Swerve was initiated by a developer operating under the pseudonym "John Deere." This project began as a passion endeavor outside of Deere's primary occupation. During an "ask me anything" session, he described his personal background as "just a lowly farmer" who appreciates "sane token distributions." Deere also mentioned having experience in both software development and the cryptocurrency sector. Although he initially undertook the project independently, John Deere has acknowledged the community's vital role in its design and implementation. He expressed his intention to guide the project through its early stages, with the ultimate goal of transitioning its development to the community. In October 2020, the Swerve governance voted to appoint community member "FairlyRarePepe" as an additional developer.

Swerve was introduced as a community-driven alternative to Curve. The founder of Swerve has expressed significant criticism of Curve, alleging that the platform lacks fair governance and that its founder wields excessive power. According to Swerve's founder, the platform provides superior swap pricing and higher annual percentage yields on stablecoins compared to other platforms. Swerve employs a reward mechanism known as "Boost," enabling liquidity providers who lock up SWRV to earn a higher APY than those who do not opt for boosting. The boost rate for one's APY is calculated based on factors such as the number of tokens a user locks and the overall amount locked. Transactions on the platform incur a 0.03% fee, with 50% distributed to liquidity providers and the remaining 50% allocated as an administrative fee to the Swerve treasury, which is capped at $200,000. In October 2020, governance decided to accept a grant to further develop on the decentralized finance platform Serum (SRM). In October 2020, founder John Deer emphasized that his priorities for the project included increasing platform volume and enhancing incentives for holding SWRV.

Swerve has a total token supply of 33 million. All minted SWRV is awarded to liquidity providers, with the development team asserting that there was no premine and no tokens allocated to the developers. Nine million SWRV were distributed during the first two weeks, with an additional 9 million SWRV set to be distributed over the first year. Beginning in the second year, 3 million SWRV will be distributed annually until the full 33 million tokens have been minted by the end of the sixth year.

SWRV is an ERC-20 token issued on the Ethereum blockchain, meaning that SWRV transactions are validated via the Ethereum network. Ethereum operates using a proof-of-work consensus algorithm, where miners compete with each other to add new blocks to the blockchain, and the majority of network nodes must confirm a record for it to be recorded. The Swerve treasury is managed by a select group of multisignature key holders, who were chosen through a governance vote. This group consists of three community members and four external representatives with access to the treasury keys. Smart contracts of the Swerve protocol underwent auditing by Cryptic Labs and Peckshield, both of which reported no critical security issues. Nevertheless, in October 2020, Swerve disclosed the identification of a security vulnerability in the platform's smart contracts, and announced that steps were being taken to address the issue.

SWRV is available for purchase on various cryptocurrency exchanges, including OKEx, Huobi Global, Binance, and MXC.COM, among others. It can be traded against the U.S. dollar, cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), as well as stablecoins like Tether (USDT) and Binance USD (BUSD). If you are interested in buying SWRV or other cryptocurrencies like Bitcoin, Eulerpool offers a straightforward, step-by-step guide to educate you about cryptocurrencies and guide you through purchasing your first coins.