Curve Best Yields & Key Metrics | Week 33, 2025

Market Overview

What a week! The Curve DAO just turned 5, and we're celebrating with some great numbers to match.

• Total Value Locked (TVL) is up 11.7%, hitting $2.888B, a new high for 2025!
• To celebrate its birthday, the Curve DAO saw its programmed yearly decrease in CRV emissions, which reduced yearly inflation from 6% to 5%.
• Read about the Rise of Curve here: Curve Finance: The Rise of the Home of Stablecoins

Below, you'll find a breakdown of the week's metrics and a look at some of the best yield opportunities on Curve right now.

Top Yields

USD Stablecoins

This week, we're seeing yields spread across a variety of pools, with many offering attractive opportunities over 12%. Leading the pack are the Llamalend markets, which are topping the charts with the best available crvUSD yields. As sUSD has now recovered its peg, we've included it in our list of top opportunities as well.

Chain	Market	Type	Yield
	crvUSD ycvxCRV	Llamalend	22.4%
	crvUSD SQUID	Llamalend	16.8%
	dUSD frxUSD	Pool	15.6%
	sUSD sUSDe	Pool	14.9%
	alUSD USDC	Pool	14.7%
	crvUSD fxSAVE	Llamalend	14.2%
	miMATIC USDC.e	Pool	13.4%
	sUSD DAI USDC.e USDT	Pool	13.1%
	msUSD FRAX USDC	Pool	12.8%
	crvUSD CRV	Llamalend	12.7%

Top BTC & ETH Yields

Yields across major crypto assets have seen a slight downturn this week. Bedrock's uniBTC once again holds the top spot, while the real standout is the stETH concentrated pool, which delivered an impressive organic yield of over 8%.

Chain	Market	Asset	Yield
	WBTC uniBTC	BTC	8.9%
	WETH stETH	ETH	8.7%
	msETH WETH	ETH	6.1%
	weETH rswETH	ETH	5.7%
	uniBTC brBTC	BTC	4.1%
	tBTC WBTC	BTC	1.4%

Other Top Yields

Leading the CRV yield charts is CrossCurve's CRV pool. Meanwhile, for those holding Euros, Curve continues to offer a compelling alternative, with its Euro yields comfortably outperforming traditional bonds.

Chain	Market	Asset	Yield
	xCRV sCRV_t CRV	CRV	39.0%
	CRV crvUSD	CRV	20.2%
	crvUSD WBTC WETH	TRICRYPTO	11.3%
	crvUSD tBTC WETH	TRICRYPTO	8.4%
	EURA EURT EURS	EUR	5.5%
	EURA EURC	EUR	2.5%

Weekly Metrics

crvUSD & scrvUSD

crvUSD supply continues its steady increase, finding homes in Llamalend markets and DEX pools. Interestingly, this comes as the ratio of crvUSD staking for the 7.3% yielding scrvUSD pool decreases, a rate that is 50% more than Sky's savings rate.

Metric	Value	Change
crvUSD Minted	$121M	+2.2%
Peg Stability Reserves	$11M	-$3.94M
scrvUSD Yield	7.3%	+0.5%
crvUSD inscrvUSD	43.0%	-4.9%
crvUSD Price	$1.0	+$0.0002
Avg. Borrow Rate	7.6%	+1.8%

Llamalend

Llamalend metrics are on the rise across the board, with the exception of the total number of loans. This suggests that current borrowers are highly confident in the system and its robust, built-in liquidation protection.

DEX

As is often the case, volatility proved to be beneficial for liquidity providers this week. Average swap sizes increased by approximately 20%, contributing to a 25% increase in total fees paid by swappers.

DAO

This week, the programmed annual 16% CRV emissions reduction went into effect. This yearly reduction, which mirrors Bitcoin's halving model (reducing emissions by 50% every four years), successfully lowered the annual inflation rate from 6% to 5%. This dropped weekly CRV emissions from 2.64M to 2.22M, which is the direct cause of the decrease in the weekly CRV emission amount.

Interestingly, total veCRV is up, suggesting that some CRV lockers renewed their commitments this week.

