Prior to the onset of the Global Financial Crisis in 2008, interest rate swaps were priced using a so-called "single curve framework". Under this framework, the LIBOR curve was used to estimate forward rates and to discount cash flows.
When the LIBOR / OIS spread blew out to ~365bp in Q4 2008, the market realized that LIBOR was a poor proxy for the risk-neutral discount rate. The market then transitioned to a dual-curve framework, with Fed Funds (in USD) used for cash flow discounting and the LIBOR curve used for forward curve estimation.
In the near future, LIBOR will be discontinued. In USD, the market is currently transitioning from LIBOR to SOFR underlyings.
How are interest rate swaps that reset against SOFR priced today? Are we once again back in the "single curve" framework, with the term SOFR curve used to estimate forward rates and to discount cash flows?