Curve Best Yields & Key Metrics | Week 27, 2026

Market Overview

Where did the first half of 2026 go? Welcome to Q3, markets and Curve seem to be stabilizing, with only minor news this week:

• TVL is down 3.1% to $1.394B
• Admin fees increased from 1% to 10% on Optimism Llamalend v2 markets
• The DAO voted to send over $1M in unclaimed L2 fees to the treasury
• LlamaRisk has now formally concluded its engagement with Curve. We wish them all the best.

As always, see all the highlighted yields and metrics below.

A quick personal note: Sorry about missing last week's report. Time has been a bit tight lately, and I've found it difficult to keep up. Thankfully, Nik has stepped up and will be taking over from next week. I'd like to thank Nik, and thank everyone who's been reading these newsletters over the years. I really appreciate your support.

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.

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%
	VUSD msUSD	Pool	35.1%
	VUSD crvUSD	Pool	33.2%
	frxUSD VUSD	Pool	28.0%
	sdUSD frxUSD	Pool	16.6%
	USST USDC	Pool	16.1%
	frxUSD USPC	Pool	15.5%
	USG sDOLA	Pool	14.2%
	crvUSD sVUSD	Pool	13.0%
	crvUSD sfrxUSD	Llamalend	12.5%

Top BTC & ETH Yields

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

Chain	Market	Asset	Yield
	alETH WETH	ETH	9.3%
	WETH pufETH	ETH	8.4%
	ynETHx WETH	ETH	8.1%
	cbBTC WBTC LBTC	BTC	3.0%
	WBTC cbBTC hemiBTC	BTC	2.9%
	cbBTC WBTC	BTC	1.1%

Other Top Yields

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

Chain	Market	Asset	Yield
	CRV sdCRV	CRV	17.1%
	CRV crvUSD	CRV	10.9%
	EURe WXDAI USDC USDT	FOREX	9.1%
	crvUSD CJPY	FOREX	5.1%
	crvUSD ZCHF	FOREX	3.5%
	crvUSD tBTC WETH	TRICRYPTO	3.3%
	XAUt PAXG	GOLD	0.3%

Weekly Metrics

crvUSD & scrvUSD

crvUSD continues to hold its peg well, with its automated market dynamics keeping the system stable as supply ticks up slightly.

Metric	Value	Change
crvUSD Minted	$30.1M	+1.3%
scrvUSD Yield	4.1%	+2.8%
crvUSD inscrvUSD	65.1%	+1.1%
crvUSD Price	$0.9993	+$0.0001
Avg. Borrow Rate	5.5%	+3.1%
Peg Stability Reserves	$0	-$349k
PegKeeper Profit	$1k	-$443

Llamalend

Llamalend metrics were largely unchanged this week, with activity continuing to stabilize.

DEX

Curve's DEX saw slightly lower trading volume this week, but fees, swaps, and TVL all remained relatively stable, with a greater share of swaps occurring in higher-fee pools.

DAO

veCRV holders saw a slight increase in fee distributions this week, while the USD value of CRV emissions declined alongside the CRV price.

Metric	Value	Change
CRV Circ. Supply	1.53B	+0.2%
CRV Locked	855M	-0.1%
Total veCRV	783M	-0.2%
veCRV Distribution	$70.3k	+10.6%
veCRV APR	2.234%	+0.072%
CRV Emissions	$425k (2.22M CRV)	-9.2%
Inflation Rate	4.826%	-0.005%

Top Stableswap Pools

There was a big shake-up among the top Stableswap pools by volume this week, with more newcomers than usual.

📍	🔄	Chain	Pool	Volume	Fees
1	+6		USDC USDtb	$98.7M	$10.2k
2	+2		USDC RLUSD	$70.3M	$14.1k
3	-1		DAI USDC USDT	$61.0M	$9.1k
4	+16		PYUSD USDC	$55.9M	$6.2k
5	-2		USDT crvUSD	$40.7M	$4.1k
6	-1		ETH stETH	$34.8M	$3.5k
7	+7		USDC USDat	$25.8M	$2.6k
8	-		USDC crvUSD	$25.3M	$2.5k
9	+9		USDC USDT	$23.3M	$568.4
10	+7		USDC sUSDat	$20.9M	$3.6k

Top Cryptoswap Pools

By volume the TricryptoUSDC pool won the week, however with its new parameters the TricryptoUSDT pool continues to outperform with $13.2k fees on $633k volume.

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$19.2M	$9.3k
2	-		USDT WBTC WETH	$19.2M	$9.1k
3	+2		EURe WXDAI USDC USDT	$4.1M	$1.4k
4	-		crvUSD WETH CRV	$3.6M	$2.1k
5	-2		reUSDe sUSDe	$2.9M	$1.4k
6	+1		crvUSD tBTC wstETH	$2.0M	$3.3k

Gauge Winners & Losers

It was an off week for Convex's gauge votes, so only small changes were seen, with msETH the largest winner.

