Curve is a decentralized exchange for [stablecoins](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) that uses an automated market maker ([AMM](https://coinmarketcap.com/alexandria/glossary/automated-market-maker-amm)) to manage [liquidity](https://coinmarketcap.com/alexandria/glossary/liquidity).
Launched in January 2020, Curve is now synonymous with the decentralized finance ([DeFi](https://coinmarketcap.com/alexandria/article/what-is-decentralized-finance)) phenomenon, and has seen significant growth in the second half of 2020.
In August, Curve launched a decentralized autonomous organization ([DAO](DAO)), with CRV as its in-house token. The DAO uses [Ethereum](https://coinmarketcap.com/currencies/ethereum/)-based creation tool Aragon to connect multiple [smart contracts](https://coinmarketcap.com/alexandria/glossary/smart-contract) used for users’ deposited liquidity. Issues such as governance, however, differ from Aragon in their weighting and other respects.