [stated](https://swervenewsletter.substack.com/p/swerve-ama-john-deere) that he is "just a lowly farmer" who likes "sane token distributions." He has also [said](https://thedefiant.substack.com/p/a-chat-with-john-deere-the-anonymous) that he has experience in software development and crypto.

Although he started it by himself, John Deere has given credit to the community for assisting in its design and implementation. He has [said](https://swervenewsletter.substack.com/p/swervefi-newsletter-3) that while he is guiding the project during its initial growth, he hopes to pass on its development to the community.

In October 2020, Swerve governance [voted](https://twitter.com/SwerveFinance/status/1323366680962031616) to hire community member "FairlyRarePepe" as an additional developer.


#### What Makes Swerve Unique?

Swerve was launched as a community-focused alternative to Curve. Swerve's founder has been very [critical](https://thedefiant.substack.com/p/a-chat-with-john-deere-the-anonymous) of Curve, saying that the platform is not fairly governed and that its founder has too much power. Swerve's founder has said that it [offers](https://swervenewsletter.substack.com/p/a-note-on-the-future-of-swerve) better swap pricing and [larger](https://twitter.com/SwerveFinance/status/1330972613489815553) annual percentage yields on stablecoins than other platforms.

Swerve also uses a reward gaming mechanism called "Boost" through which liquidity providers that lock up SWRV can receive a higher APY than those that don't boost. The rate at which one's APY is boosted is [determined](https://twitter.com/SwerveFinance/status/1308857474754195458) by a calculation that incorporates the number of tokens locked by the user and the total amount locked, among other factors.

Trading on the platform is [subject](https://snapshot.page/#/swerve/proposal/QmXRJgtnhyzAZChWr1sXKF1VnmYc7FaBBq9zv9nidogc9S) to a 0.03% fee, of which 50% is awarded to liquidity providers and 50% is taken as an administrative fee and sent to the Swerve treasury, which is [capped](https://snapshot.page/#/swerve/proposal/QmXWEMpWMy8ye7RcJrC9vXkgmxVwH9VqoS3pGW58EYJKvn) at $200,000. In October 2020, its governance [voted](https://twitter.com/SwerveFinance/status/1321574499498651649) to accept a grant to further build on [decentralized finance](https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance) platform [Serum](https://coinmarketcap.com/currencies/serum/) (SRM).

In October 2020, founder John Deer [stated](https://swervenewsletter.substack.com/p/a-note-on-the-future-of-swerve) that his priorities for the project were to increase the platform's volume and better incentivize the holding of SWRV.


#### Related Pages:

Learn about [Curve](https://coinmarketcap.com/currencies/curve-dao-token/), the project from which Swerve was forked.

Learn about [Uniswap](https://coinmarketcap.com/currencies/uniswap/), the largest decentralized trading protocol.

Want to know more about how DAOs operate? Read an [in-depth explanation](https://coinmarketcap.com/alexandria/article/what-is-a-dao) on Alexandria, CoinMarketCap's online educational resource.

Stay up to date on the latest developments in decentralized finance and trading with the [CoinMarketCap blog](https://coinmarketcap.com/alexandria/categories/blog).


#### How Many Swerve (SWRV) Coins Are There in Circulation?

Swerve has a total token supply of 33 million. All minted SWRV is awarded to liquidity providers, with the development team stating that there was no premine and no tokens allocated to the developers.

Nine million SWRV was [distributed](https://swerve.fi/swerve/) during the first two weeks, and another 9 million SWRV will be distributed over the first year. Starting at year two, 3 million SWRV will be distributed per year until all 33 million tokens have been minted by the end of year six.


### How Is the Swerve Network Secured?

SWRV is an ERC-20 token issued on the Ethereum [blockchain](https://coinmarketcap.com/alexandria/glossary/blockchain), which means that SWRV transactions are validated by the Ethereum network. Ethereum uses a [proof-of-work](https://coinmarketcap.com/alexandria/article/proof-of-work-vs-proof-of-stake) [consensus](https://coinmarketcap.com/alexandria/glossary/consensus) algorithm in which miners compete among each other to add new blocks to the blockchain and a majority of all nodes in the network must confirm a record for it to be posted.

