Curve Best Yields & Key Metrics | Week 25, 2026

Market Overview

Welcome to another weekly newsletter. Here's the news:

• LlamalendV2 markets are live on Optimism!
• Merkl rewards for OP tokens are also live for the new markets, so you can get paid to borrow or supply, see below
• TVL has stabilized at $1.653B, up 0.2% since last week

See all the highlighted opportunities and weekly metrics below.

Top Yields

All yields shown below are the unboosted rates offered directly through Curve. However, projects such as Convex, StakeDAO and Yearn all offer boosting for these yields.

New Llamalend V2 Markets

These are the new Llamalend V2 markets, those negative rates are not to confuse you, currently you can get paid >50% to borrow against your WBTC!

Chain	Market	Borrow Rate	Supply Rate
	USDC WBTC	-54.0%	29.6%
	USDC wstETH	-37.5%	21.7%
	WETH wstETH	-17.9%	16.6%

Other Top USD Yields

All yields are calculated assuming a minimum of $100k TVL.

Note: the frxUSD/USP pool below has locked pre-market incentives, currently valued at well over 100% yield.

Chain	Market	Type	Yield
	frxUSD USP	Pool	>100%
	ynUSDx scrvUSD	Pool	22.9%
	frxUSD USPC	Pool	21.2%
	USG sDOLA	Pool	18.9%
	sdUSD frxUSD	Pool	17.2%
	frxUSD evaUSDT	Pool	12.6%
	sUSG reUSD	Pool	12.6%
	evaUSDC avUSD	Pool	10.7%
	frxUSD sDOLA	Pool	10.3%

Top BTC & ETH Yields

All yields are calculated assuming a minimum of $100k TVL.

Chain	Market	Asset	Yield
	WETH pufETH	ETH	15.5%
	frxETH evaETH	ETH	12.3%
	alETH WETH	ETH	9.5%
	WBTC cbBTC hemiBTC	BTC	2.4%
	cbBTC WBTC LBTC	BTC	2.1%
	cbBTC WBTC	BTC	1.3%

Other Top Yields

All yields are calculated assuming a minimum of $100k TVL.

Chain	Market	Asset	Yield
	CRV crvUSD	CRV	16.9%
	CRV sdCRV	CRV	14.4%
	GHO cbBTC WETH	TRICRYPTO	13.3%
	EURe WXDAI USDC USDT	FOREX	6.1%
	crvUSD CJPY	FOREX	5.4%
	crvUSD ZCHF	FOREX	4.5%
	XAUt PAXG	GOLD	0.1%

Weekly Metrics

crvUSD & scrvUSD

The peg is strong, PegKeepers are filling and profiting, however borrowers continue to reduce their positions to trim their risk.

Metric	Value	Change
crvUSD Minted	$27.6M	-24.2%
scrvUSD Yield	3.4%	-2.0%
crvUSD inscrvUSD	74.8%	+14.0%
crvUSD Price	$0.9997	+$0.0004
Avg. Borrow Rate	3.0%	-2.5%
Peg Stability Reserves	$33.8M	+$33.8M
PegKeeper Profit	$2.58k	+$1.76k

Llamalend

Llamalend mirrors the drawdown in minted crvUSD markets, with loans and collateral supplied decreasing, and suppliers leaving as crvUSD supply reduces.

DEX

Curve's DEX still had a great week. However, numbers are down from last week's huge volumes and fees. Positively, TVL increased.

DAO

The DAO saw another week of veCRV APR being larger than inflation, it also saw a huge increase in the value of emissions through the increase in CRV price.

Metric	Value	Change
CRV Circ. Supply	1.53B	+0.2%
CRV Locked	853M	-
Total veCRV	786M	-0.2%
veCRV Distribution	$182k	-4.2%
veCRV APR	5.4%	+0.319%
CRV Emissions	$534k (2.22M CRV)	+24.0%
Inflation Rate	4.835%	-0.005%

Top Stableswap Pools

USDtb and NUSD were the big movers this week in the stableswap position rankings by volume.

📍	🔄	Chain	Pool	Volume	Fees
1	-		PYUSD USDS	$195.0M	$2.3k
2	-		DAI USDC USDT	$86.2M	$12.9k
3	+3		USDT crvUSD	$56.9M	$5.7k
4	-1		USDC USDT	$50.6M	$859.0
5	+15		USDC USDtb	$49.6M	$5.0k
6	+1		ETH stETH	$41.5M	$4.1k
7	+15		NUSD USDC	$39.1M	$4.1k
8	-		USDC crvUSD	$38.7M	$3.9k
9	-5		sUSDS USDT	$37.9M	$860.4
10	-1		ETH stETH	$35.1M	$2.8k

Top Cryptoswap Pools

This week these pools are sorted by fees to showcase how the new TricryptoUSDT parameters have changed the fee generation and yield for depositors. We can see how a simple parameter change has increased fee generation by over 3x compared to similar pools!

