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Elizabeth Warren CBDC Hong Kong

Surprise: BIS Used Ethereum Testnet And Curve Finance’s Code In CBDC Pilot

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in CBDC
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Project Mariana, an initiative whose goal was to explore the application of central bank digital currencies (CBDCs) in enhancing the efficiency and security of cross-border payments, has been successfully concluded, the Bank of France has confirmed.

Even as this pilot comes to an end, one developer notes that the Bank of International Settlements (BIS) reportedly utilized the public Ethereum Sepolia testnet and Curve Finance’s smart contracts as the base of Project Mariana, testing and measuring the efficacy of cross-border Forex automated market maker (AMM) pilot.

Project Mariana code was from Curve Finance: Source: Miko Ohtamaa on X
Project Mariana code was from Curve Finance: Source: Miko Ohtamaa on X.

The CBDC project depended on Curve Finance’s code. Even so, the BIS wanted to keep the use of Curve’s framework private. So far, there has been no comment from Curve Finance or any Ethereum core developers regarding Project Mariana’s use of decentralized finance (DeFi) code or architecture.

However, looking at Curve Finance’s experience in enabling stablecoin movement and swapping, their expertise could have been valuable. DeFiLlama data on September 28 shows that Curve Finance had over $2.1 billion in total value locked (TVL).

Curve Finance is a decentralized exchange (DEX) for trading stablecoins, tokenized fiat, issued privately by entities such as Circle or Tether Holdings. The protocol depends on an automated market maker (AMM) model to draw liquidity and ensure price discovery at low slippage. 

Curve Finance price on September 28. Project Mariana, a CBDC project, used the protocols code| Source: CRVUSDT on Binance, TradingView
Curve Finance price on September 28| Source: CRVUSDT on Binance, TradingView

Project Mariana, a platform by the BIS and multiple central banks such as the Bank of France and the Swiss National Bank, used the same architecture for the same goals as in Curve Finance: access liquidity and achieve price discovery.

Related Reading: Shiba Inu Price Primed For 10% Jump As SHIB Burn Rate Explodes 1,300%

It is unclear which versions of Vyper were used to code the smart contracts in this pilot. However, it is worth noting that Curve Finance experienced a hack in late July, resulting in over $60 million loss. This happened due to a vulnerability in older versions of Vyper that was exploited through a re-entrancy attack.

Anti-CBDC Bill Supported By Republicans In The United States

While the BIS says central banks should first create a CBDC framework, the anti-CBDC bill, or the CBDC Anti-Surveillance State Act, introduced by pro-crypto Congressman Tom Emmer in February 2023, was recently considered by the House Financial Services Committee on September 20, 2023. The bill is yet to be voted by the full House of Representatives.

Related Reading: Is Dogecoin A Topic Of The Past? Social Media Talks At Lowest Since 2020

If adopted, the act will bar the Federal Reserve, the US central bank, from issuing a digital version of the dollar. The bill is widely supported by Republicans and opposed by Democrats. Supporters are concerned about abuse, claiming that CBDCs give “governments more power and infringe on privacy rights.”

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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