Introduction
Mariana Project is an experimental project that aims to explore the feasibility of using decentralized finance (DeFi) technology to facilitate foreign exchange (FX) and cross-border payment transactions. The project adopts the wholesale central bank digital currency (wCBDC) framework, combined with liquidity pools and decentralized trading methods, and aims to solve the complexity and risks in the traditional foreign exchange market through an automated market maker (AMM) solution combined with central bank governance.
The global financial landscape is changing rapidly with the tokenization and expansion of digital assets. As one of the world's largest financial markets, the foreign exchange market has a daily trading volume of up to $7.5 trillion and may undergo significant changes in the future through tokenization solutions. Against the backdrop of the G20's commitment to improving cross-border payments, the Mariana project adds new impetus to this vision through the combination of wCBDC and automated foreign exchange trading and settlement.

From 2020 to 2022, the 3pool (USDT-DAI-USDC) launched by Curve helped users from three different markets solve their needs to exchange to other US dollar stablecoins.

Curve has solved the pricing problem between pegged assets through the "leveraged version of Uniswap v2". Due to demand, underlying structural differences, and liquidity, there will still be price differences in the secondary market for pegged assets, which competitors usually do not consider. After several years of operation, Curve has actually mastered the liquidity between pegged assets.

However, this does not solve the pricing problem of non-pegged assets. Curve has innovated based on stable swaps and achieved centralized liquidity based on AMMs between non-pegged assets through algorithmic automatic position transfer.