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDT WBTC WETH	$675.0k	$18.1k
2	+2		STG USDC	$4.7M	$15.8k
3	-		USDC WBTC WETH	$10.9M	$5.6k
4	-2		USDT WBTC WETH	$10.1M	$5.6k
5	+2		WETH CVX	$1.5M	$4.9k
6	-		crvUSD WETH CRV	$5.7M	$4.0k
7	-2		crvUSD tBTC wstETH	$510.3k	$2.1k
8	-		crvUSD YB	$577.7k	$2.1k
9	+10		frxETH CVX	$278.2k	$1.0k
10	+6		EURe WXDAI USDC USDT	$2.6M	$937.0

DEX Winners & Losers

Fees Winners & Losers

The STG cryptoswap pool won the week for fee increases, however there were many large fee decreases this week compared to last week's huge volumes.

📍	Chain	Pool	Volume	Fees	Change
1		STG USDC	$4.66M	$15.8k	+$5.04k
2		USDC USDtb	$49.6M	$5.02k	+$2.88k
3		NUSD USDC	$39.1M	$4.09k	+$2.13k
...	...	...	...	...	...
-3		DAI USDC USDT	$86.2M	$12.9k	-$16.6k
-2		apxUSD USDC	$17.7M	$3.04k	-$18.3k
-1		apyUSD apxUSD	$7.06M	$14.2k	-$74.5k

Volume Winners & Losers

USDtb and NUSD are the winners for volume growth, both doubling compared to the previous 7 days.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDtb	$49.6M	$5.02k	+$28.4M
2		NUSD USDC	$39.1M	$4.09k	+$20M
3		USD1 USDC USDT	$9.44M	$182	+$4.91M
...	...	...	...	...	...
-3		sUSDS USDT	$37.9M	$860	-$111M
-2		USDC USDT	$50.6M	$859	-$139M
-1		PYUSD USDS	$195M	$2.29k	-$189M

TVL Winners & Losers

PegKeepers are deploying and filling into the crvUSD/USDT pool. It's also great to see the TVL of the Curve.fi strategic USD reserves pool (USDC/USDT) almost double.

📍	Chain	Pool	TVL	Change
1		USDT crvUSD	$53M	+$36.6M
2		USDC USDT	$9.87M	+$4.34M
3		ETH stETH	$72M	+$3.58M
...	...	...	...	...
-3		crvUSD cbBTC	$24.9M	-$2.7M
-2		frxUSD USPC	$572k	-$5.28M
-1		USDC RLUSD	$70.9M	-$6.86M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

WBTC, cbBTC and sfrxETH saw small inflows, but these were eclipsed by outflows from tBTC and wstETH.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$29.7M	$14.2M	+$445k
2		crvUSD cbBTC	$1.91M	$1.2M	+$126k
3		crvUSD sfrxETH	$2M	$1.12M	+$79.6k
...	...	...	...	...	...
-3		crvUSD LBTC	$2.71	$1.06	+$0.00279
-2		crvUSD tBTC	$4.79M	$3.18M	-$505k
-1		crvUSD wstETH	$9.9M	$5.46M	-$8.97M

Lend Markets - Borrowing Winners & Losers

Some rotations seem to be happening between minting and lending markets as wstETH borrowers went from minting to lending and sfrxETH went from lending to minting.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD wstETH	$940k	$720k	+$39.6k
2		crvUSD WBTC	$4.03M	$2.9M	+$37.7k
3		crvUSD sfrxUSD	$17.3M	$12.5M	+$11.5k
...	...	...	...	...	...
-3		crvUSD sreUSD	$24.4M	$18.2M	-$15.7k
-2		crvUSD WETH	$706k	$447k	-$27.5k
-1		crvUSD sfrxETH	$88.3k	$0.01	-$89.9k

Lend Markets - Supplying Winners & Losers

Large supply withdrawals happened from many stablecoin markets, while some supply did rotate to facilitate new borrows from select markets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD fxSAVE	$519k	$306k	+$57.8k
2		crvUSD wstETH	$940k	$720k	+$52.8k
3		crvUSD WETH	$468k	$235k	+$51.9k
...	...	...	...	...	...
-3		crvUSD sreUSD	$24.4M	$18.2M	-$336k
-2		crvUSD sUSDe	$2.45M	$2.1M	-$395k
-1		crvUSD sfrxUSD	$17.3M	$12.5M	-$434k

Curve's ecosystem continues to expand rapidly, welcoming new teams and pools weekly. If you're interested in launching a pool, lending market, or simply want to connect with the community, join us on Telegram or Discord.

Risk Disclaimer

References to specific pools or Llamalend markets do not constitute endorsements of their safety. We strongly encourage conducting personal risk analysis before engaging with any pools or markets. Please review our detailed risk disclaimers: Pool Risk Disclaimer, Llamalend Risk Disclaimer, crvUSD Risk Disclaimer.