Curve Best Yields & Key Metrics | Week 28, 2026

Market Overview

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

• TVL held at $1.43B (+0.4%) - a second week of stabilization after June's outflows.
• Curve DAO opened a Request for Proposals for a risk-assessment and market-monitoring team to replace Llamarisk after their departure.
• crvUSD minting got cheaper: the average borrow rate eased from 5.5% to 3.3% as PegKeepers rebuilt $26.6M of reserves.
• Fees from Arbitrum and Base now flow to the DAO treasury.
• Curve joined Money League as the standard liquidity infrastructure for all of the league's stable assets - veCRV holders can now activate Merit accounts.

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

Top USD Yields

Note: the VUSD pool rates come from fresh CRV gauge emissions following Vetro's VUSD rollout, and the frxUSD/USP rate is annualised from a small launch-phase pool (~$135k of liquidity) - hence the cap.

Chain	Market	Type	Yield
	frxUSD USP	Pool	>100%
	VUSD msUSD	Pool	35.6%
	VUSD crvUSD	Pool	33.2%
	frxUSD VUSD	Pool	28.1%
	sdUSD frxUSD	Pool	16.4%
	USST USDC	Pool	16.1%
	frxUSD USPC	Pool	15.5%
	USG sDOLA	Pool	14.2%
	crvUSD sVUSD	Pool	12.8%
	crvUSD fxSAVE	Llamalend	11.7%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	WETH pufETH	ETH	9.4%
	alETH WETH	ETH	9.3%
	msETH WETH	ETH	7.7%
	cbBTC WBTC LBTC	BTC	3.0%
	WBTC cbBTC hemiBTC	BTC	2.8%
	cbBTC WBTC	BTC	1.1%

Other Top Yields

Chain	Market	Asset	Yield
	CRV sdCRV	CRV	17.3%
	CRV crvUSD	CRV	12.3%
	EURe WXDAI USDC USDT	FOREX	5.6%
	crvUSD CJPY	FOREX	5.1%
	crvUSD ZCHF	FOREX	3.7%
	crvUSD tBTC wstETH	TRICRYPTO	2.5%
	XAUt PAXG	GOLD	0.2%

Top Llamalend Supply Yields

Optimism Llamalend V2 markets include live Merkl OP rewards: supply rates shown are base + Merkl. Rates on small markets move quickly with TVL.

Weekly Metrics

crvUSD & scrvUSD

Minted crvUSD grew 4.2% to $31.3M, a third straight weekly increase, and PegKeepers rebuilt $26.6M of reserves as demand returned. With keeper capacity restored, the average borrow rate fell from 5.5% to 3.3% - cheaper, steadier credit for borrowers.

Metric	Value	Change
crvUSD Minted	$31.3M	+4.2%
scrvUSD Yield	3.9%	-0.2%
crvUSD inscrvUSD	64.3%	-0.7%
crvUSD Price	$0.9994	+$0.0001
Avg. Borrow Rate	3.3%	-2.2%
Peg Stability Reserves	$26.6M	+$26.6M
PegKeeper Profit	$3.09k	+$2.09k

Llamalend

Lending grew again: TVL up 3.5% to $125M with collateral up 4.0%, and the loan count edged up to 1,030.

DEX

Total fees jumped 14.1% to $250k as flow rotated toward higher-fee pools, while volume eased 3.6% to $808M.

DAO

A strong week for lockers: veCRV distribution jumped 50.3% to $106k and veCRV APR rose to 3.45%; total fees were up 14.1% this week.

Metric	Value	Change
CRV Circ. Supply	1.53B	+0.1%
CRV Locked	855M	-
Total veCRV	785M	+0.2%
veCRV Distribution	$106k	+50.3%
veCRV APR	3.446%	+1.212%
CRV Emissions	$462k (2.22M CRV)	+8.7%
Inflation Rate	4.821%	-0.004%

Top Stableswap Pools

USDG/USDC vaulted 17 places to take the top spot on $123.5M of volume, and a live proposal would ramp its A parameter from 1000 to 3000, deepening liquidity around the peg.

📍	🔄	Chain	Pool	Volume	Fees
1	+17		USDG USDC	$123.5M	$12.5k
2	+1		DAI USDC USDT	$83.3M	$12.5k
3	-1		USDC RLUSD	$80.7M	$16.5k
4	+1		USDT crvUSD	$48.7M	$4.9k
5	-4		USDC USDtb	$37.8M	$3.9k
6	+2		USDC crvUSD	$35.8M	$3.6k
7	+7		ETH stETH	$28.2M	$2.3k
8	-2		ETH stETH	$27.0M	$2.7k
9	-5		PYUSD USDC	$24.3M	$2.6k
10	-1		USDC USDT	$24.1M	$516.1

Top Cryptoswap Pools

The tricrypto majors lead cryptoswap activity. Volumes shown are weekly totals.

