what's curve finance?
Curve Finance is a decentralized exchange (DEX) protocol designed primarily for efficient trading of stablecoins and other low-volatility assets. It operates on an automated market maker (AMM) model optimized for minimal slippage and low fees, using a specialized bonding curve mechanism that concentrates liquidity around price pegs. This makes it particularly suitable for swapping between assets like USDC, USDT, and DAI, while also supporting wrapped assets and synthetic tokens across multiple blockchain networks. The protocol's governance is facilitated through the CRV token, which holders can lock into veCRV to participate in voting on pool parameters, fee distributions, and protocol upgrades. Liquidity providers earn trading fees boosted by incentives from CRV emissions, encouraging deep liquidity in stable pools. Curve has expanded beyond Ethereum to include layer-2 solutions and other chains, enhancing scalability and interoperability. In addition to swaps, Curve has developed lending markets and a native stablecoin called crvUSD, which uses overcollateralized loans and liquidation mechanisms to maintain stability. The ecosystem emphasizes capital efficiency and yield optimization for DeFi users, integrating with other protocols for composability.
Curve reports 45% weekly volume growth from stablecoin routing demand; large voting incentives given.
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ethereum
optimistic-ethereum
fantom
energi
sora
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polygon-pos
arbitrum-one
Experienced a 45% weekly volume growth with 0.8% TVL growth, driven by stablecoin routing demand surge.
Received 998K YB (~$117K) deposited by Yield Basis on Votemarket for gauge voting incentives across four Curve pools: pyUSD/crvUSD, crvUSD/frxUSD, crvUSD/USDT, and crvUSD/USDC.
Received $542K in vote incentives deposited on Votemarket for veCRV voters in the current round.
Pays 14.25% APR as of April 13, 2026, a pool strategy paired with frxUSD, boosted on StakeDAO.
Received approximately $58,000 worth of WFRAX incentives from Frax Finance on Votemarket to incentivize voting for 20+ gauges covering frxUSD, frxETH, and FXB pairs.
Received 244 million SPELL tokens (approximately $38,000) deposited on Votemarket as incentives for the MIM 3Pool gauge targeting veCRV and vlCVX voters.
A proposal has been made to continue the Swiss Stake grant for Curve development.
Hosts a new PegKeeper pool pairing frxUSD with evaUSDT from Eva Markets on its platform.
crvUSD transfer volume reached $260B in March 2026, representing a 5x increase.
A USG/frxUSD liquidity pool is live on Curve Finance.
Featured as one of the platforms where cbBTC on Monad crossed 25M in TVL, alongside Uniswap and Morpho.
Launched Hybrid Vaults on Yield Basis, allowing LPs to deposit crvUSD and WETH for crvUSD peg support, personal deposit capacity beyond pool caps, and staking crvUSD into scrvUSD. First market offers $25M additional capacity.
Added extra rewards totaling approximately $25,600 ($12.5K for MIM/3CRV gauge and $13.1K for msETH/WETH gauge) on Stake DAO, sourced from unused Votemarket incentives.
RAAC launched pmUSD/iREET pool on Curve, routing $34,500/month tenant income from 16 properties, offering up to 25%+ CRV APR, and now has a live gauge vote for pmUSD, with veCRV, vlCVX, and sdCRV holders eligible to vote.
Lost $240,000 in LlamaLend exploit on Fraxtal in Q1 2026; launched third-party recovery pool.
Led BTC-denominated volume on Ethereum in Q4 2025, which rose approximately 4x quarter-over-quarter for tBTC DEX activity.
Received a $114 million deposit into the 3CRV pool on September 20, 2022, from the Wintermute hacker.
Achieved TVL of $793K on ResupplyFi for crvUSD lending pools with wstETH collateral, with current APY of 3.18% and 30-day average APY of 3.05%.
Offers liquidity pools on Curve Finance for tETH (Treehouse's liquid staking token) where users can earn LP fees on top of the underlying Market Efficiency Yield.
A legal dispute over a $9.3 million Resupply exploit involving Curve Finance concluded in Singapore court.
Martin Krung from Curve Finance participated in a panel discussion on FX market structure and onchain design at Stable Summit, moderated by Tesa Ho.
Integrated on XDC chain via DeBankDeFi, alongside XSwap Protocol, Uniswap, and Prime Staking in the first batch of supported protocols.
Launched FXSwap ZCHF-crvUSD pool (Frankencoin) for decentralized stablecoins, enabling ZCHF yield deployment relevant to Liquity's ysyBOLD collateral integration.
Hosted Stable Summit on March 27-28, 2026, with 505 attendees, 75 speakers, and 33 sessions, featuring Michael K, JPMorgan, Deutsche Bank, Aave, and S&P Global.
Extended partnership with LlamaRisk through April 2027 for risk management and crvUSD growth.
Achieves the highest 30-day average trading volume per user among DEXs, exceeding $100,000 per user.