📍	Chain	Pool / Market	TVL	CRV Emissions	Change
1		msETH WETH	$10.6M	174k	+2.84k
2		WBTC cbBTC hemiBTC	$2.23M	13.6k	+2k
3		frxUSD VUSD	$65.8k	4.71k	-
...	...	...	...	...	...
-3		CRV sdCRV	$812k	20k	-814
-2		MIM DAI USDC USDT	$1.39M	13k	-1.65k
-1		MUSD USDC USDT	$1.19M	9.9k	-1.69k

DEX Winners & Losers

Fees Winners & Losers

Ethena's USDtb pool led the week in trading volume, while the apyUSD/apxUSD pool remained the top fee earner despite being the week's biggest loser, generating $29.1k in swap fees.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDtb	$98.7M	$10.2k	+$6.97k
2		PYUSD USDC	$55.9M	$6.16k	+$4.55k
3		USDC WBTC WETH	$19.2M	$9.33k	+$3.86k
...	...	...	...	...	...
-3		USDT crvUSD	$40.7M	$4.07k	-$2.29k
-2		DAI USDC USDT	$61M	$9.15k	-$5.42k
-1		apyUSD apxUSD	$14.5M	$29.1k	-$6.99k

Volume Winners & Losers

Ethena's USDtb pool also led the week in trading volume, while USDS/PYUSD volume declined after Spark removed its liquidity as part of a change in liquidity strategy. We wish the Spark team all the best and hope to see them back soon.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDtb	$98.7M	$10.2k	+$66.6M
2		PYUSD USDC	$55.9M	$6.16k	+$42.5M
3		USDC RLUSD	$70.3M	$14.1k	+$11.1M
...	...	...	...	...	...
-3		WETH weETH	$9.65M	$651	-$26.5M
-2		DAI USDC USDT	$61M	$9.15k	-$36.2M
-1		PYUSD USDS	$3.02M	$31.5	-$134M

TVL Winners & Losers

There were no major changes in TVL this week. RLUSD continued its recent week-to-week fluctuations and saw net outflows, while PYUSD/USDC recorded the largest inflows, possibly driven by increased demand for PYUSD following Spark's liquidity withdrawal.

📍	Chain	Pool	TVL	Change
1		PYUSD USDC	$46M	+$2.6M
2		frxUSD USD3	$2.87M	+$1.29M
3		crvUSD WBTC	$43.6M	+$1.1M
...	...	...	...	...
-3		crvUSD tBTC	$7.48M	-$2.69M
-2		ETH stETH	$64.2M	-$2.74M
-1		USDC RLUSD	$71.6M	-$6.7M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

WBTC was the clear winner this week, with no other major market changes. Are people getting bullish on BTC again?

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$31.1M	$15.8M	+$470k
2		crvUSD wstETH	$12.4M	$6.99M	+$7.75k
3		crvUSD sfrxETH	$267k	$154k	+$155
...	...	...	...	...	...
-3		crvUSD cbBTC	$1.8M	$1.2M	-$1.24k
-2		crvUSD tBTC	$4.64M	$3.13M	-$25.8k
-1		crvUSD WETH	$2.74M	$1.57M	-$56.8k

Lend Markets - Borrowing Winners & Losers

There appear to have been a couple of notable rotations this week, with liquidity seemingly moving from sUSDe to sfrxUSD. It's also possible that some of the WBTC liquidity outflow found its way into the WBTC/crvUSD minting market.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sfrxUSD	$17.8M	$13.6M	+$871k
2		USDC WBTC	$1.49M	$721k	+$65.7k
3		USDC wstETH	$909k	$413k	+$46.4k
...	...	...	...	...	...
-3		crvUSD WETH	$405k	$212k	-$15.9k
-2		crvUSD WBTC	$4.03M	$2.52M	-$435k
-1		crvUSD sUSDe	$2.11M	$1.16M	-$774k

Lend Markets - Supplying Winners & Losers

Hello to the new Llamalend v2 markets on optimism, which saw strong inflows this week.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sfrxUSD	$17.8M	$13.6M	+$601k
2		USDC WBTC	$1.49M	$721k	+$278k
3		WETH wstETH	$780k	$359k	+$148k
...	...	...	...	...	...
-3		crvUSD fxSAVE	$456k	$309k	-$241k
-2		crvUSD sUSDe	$2.11M	$1.16M	-$245k
-1		crvUSD sreUSD	$23.4M	$18.2M	-$1.25M

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.