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$10.7M	$5.6k
2	-		USDT WBTC WETH	$7.4M	$4.8k
3	+1		crvUSD WETH CRV	$4.2M	$3.5k
4	-1		EURe WXDAI USDC USDT	$4.0M	$1.4k
5	-		reUSDe sUSDe	$1.4M	$479.1
6	+3		WETH CVX	$1.2M	$3.7k

Gauge Winners & Losers

frxUSD/msUSD led gauge gains (+58.5k CRV of weekly emissions), with ETH+/WETH up from zero, while the two pmUSD pools saw the largest cuts.

📍	Chain	Pool / Market	TVL	CRV Emissions	Change
1		frxUSD msUSD	$12.4M	249k	+58.5k
2		ETH+ WETH	$8.79M	35.5k	+35.5k
3		FRAX USDe	$49.7M	149k	+22.1k
...	...	...	...	...	...
-3		pmUSD frxUSD	$2.89M	38.5k	-31.4k
-2		msETH WETH	$10.6M	140k	-33.7k
-1		pmUSD crvUSD	$3.44M	35.6k	-35k

DEX Winners & Losers

Fees Winners & Losers

apxUSD/USDC led the week in fee growth (+$44.8k), while its sister pool apyUSD/apxUSD cooled after topping this table two weeks ago; changes are week-over-week (2 Jul → 9 Jul).

📍	Chain	Pool	Volume	Fees	Change
1		apxUSD USDC	$12.8M	$45.3k	+$44.8k
2		USDG USDC	$123M	$12.5k	+$11.3k
3		OGN OETH	$1.09M	$4.36k	+$3.87k
...	...	...	...	...	...
-3		USDT WBTC WETH	$258k	$7.1k	-$6.12k
-2		USDC USDtb	$37.8M	$3.91k	-$6.29k
-1		apyUSD apxUSD	$7.66M	$15.3k	-$13.7k

Volume Winners & Losers

USDG/USDC added $111M of weekly volume, with the pool's A-ramp proposal going live midweek; USDtb flows cooled to $37.8M after last week's $98.7M spike.

📍	Chain	Pool	Volume	Fees	Change
1		USDG USDC	$123M	$12.5k	+$111M
2		DAI USDC USDT	$83.3M	$12.5k	+$22.3M
3		apxUSD USDC	$12.8M	$45.3k	+$12.7M
...	...	...	...	...	...
-3		apxUSD USDC	$1.92M	$482	-$17.4M
-2		PYUSD USDC	$24.3M	$2.63k	-$31.6M
-1		USDC USDtb	$37.8M	$3.91k	-$60.9M

TVL Winners & Losers

Monad pools took the week's two largest TVL adds as the AUSD pairs keep absorbing stablecoin liquidity, while the TAC USD₮/WTAC pool saw the week's largest outflow.

📍	Chain	Pool	TVL	Change
1		AUSD USDC USDT0	$3.13M	+$570k
2		AUSD avUSD	$3.62M	+$529k
3		Curve USD-BTC-ETH	$438k	+$321k
...	...	...	...	...
-3		AZND AUSD	$43.5k	-$54.1k
-2		av3CRV avWBTC	$117k	-$321k
-1		USD₮ WTAC	$157k	-$451k

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

wstETH and WBTC minters added ~$1.1M of new crvUSD debt; only the cbBTC market saw net repayment.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD wstETH	$14.8M	$7.64M	+$650k
2		crvUSD WBTC	$32.8M	$16.2M	+$486k
3		crvUSD WETH	$3.03M	$1.64M	+$71.3k
...	...	...	...	...	...
-3		crvUSD weETH	$300k	$160k	+$178
-2		crvUSD LBTC	$2.62	$1.06	+$0.00263
-1		crvUSD cbBTC	$1.86M	$1.18M	-$15.4k

Lend Markets - Borrowing Winners & Losers

WBTC (+$832k) and sUSDe (+$583k) led new borrowing, while the sfrxUSD market unwound $2.45M.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD WBTC	$4.18M	$3.35M	+$832k
2		crvUSD sUSDe	$2.17M	$1.75M	+$583k
3		crvUSD fxSAVE	$384k	$384k	+$75.2k
...	...	...	...	...	...
-3		USDC WBTC	$1.27M	$710k	-$10.4k
-2		WETH wstETH	$661k	$240k	-$119k
-1		crvUSD sfrxUSD	$17.1M	$11.2M	-$2.45M

Lend Markets - Supplying Winners & Losers

sreUSD returned to the top of supply inflows (+$265k), while suppliers reversed last week's $601k move into sfrxUSD.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$23.6M	$18.2M	+$265k
2		crvUSD WBTC	$4.18M	$3.35M	+$143k
3		crvUSD sUSDe	$2.17M	$1.75M	+$66.5k
...	...	...	...	...	...
-3		USDC wstETH	$759k	$413k	-$150k
-2		USDC WBTC	$1.27M	$710k	-$217k
-1		crvUSD sfrxUSD	$17.1M	$11.2M	-$782k

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.