CRV Emissions Fall Below 100 Million as Epoch 6 Begins
Another August, another CRV emission cut: ~115.5M → ~97.2M CRV/year (≈15.9%) as Epoch 6 starts, the first time annual emissions fall below 100 million.
It's that time of year again: CRV emissions have been cut. The rate of new CRV drops from ~115.5M CRV/year (~3.66 CRV/second) to ~97.2M CRV/year (~3.08 CRV/second), marking the start of Epoch 6. This is the first time annual emissions fall below 100 million.
The CRV emission rate decreases every August under Curve's hardcoded emission schedule. The previous reduction kicked in on Tue, Aug 12, 2025 at 22:17 UTC.
🎂 6th birthday for Curve DAO! CRV launched on August 12, 2020, so Curve's 6-year anniversary arrives with this year's emission reduction.
The Emission Schedule
CRV emissions follow a fixed, immutable schedule based on epochs, each lasting exactly one year. At the start of every new epoch, the emission rate decreases by a constant factor of:
2^(1/4) ≈ 1.189
This results in a ~15.9% reduction in emissions every August, and halves the rate every four years. Over the coming year, around 18.4M fewer CRV will be emitted than under the previous rate.
Historical Emissions Schedule
| DATE | EPOCH | CRV EMISSIONS per YEAR |
|---|---|---|
| Aug 2020 - Aug 2021 | 0 | 274,815,283.00 |
| Aug 2021 - Aug 2022 | 1 | 231,091,186.33 |
| Aug 2022 - Aug 2023 | 2 | 194,323,750.18 |
| Aug 2023 - Aug 2024 | 3 | 163,406,144.93 |
| Aug 2024 - Aug 2025 | 4 | 137,407,641.50 |
| Aug 2025 - Aug 2026 | 5 | 115,545,593.17 |
| Aug 2026 - Aug 2027 | 6 | 97,161,875.06 |
Why CRV Gets More Scarce Over Time
Emission reduction is a key part of CRV's long-term design: reduce inflation over time by tapering the supply of new tokens. Six years after launch, the annual rate is around 35% of where it began, and this year's cut takes annual issuance from 4.80% to 4.03% of total supply.
How Does the Emission Reduction Happen?
As with all mechanisms on Curve, the emission reduction is fully permissionless. It is not controlled by a multisig or any external administrator. When the CRV token contract was deployed on August 12, 2020, the entire emission schedule was set in stone, and the code has enforced it every year since.
In practice, the reduction occurs when someone calls the update_mining_parameters() function on the CRV token contract after the one-year mark. Anyone can trigger this update, and once called, the emission rate is reduced for the next 12 months.
💡 Since the reduction isn't automatically triggered, the exact timing can vary. This year the wait was 19 seconds: Epoch 6 opened at 22:17:28 UTC and the new rate was applied at 22:17:47 UTC, inside an ordinary transaction that claimed CRV through the Minter.
Where the Emissions Go
New CRV enters circulation through gauge-weighted emissions, where pools with more veCRV votes receive a larger share of the remaining supply.
That scope widened this summer. In July, Curve governance accepted the new Llamalend V2 Gauge Factory, and CRV rewards are now live for the first Ethereum Llamalend V2 markets, including sDOLA, sfrxUSD and syrupUSDC. Emissions can therefore support liquidity across both Curve's DEX and its isolated lending markets, with allocation remaining under the control of veCRV voters.
The next reduction is due on August 12, 2027, taking emissions to around 223,800 CRV per day.