Curve Best Yields & Key Metrics | Week 29, 2026

Market Overview

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

• Total TVL jumped 7.7% to $1.538B - a sharp step up after weeks of stabilization, with DEX TVL up 7.6% and Llamalend TVL up 5.1%
• crvUSD borrowing kept getting cheaper: the average borrow rate fell to 2.3% as PegKeepers extended their reserve rebuild to $33.8M (+$7.2M)
• Llamalend V2 is heading to Ethereum mainnet - a proposal is live to activate the sDOLA-crvUSD and sfrxUSD-crvUSD markets

As always, see all the highlighted opportunities and weekly metrics below.

Top Yields

1st. frxUSD/USP frxUSDUSP on Ethereum with >100% Yield,
2nd. apxUSD/USDC apxUSDUSDC on Ethereum with 74.1% Yield,
3rd. crvUSD/fxSAVE crvUSDfxSAVE on Ethereum with 26.7% Yield

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

Chain	Market	Type	Yield
	frxUSD USP	Pool	>100%
	apxUSD USDC	Pool	74.1%
	crvUSD fxSAVE	Llamalend	26.7%
	VUSD crvUSD	Pool	24.8%
	VUSD msUSD	Pool	21.7%
	frxUSD VUSD	Pool	20.5%
	sdUSD frxUSD	Pool	19.5%
	crvUSD sVUSD	Pool	16.6%
	USD3 sUSDS	Pool	13.4%
	USD3 sUSDe	Pool	12.3%

Note: the frxUSD/USP rate comes from a live Merkl incentive campaign annualised against a small pool (~$137k of liquidity), so the headline rate dilutes quickly as TVL grows - hence the cap. The VUSD pool rates come from CRV gauge emissions.

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	alETH WETH	ETH	8.3%
	msETH OETH	ETH	6.5%
	msETH WETH	ETH	5.2%
	WBTC cbBTC hemiBTC	BTC	3.1%
	cbBTC WBTC LBTC	BTC	3.0%
	tBTC WBTC	BTC	1.1%

Other Top Yields

Chain	Market	Asset	Yield
	CRV sdCRV	CRV	13.7%
	CRV crvUSD	CRV	12.6%
	GHO cbBTC WETH	TRICRYPTO	10.8%
	EURe WXDAI USDC USDT	FOREX	7.1%
	crvUSD CJPY	FOREX	5.4%
	crvUSD ZCHF	FOREX	4.1%
	XAUt PAXG	GOLD	0.1%

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

crvUSD borrowing kept getting cheaper: the average borrow rate fell to 2.3% (from 3.3%) as PegKeepers extended their reserve rebuild to $33.8M (+$7.2M). Minted crvUSD rose 2.4% to $32.1M; the scrvUSD savings rate eased to 1.2%, with the staked share of crvUSD down to 60.8%.

Metric	Value	Change
crvUSD Minted	$32.1M	+2.4%
scrvUSD Yield	1.2%	-2.7%
crvUSD inscrvUSD	60.8%	-3.5%
crvUSD Price	$0.9999	+$0.0005
Avg. Borrow Rate	2.3%	-1.0%
Peg Stability Reserves	$33.8M	+$7.17M
PegKeeper Profit	$3.09k	-

Llamalend

Llamalend grew broadly: TVL up 5.1% to $132M, collateral up 6.2% to $116M and borrowing up 3.2% to $75.2M, with the loan count near flat at 1,024.

DEX

A strong week across the DEX: volume up 8.2% to $874M, TVL up 7.6% to $1.45B, swaps up 1.9% to 444k and total fees up 3.8% to $260k.

DAO

veCRV distribution held at $106k and total veCRV stayed steady at 784M; veCRV APR eased to 3.26% after last week's spike.

Metric	Value	Change
CRV Circ. Supply	1.54B	+0.4%
CRV Locked	851M	-0.5%
Total veCRV	784M	-0.1%
veCRV Distribution	$106k	-
veCRV APR	3.26%	-0.186%
CRV Emissions	$462k (2.22M CRV)	-
Inflation Rate	4.817%	-0.004%

Top Stableswap Pools

DAI/USDC/USDT took the top stableswap spot on $91.5M of volume, while msETH/WETH vaulted 12 places to #3 ($73.4M) on a sharp jump in turnover.

📍	🔄	Chain	Pool	Volume	Fees
1	+1		DAI USDC USDT	$91.5M	$13.7k
2	+1		USDC RLUSD	$80.7M	$16.5k
3	+12		msETH WETH	$73.4M	$29.4k
4	-3		USDG USDC	$70.5M	$7.1k
5	-		USDC USDtb	$50.9M	$5.3k
6	+15		frxUSD msUSD	$45.3M	$19.2k
7	-1		USDC crvUSD	$34.1M	$3.4k
8	-4		USDT crvUSD	$31.3M	$3.1k
9	-		PYUSD USDC	$29.9M	$3.1k
10	-		USDC USDT	$29.0M	$573.5

Top Cryptoswap Pools

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

📍	🔄	Chain	Pool	Volume	Fees
1	+1		USDT WBTC WETH	$8.1M	$4.4k
2	-1		USDC WBTC WETH	$6.7M	$3.8k
3	+1		EURe WXDAI USDC USDT	$5.7M	$2.0k
4	-1		crvUSD WETH CRV	$4.4M	$2.4k
5	+23		WETH T	$1.5M	$5.4k
6	-		WETH CVX	$1.3M	$4.3k

Gauge Winners & Losers

frxUSD/msUSD drew the biggest gauge-weight gain (+58.5k CRV emissions) as its volume surged, with the ETH+WETH and FRAX/USDe gauges next; the pmUSD pairs shed the most weight.