Open-sourced C++ simulator for FXSwap to backtest and optimize forex pool parameters.
Attacker exploited Resolv's minting contract to create 80M unbacked USR stablecoin, then dumped them on Curve's USR/USDC pool on March 22, 2026. Extracted $23-25M, crashing price from $1 to $0.025 in 17 minutes, before partially recovering to $0.85, affecting USR/USDC and USR/wstUSR pools.
Product Architect presents Llamalend V2 at Stable Summit in Cannes on March 27-28, 2026, and participates in Rekt Security Summit on March 27.
Received $21.3K in extra gauge rewards across 7 liquidity pools for a 7-day period, distributed as: $13.4K SPELL (MIM 3Pool), $3.5K GHO (GHO/crvUSD), $2K avUSD (savUSD/USDC), $1K tBTC (tBTC/cbBTC), $853 SDT (sdCRV/CRV), $359 WFRAX (FRAX/USDC), and $144 YND (ynUSDx/scrvUSD).
Holds approximately $3.26M in tBTC TVL across Aave, Curve Finance, and Uniswap on Arbitrum.
Provides liquidity pools for apxUSD with multipliers up to 12x for the Apyx Season 1 Pips program, subject to specific dollar caps.
Receives confirmatory treatment as a Digital Commodity under SEC Interpretive Release No. 33-11412 issued on March 17, 2026, classifying mainstream DeFi governance tokens and LP tokens outside securities law registration requirements and removing core activities like staking, liquidity provision, and AMM trading from federal securities regulation.
Maintains $150M circulating supply, ranking 8th among stablecoins.
Achieved 22.37% APR on the USDC-crvUSDC stable pool on Ethereum mainnet as of 2026-03-17.
Launched FastBridge feature using LayerZero for crvUSD transfers from Arbitrum, Optimism, and Fraxtal to Ethereum in 15 minutes, removing the 7-day withdrawal delay.
Used as collateral for Convergence's USG CDP stablecoin, including frxUSD PegKeeper pools.
Generates more revenue from fees than it emits in token inflation, described as having negative emissions.
Experienced liquidations in the sDOLA market resulting in $822k losses for borrowers, with the attacker profiting approximately $200k.
Ranked 9th and 10th in Santiment's top 10 DeFi projects by development activity list for March 2026, with both Ethereum and Arbitrum deployments declining in ranking from the previous month.
Votemarket experienced an exploit March 12th, draining $176K in rewards across 54 campaigns on Arbitrum and Base, affecting veCRV Round 234 claims. Affected rewards reimbursed in USDC by Stake DAO treasury.
Experienced a whitehat hack in 2023 that generated a 584 ETH MEV block reward, ranking among the largest MEV events in Ethereum history.
Integrated with Stake DAO curated vault on Morpho as collateral through OnlyBoost LP (msUSD/frxUSD pair), reaching $3.3M TVL in 2 days and offering 11% APY.
Integrated crvUSD/frxUSD OnlyBoost LP tokens as collateral for borrowing frxUSD on Stake DAO and Morpho, with Frax Finance, offering 94.5% LLTV and up to 18x leverage.
Integrated with Harvest Finance and Stake DAO to provide boosted CRV yields through OnlyBoost vaults, starting with the Hemi hemiBTC vault.
USDC/USDT pool has approximately $5 million in total value locked.
USDC/USDT pool has generated approximately $33 million in trading volume.
Ranked #3 on LunarCrush AltRank measuring real-time combined social and market strength as of March 7, 2026.
A whale bought over $1.5M in CVX over two days through CoW Swap.
Accused PancakeSwap of copying StableSwap code, constituting a license violation, with PancakeSwap reaching out to resolve the issue.
Deployed six FX liquidity pools on Polygon with Frax Finance's frxUSD for Brazilian real, Korean won, Indonesian rupiah, British pound, Australian dollar, and US dollar; DFB DeFi provides market-making and receives incentives.
Listed 79 new tokens in the past month, ranking 8th among major DEXs by monthly token listings.
Launched Votemarket liquidity mining program for pmUSD/frxUSD and pmUSD/crvUSD pools, offering 10% APR in pmUSD rewards, trading fees, and CRV incentives through StakeDAO's OnlyBoost program.
Launched $USG, a CDP stablecoin backed by Curve LP tokens and Pendle PTs, integrating OUSD/USDe liquidity pool as a yield source with incentives offering up to 24% APY and a 30x Ethena USDe points multiplier. Offers 0% interest loans using Curve LP tokens as collateral funded by redirecting emissions.
Launched incentivized OUSD/pmUSD liquidity pool offering 10.6-26.6% APY; Origin Protocol also promoted OUSD-based vault options on Beefy Finance utilizing Curve pools, yielding 9.7-15.6%.
Integrated with Stone Vault's automated liquidity routing vault, optimizing stablecoin yield across Aave and Spark with crvUSD deposits.
CurveCap stepped down from official role at Curve after 5+ years.