Swerve's treasury is controlled by a small group of multisignature key holders who were selected by a governance [vote](https://swervenewsletter.substack.com/p/swervefi-newsletter-2). Three community members and four external representatives hold the treasury keys.

The Swerve protocol's [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract) were audited by [Cryptic Labs](https://github.com/crypticlabs/swerve-audit-report/blob/master/Swerve%20Finance%20Audit%20-%20by%20Cryptic%20Labs%20v3.pdf) and [Peckshield](https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Swerve-v1.0.pdf), both of which found no critical security flaws. However, in October 2020, Swerve [announced](https://twitter.com/SwerveFinance/status/1313421862735499264) that it had been alerted to a security vulnerability in the smart contracts that power the platform, stating that it was working on a fix.


### Where Can You Buy Swerve (SWRV)?

SWRV can be purchased on [cryptocurrency](https://coinmarketcap.com/alexandria/article/what-are-cryptocurrencies) exchanges such as [OKEx](https://coinmarketcap.com/exchanges/okex/), [Huobi Global](https://coinmarketcap.com/exchanges/huobi-global/), [Binance](https://coinmarketcap.com/exchanges/binance/) and [MXC.COM](https://coinmarketcap.com/exchanges/mxc/), among others. It can be traded against the U.S. dollar, cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin) (BTC) and [Ether](https://coinmarketcap.com/currencies/ethereum) (ETH), and stablecoins such as [Tether](https://coinmarketcap.com/currencies/tether/) (USDT) and [Binance USD](https://coinmarketcap.com/currencies/binance-usd/) (BUSD).

Are you interested in buying SWRV or other cryptocurrencies such as [Bitcoin](https://coinmarketcap.com/currencies/bitcoin)? CoinMarketCap has a simple, [step-by-step guide](https://coinmarketcap.com/how-to-buy-bitcoin/) to teach you all about crypto and how to buy your first coins.


Swerve

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STAKE is a multi-chain staking token that is designed to secure the payment layer. Staking allows validators and delegators to provide transaction consensus and receive staking incentives for block production. It is only required for consensus providers, not everyday on-chain transactions.

xDai was created by the POA Network, an open-source public side-chain of Ethereum founded in April 2017. It offers a framework for smart contracts which provides developers with an easy and effective way to code on Ethereum, while also leveraging the POA Network capabilities.

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By relying on blockchain technology and smart contracts, the Populous network facilitates decentralized communication between businesses and allows them to share liquidity pools. According to the network’s official whitepaper, there is a need for liquidity in the sector, and Populous is trying to bring the solution. By providing short-term liquidity to enterprises through P2P lending, the network gives enterprises quick access to capital, which cannot be achieved by waiting for customers to settle invoices.

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Kleros offers a middleman service for decentralized applications (DApps) and their users. If the service provided by the application does not create a dispute, Kleros acts as a trustless third-party service for payment.

When a dispute does occur, however, each party can apply for arbitration through the Kleros arbitrators that are selected from the owners of PNK tokens. PNK is an Ethereum-based ERC-20 utility token with a fixed supply.

At this point, the jurors can make a decision that will favor either party. The arbitration fees are distributed to all arbitrators in the form of ETH; jurors who have issued a minority decision lose part of their PNK tokens for the benefit of the majority of jurors. This decision can be appealed, at a cost. The stated mission of Kleros is to offer easier access to justice and improve individual freedom.

Kleros charges a cost that is payable in ETH and is provided by the parties to the dispute or drawn from the funds previously locked in escrow.

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The platform is built and utilized by Blocko, the Samsung-backed South Korean blockchain technology company that, according to Korean media sources, has deployed production blockchain solutions for large-scale clients including Lotte Card, Shinhan Bank, Korea Exchange, Hyundai Motors, and more.