📍	Chain	Pool / Market	TVL	CRV Emissions	Change
1		frxUSD msUSD	$13M	249k	+58.5k
2		ETH+ WETH	$11.3M	35.5k	+35.5k
3		FRAX USDe	$44M	149k	+22.1k
...	...	...	...	...	...
-3		pmUSD frxUSD	$2.9M	38.5k	-31.4k
-2		msETH WETH	$15M	140k	-33.7k
-1		pmUSD crvUSD	$3.26M	35.6k	-35k

DEX Winners & Losers

Fees Winners & Losers

msETH/WETH led fee growth (+$24.1k) as its turnover surged, with frxUSD/msUSD next (+$15.7k); apxUSD/USDC gave back the prior week's gains (-$32k).

📍	Chain	Pool	Volume	Fees	Change
1		msETH WETH	$73.4M	$29.4k	+$24.1k
2		frxUSD msUSD	$45.3M	$19.2k	+$15.7k
3		WETH USDC	$19.3M	$38.5k	+$11k
...	...	...	...	...	...
-3		USDG USDC	$70.5M	$7.12k	-$5.38k
-2		apyUSD apxUSD	$2.07M	$4.14k	-$11.2k
-1		apxUSD USDC	$4.41M	$13.3k	-$32k

Volume Winners & Losers

msETH/WETH added the most weekly volume (+$60.1M), followed by frxUSD/msUSD (+$36.8M); USDG/USDC cooled from last week's volume peak (-$53M).

📍	Chain	Pool	Volume	Fees	Change
1		msETH WETH	$73.4M	$29.4k	+$60.1M
2		frxUSD msUSD	$45.3M	$19.2k	+$36.8M
3		msUSD FRAX USDC	$20.7M	$8.26k	+$17.5M
...	...	...	...	...	...
-3		ETH stETH	$11.2M	$894	-$17M
-2		USDT crvUSD	$31.3M	$3.13k	-$17.5M
-1		USDG USDC	$70.5M	$7.12k	-$53M

TVL Winners & Losers

USDT/crvUSD drew the largest TVL inflow (+$31.2M), with ETH/stETH (+$14.5M) and crvUSD/WETH (+$13.6M) close behind; PYUSD/USDC saw the biggest outflow (-$7.3M).

📍	Chain	Pool	TVL	Change
1		USDT crvUSD	$47.5M	+$31.2M
2		ETH stETH	$78.7M	+$14.5M
3		crvUSD WETH	$29.5M	+$13.6M
...	...	...	...	...
-3		USDC USDT	$5.01M	-$3.97M
-2		FRAX USDe	$44M	-$5.74M
-1		PYUSD USDC	$38.7M	-$7.32M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

WBTC minters added the most new crvUSD debt (+$517k), ahead of WETH and wstETH; no market saw material net repayment this week.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$34.7M	$16.8M	+$517k
2		crvUSD WETH	$3.43M	$1.71M	+$77.2k
3		crvUSD wstETH	$16.1M	$7.7M	+$62.4k
...	...	...	...	...	...
-3		crvUSD weETH	$324k	$160k	+$172
-2		crvUSD sfrxETH	$312k	$154k	+$87.1
-1		crvUSD LBTC	$2.73	$1.07	+$0.00289

Lend Markets - Borrowing Winners & Losers

The sfrxUSD market led new borrowing (+$1.38M), with wstETH and fxSAVE next; the USDC/wstETH market unwound modestly (-$40k).

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sfrxUSD	$16.2M	$12.5M	+$1.38M
2		crvUSD wstETH	$1.09M	$842k	+$128k
3		crvUSD fxSAVE	$452k	$452k	+$68.2k
...	...	...	...	...	...
-3		crvUSD WETH	$649k	$445k	-$708
-2		crvUSD WETH	$292k	$175k	-$34.6k
-1		USDC wstETH	$723k	$373k	-$40.1k

Lend Markets - Supplying Winners & Losers

sreUSD kept its lead in supply inflows (+$1.54M), while suppliers rotated out of sfrxUSD (-$868k).

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$25.2M	$18.2M	+$1.54M
2		WETH wstETH	$899k	$263k	+$237k
3		crvUSD wstETH	$1.09M	$842k	+$149k
...	...	...	...	...	...
-3		USDC WBTC	$1.26M	$713k	-$15.2k
-2		USDC wstETH	$723k	$373k	-$35.7k
-1		crvUSD sfrxUSD	$16.2M	$12.5M	-$868k

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.