Ranked #1 and #2 among governance projects by development activity on Ethereum and Arbitrum respectively in Santiment's March 2026 rankings, with both positions rising from the previous month.
Launched Knowledge Hub, a unified documentation platform for developers, users, and LLMs, and released an interactive map visualizing fee flow with live on-chain and API data.
Reached 4.2 million monthly website visits in February 2026.
Curve DAO proposes reducing crvUSD borrow rates from 11.5% to 5%, with crvUSD using decentralized oracles.
Participates in a conversation about decentralized stablecoins with Ethereum Foundation, Liquity, and Protocol FX on 2026-02-27 at 5pm UTC.
Hosts RAAC's pmUSD gold-backed stablecoin, offering 9-22% APR, with TVL exceeding $34M since launching within 60 days from March 12, 2026.
Released Week 8 yield report in February 2026.
Posted "DAO on Trial" deep dive in February 2026.
Reached $72M TVL in its lending protocol as of March 5th, 2026.
Reached over $2 million TVL in the Term Meta Vault USDC/frxUSD pool.
Received repayment of 803,000 CRV and $179,000 scrvUSD from CurveMonitor to the Curve Grant Council after the grantee stopped drawing funds midway through the grant period.
Received a returned grant of 803 million CRV and $179,000 scrvUSD from CurveMonitor to the Curve Grant Council after the grantee ceased drawing funds midway through the grant period.
Maintained crvUSD peg and generated zero bad debt during 30% ETH drawdown, amidst proposal to sunset crvUSD-LP FiRM markets.
Added Pool Booster incentives to the msUSD/OUSD liquidity pool to boost LP APYs for depositors.
A new OUSD/crvUSD liquidity pool launched on Curve Finance with Pool Booster support and incentives for liquidity providers.
Metronome DAO provides live USDC rewards for msETH/WETH OnlyBoost depositors on Curve Finance, driving 26.84% APR. This includes 21.96% from $17.5K USDC rewards via Votemarket, plus trading fees and boosted CRV.
Gerrit Hall participated in a panel discussion on stablecoin infrastructure at EthereumDenver conference.
Integrated Term USDC Meta Vault with Term Labs for frxUSD, launching frxUSD/tmvUSDC pool February 16, 2026. Achieves approximately 1% daily yields on Base as swap volumes increase.
Has 97,661 token holder wallets as of February 2026.
Integrated Yearn Finance for crvUSD savings, with $36M in scrvUSD secured.
Reached over $5M TVL across 13+ Curve vaults through the Beefy x Stake DAO autocompounded vault partnership.
28.4% of CRV inflation is routed through Stake DAO's locker as of January 2026, up from 17% in December 2025.
Received a $7M deposit into the pyUSD/crvUSD pool on February 11, 2026.
Curve Finance BOLD liquidity pool has approximately 11% native APR for liquidity providers, including swap fees and BOLD rewards.
Distributed 400K sdCRV in one week from voting power through Stake DAO's CRV Liquid Locker, setting a new record for the product.
Generated $2.93M in fees, up 92%, and 104% revenue growth over 30 days as of 2026-02-17; CRV token price declined 25%.
Listed a new MUSD trading pair involving Origin Protocol and Mezo Network.
crvUSD is live on River, enabling 1:1 swaps between crvUSD and satUSD.
Offers CRV incentives for the ynRWAx/OUSD liquidity pool with APY up to 119%.
Offers CRV incentives for the ynRWAx/ynUSDx liquidity pool with APY up to 79%.
Offers CRV incentives for the ynRWAx/USDC liquidity pool with APY up to 60%.
crvUSD Optimizer reached 100% utilization with $571M TVL
Integrated with Origin Protocol's ecosystem alongside Morpho and Compound.
Reached all-time high in daily active users.
Curve Finance is accessible through Ledger Wallet app on Etherlink following the addition of Tezos (XTZ) send and receive support on that network.
BOLD/USDC liquidity providers earn 8% APR in BOLD tokens, with an 11% APR boost from Liquity Protocol rewards on Ekubo Protocol and Uniswap pools.
Depegged to 0.95-0.96 against USDT and USDC, with borrow rates spiking to 30%, depegged for two weeks as of February 10, 2026, as reviewed by LlamaRisk. Maintains $1.0000 peg as of March 4, 2026.
Research comparing revenue efficiency across DeFi tokens places CRV at a 6.41x price-to-revenue multiplier in the fee-sharing category, contrasted with buyback-focused tokens that trade at higher multiples.
47% of total CVX supply locked, with most locked indefinitely for at least 4 years.
Terraform Labs withdrew $150M UST from 3pool on May 7, 2022. Jane Street withdrew $85M UST from 3pool on May 8, 2022.
CRV emissions are scheduled to continue for approximately 200 years from 2026-01-14.
crvUSD is accepted as payment for SQUID Pass auction bids on Ethereum Mainnet alongside WETH.
Received a 250,000 OP grant in Q3-Q4 2025.