Curve governance token CRV unexpectedly emerged, with a total circulating market value reaching a staggering $90 billion.

Curve Finance's governance token CRV has been highly anticipated prior to its launch, but the way it was eventually released took everyone by surprise. After the team confirmed the token's legitimacy, major exchanges rushed to list it. As of the deadline, the price of CRV token is $30, implying a total market capitalization of $9 billion.

Token Contract Deployed by a Random User

An anonymous user spent 19.9 ETH (approximately $8,000) on the Ethereum mainnet this morning (August 14) to deploy the open-source contract code of the CRV token and CurveDAO previously announced by the official team on Github, causing the CRV token to accidentally launch at 6 a.m. this morning.

Yo, @CurveFinance ! Saw your DAO is ready to rock and I gots to MAXIMIZE MY ALPHA ! So I went ahead and deployed it for you. Get at me in DM to verify and lets get this party started!! pic.twitter.com/D0KqEg4Ldr

— 0xc4ad (@0xc4ad) August 13, 2020

After several hours of code review, the development team confirmed that there were no vulnerabilities or malicious changes in the contract code. The official announcement was made on Telegram that the token released accidentally will be considered an official release and immediately activate CurveDAO and liquidity mining. (CRV token contract address: 0xd533a949740bb3306d119cc777fa900ba034cd52)

While the early launch of the token is good news for users, sharp-eyed netizens soon discovered that a wallet address had already front-run pre-mining before the official announcement, allegedly earning 80,000 CRV in liquidity mining rewards by pre-mining 2 hours before Curve's official announcement. Some community members suspect that this is simply a staged drama orchestrated by the development team to pre-mine ahead of time.

Listing on Major Exchanges

After the token contract was listed, decentralized trading platforms such as Matcha and Uniswap began trading, with prices ranging between $10 and $20. However, once the token contract's legitimacy was confirmed by the official team, Poloniex immediately announcedlistingand started trading CRV tokens. Subsequently, major exchanges like Binance and OKEx quickly announced their listing and opened deposits and withdrawals, but trading was not yet available at the time of writing. Currently, one CRV is priced at approximately $30.