Metric	Value	Change
CRV Circ. Supply	1.39B	+0.2%
CRV Locked	872M	-
Total veCRV	795M	+0.3%
veCRV Distribution	$246k	+3.7%
CRV Emissions	$2.14M (2.22M CRV)	-11.7%
Inflation Rate	5.0%	-16.0%

DEX Winners & Losers

Looking at the DEX, it was a great week for stETH pools. Thanks to the bump in ETH's price, they came out on top in TVL, volumes, and fees for liquidity providers.

Fees Winners & Losers

It's great to see Stargate's STG Cryptoswap pool have significant fee generation for their LPs, while it's interesting to see some of the winning pools from last week turning into the losers for fee generation this week as markets ebb and flow.

📍	Chain	Pool	Volume	Fees	Change
1		ETH stETH	$497M	$49.7k	+$30.6k
2		STG USDC	$3.78M	$13.4k	+$10.6k
3		ETH stETH	$177M	$14.2k	+$9.29k
...	...	...	...	...	...
-3		sDAI sUSDe	$38.2M	$7.65k	-$7.43k
-2		WETH CVX	$6.97M	$25.1k	-$8.72k
-1		USDL USDC	$12.6M	$1.26k	-$8.89k

Volume Winners & Losers

Liquidity demand shifted this week, with ETH being the star of the show while USD stablecoins were a bit less sought after.

📍	Chain	Pool	Volume	Fees	Change
1		ETH stETH	$497M	$49.7k	+$306M
2		WETH weETH	$138M	$6.88k	+$118M
3		ETH stETH	$177M	$14.2k	+$116M
...	...	...	...	...	...
-3		sDAI sUSDe	$38.2M	$7.65k	-$37.1M
-2		USDL USDC	$12.6M	$1.26k	-$88.9M
-1		sUSDS USDT	$274M	$2.74k	-$140M

TVL Winners & Losers

Curve's Base deployment had the biggest TVL winner this week, as Origin's SuperOETH pool almost doubled it's TVL.

📍	Chain	Pool	TVL	Change
1		WETH superOETHb	$109M	+$50.2M
2		ETH stETH	$216M	+$35M
3		OETH WETH	$115M	+$18.7M
...	...	...	...	...
-3		USDC RLUSD	$55.6M	-$2.66M
-2		TBTC renBTC WBTC sBTC	$1.02M	-$5.12M
-1		tacBTC cbBTC FBTC	$6.98M	-$8.54M

Llamalend Winners & Losers

An interesting trend emerged in Llamalend user behavior this week:

• Users with WETH collateral shifted from Lend markets to crvUSD Minting markets.
• Conversely, users with WBTC collateral moved from crvUSD Minting markets to Lend markets.

Despite these internal reallocations, the platform saw a net increase of $6M in total borrows and a $5M increase in crvUSD supplied to Lend markets, highlighting a strong overall growth for the protocol.

crvUSD Minting Markets - Borrowing Winners & Losers

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WETH	$94.6M	$41.7M	+$6.26M
2		crvUSD tBTC	$25.3M	$10.1M	+$82.4k
3		crvUSD cbBTC	$8.55M	$5.24M	+$31k
...	...	...	...	...	...
-3		crvUSD LBTC	$3.19M	$1.95M	-$5.53k
-2		crvUSD wstETH	$20.9M	$6.81M	-$764k
-1		crvUSD WBTC	$104M	$51.8M	-$2.92M

Lend Markets - Borrowing Winners & Losers

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$20.3M	$16.2M	+$3.43M
2		crvUSD WBTC	$8.7M	$5.63M	+$725k
3		crvUSD sUSDe	$32.7M	$25.6M	+$269k
...	...	...	...	...	...
-3		crvUSD WETH	$198k	$77.2k	-$133k
-2		crvUSD WETH	$4.11M	$1.87M	-$842k
-1		crvUSD sfrxUSD	$19M	$15.2M	-$951k

Lend Markets - Supplying Winners & Losers

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$20.3M	$16.2M	+$3.76M
2		crvUSD WBTC	$8.7M	$5.63M	+$1.98M
3		crvUSD WBTC	$1.94M	$1.05M	+$139k
...	...	...	...	...	...
-3		crvUSD sUSDe	$32.7M	$25.6M	-$272k
-2		crvUSD sDOLA	$3.93M	$3.38M	-$279k
-1		crvUSD sfrxUSD	$19M	$15.2M	-$2.12M

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.