Curve Best Yields & Key Metrics | Week 34, 2025

Market Overview

Well, after a few weeks of up only, we had a down week. There was still a lot of positive news for Curve though, here's what you need to know:

• After a record TVL for 2025 last week, TVL has moderated slightly, down 6.0% to $2.715B.
• Yield basis is getting ready to launch, with thorough discussion happening around their current Curve governance proposal.
• Binance has integrated Curve directly into their wallet.
• The new smart contracts for Cryptoswap pools have been released, this version will be called FxSwap, because it enables efficient use cases like forex pools, better BTC/USD swaps, and more.

See all the weekly metrics and some of the best opportunities for yield available below.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	USDC jUSD	Pool	66.6%
	crvUSD WETH	Llamalend	49.4%
	litUSD sfrxUSD	Pool	19.3%
	crvUSD ycvxCRV	Llamalend	19.2%
	crvUSD fxSAVE	Llamalend	18.6%
	USDT USDN	Pool	15.7%
	dUSD frxUSD	Pool	14.9%
	crvUSD SQUID	Llamalend	14.2%
	miMATIC USDC.e	Pool	13.8%
	fxUSD USDN	Pool	12.4%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	WBTC uniBTC	BTC	7.2%
	uniETH frxETH	ETH	6.1%
	scETH frxETH	ETH	5.9%
	frxETH sfrxETH	ETH	5.5%
	uniBTC brBTC	BTC	3.0%
	tBTC cbBTC	BTC	1.2%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV 2	CRV	26.2%
	CrossCurve CRV	CRV	19.0%
	crvUSD WBTC WETH	TRICRYPTO	10.6%
	GHO cbBTC WETH	TRICRYPTO	10.1%
	EURA EURT EURS	EUR	4.9%
	EURA EURC	EUR	2.2%

Weekly Metrics

crvUSD & scrvUSD

Lately it's been a great time to be in the scrvUSD vault, with many weeks of high yield now. The peg remains strong, and the amount of minted crvUSD is not subsiding substantially even with this pullback in markets, a positive signal.

Metric	Value	Change
crvUSD Minted	$117M	-3.3%
Peg Stability Reserves	$11M	-
scrvUSD Yield	7.7%	+0.4%
crvUSD inscrvUSD	46.3%	+4.1%
crvUSD Price	$0.9997	-$0.0005
Avg. Borrow Rate	7.5%	-0.1%

Llamalend

TVL is down, but this is mostly due to collateral values decreasing. Users are largely keeping their loans open, and with Curve's in liquidation protection, this makes sense.

DEX

Number of swaps are up, however volumes and TVL has subsided. Yet total fees paid by swappers have not decreased as much as volume. So this must mean users this week are swapping in higher fee pools.

DAO

Most metrics across the DAO stayed the same this week. However, the value of CRV emissions has reduced, because the CRV price has reduced.

Metric	Value	Change
CRV Circ. Supply	1.39B	+0.2%
CRV Locked	871M	-0.1%
Total veCRV	794M	-0.2%
veCRV Distribution	$242k	-1.8%
CRV Emissions	$1.96M (2.22M CRV)	-8.3%
Inflation Rate	5.0%	-0.1%

DEX Winners & Losers

Fees Winners & Losers

Stableswap pools were the winners this week for fees, even in a time of volatility, with Metronome's msETH/WETH pool the biggest winner for the week. Also, because stETH volatility and has now decreased, their pools were the largest losers for the week.

📍	Chain	Pool	Volume	Fees	Change
1		msETH WETH	$52.3M	$20.9k	+$10.4k
2		PYUSD USDC	$131M	$13.1k	+$10k
3		msUSD FRAX USDC	$54.7M	$21.9k	+$9.65k
...	...	...	...	...	...
-3		ETH stETH	$77.4M	$6.2k	-$7.96k
-2		WETH CVX	$4.25M	$15.6k	-$9.47k
-1		ETH stETH	$225M	$22.5k	-$27.2k

Volume Winners & Losers

Some of the fee winners and losers can be seen within these volume numbers. However PayPal's PYUSD pool has topped the charts for the winners, with a huge extra $100M volume this week, nearly 4 times it's usual value.

📍	Chain	Pool	Volume	Fees	Change
1		PYUSD USDC	$131M	$13.1k	+$100M
2		USDT USDe	$37.2M	$1.12k	+$30.7M
3		msETH WETH	$52.3M	$20.9k	+$26M
...	...	...	...	...	...
-3		USDC USDT	$136M	$1.36k	-$99M
-2		ETH stETH	$77.4M	$6.2k	-$99.5M
-1		ETH stETH	$225M	$22.5k	-$272M

TVL Winners & Losers

BTC pools on TAC (Telegram's EVM network) were some of the biggest winners for the week for TVL. Also, USDL's TVL seems to have moderated after it's huge rise and fall in popularity over the last few weeks.

📍	Chain	Pool	TVL	Change
1		FRAX USDe	$75.2M	+$7.5M
2		uniBTC satUniBTC	$2.74M	+$2.71M
3		uniBTC M-BTC	$2.66M	+$2.62M
...	...	...	...	...
-3		USDL USDC	$9.89M	-$11M
-2		FRAX sDAI	$204k	-$11.4M
-1		ETH stETH	$201M	-$17.7M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Small changes across the board for crvUSD markets, with only the LBTC market unfortunately seeing substantial changes as a large borrower closed their loan.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD weETH	$5.3M	$1.34M	+$352k
2		crvUSD wstETH	$18.2M	$6.99M	+$187k
3		crvUSD tBTC	$23.5M	$10.1M	+$2.97k
...	...	...	...	...	...
-3		crvUSD cbBTC	$6.31M	$3.95M	-$1.29M
-2		crvUSD WETH	$86.6M	$40.3M	-$1.4M
-1		crvUSD LBTC	$857k	$496k	-$1.45M

Lend Markets - Borrowing Winners & Losers

The biggest borrowing winners and losers seemed to come out roughly even. With the WETH market being the biggest winner, and f(x)'s fxSAVE rising quickly in popularity and demand, with borrows doubling during the week.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD WETH	$3.58M	$2.65M	+$778k
2		crvUSD fxSAVE	$557k	$509k	+$268k
3		crvUSD sDOLA	$20.6M	$16.5M	+$252k
...	...	...	...	...	...
-3		crvUSD CRV	$4.9M	$3.48M	-$197k
-2		crvUSD sDOLA	$3.59M	$3.06M	-$320k
-1		crvUSD WBTC	$6.3M	$5.23M	-$401k

Lend Markets - Supplying Winners & Losers

People liked to lend to yield bearing stablecoin markets this week, while withdrawing supply to volatile assets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sUSDe	$33.5M	$25.4M	+$786k
2		crvUSD sfrxUSD	$18.7M	$15.3M	+$366k
3		crvUSD sDOLA	$20.6M	$16.5M	+$306k
...	...	...	...	...	...
76		crvUSD sDOLA	$3.59M	$3.06M	-$341k
77		crvUSD WETH	$3.58M	$2.65M	-$529k
78		crvUSD WBTC	$6.3M	$5.23M	-$2.4M

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.