Curve Best Yields & Key Metrics | Week 35, 2025

Market Overview

Curve has had a relatively quiet but good week:

• TVL has increased to $2.732B, up a modest 0.5%
• veCRV holders saw a 25% increase in their distribution this week
• wrapped-Sonic rewards are live for the crvUSD/USDC pool on Sonic, offering huge yields to increase crvUSD liquidity.
• dTrinity's new staked-dUSD pools are offering more than 30% yields

See all the highlighted yield opportunities and metrics below.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	crvUSD USDC	Pool	>100%
	sdUSD wstkscUSD	Pool	32.6%
	sdUSD sfrxUSD	Pool	28.9%
	dUSD frxUSD	Pool	27.3%
	USDC jUSD	Pool	26.8%
	frxUSD dUSD	Pool	18.9%
	litUSD sfrxUSD	Pool	18.9%
	crvUSD SQUID	Llamalend	17.9%
	crvUSD sfrxUSD	Llamalend	17.9%
	alUSD USDC	Pool	14.2%

Top BTC & ETH Yields

Yields for BTC and ETH pools are compressing. However, over 5% is still very high for both of these assets.

Chain	Market	Asset	Yield
	WBTC uniBTC	BTC	6.0%
	msETH WETH	ETH	5.4%
	weETH rswETH	ETH	5.2%
	frxETH sfrxETH	ETH	5.2%
	uniBTC brBTC	BTC	2.8%
	WBTC tBTC	BTC	2.0%

Other Top Yields

Once again, CrossCurve pools have the best CRV yield on offer, and Curve still offers higher Euro rates than government bonds.

Chain	Market	Asset	Yield
	CrossCurve CRV 2	CRV	24.2%
	CRV frxUSD	CRV	15.6%
	crvUSD WBTC WETH	TRICRYPTO	11.2%
	GHO cbBTC WETH	TRICRYPTO	8.5%
	EURA EURT EURS	EUR	4.3%
	EURA EURC	EUR	3.3%

Weekly Metrics

crvUSD & scrvUSD

The borrow rate has skyrocketed to its highest point in months. This is slowly increasing the yield available within scrvUSD, and it should soon exceed 10%, making it one of the highest and safest among DeFi stablecoins.

Metric	Value	Change
crvUSD Minted	$116M	-1.2%
Peg Stability Reserves	$22.2k	-$11M
scrvUSD Yield	8.2%	+0.5%
crvUSD inscrvUSD	47.6%	+1.1%
crvUSD Price	$0.9999	+$0.0003
Avg. Borrow Rate	12.3%	+4.8%

Llamalend

Apart from a few suppliers leaving Llamalend this week, there were no significant changes.

DEX

Swaps were down this week, but TVL, volumes, and fee generation were all higher. It was a strong week for pools and the DEX.

DAO

veCRV holders are rejoicing with a 25% increase in payouts this week, from strong volumes in pools, and higher than usual crvUSD minting rates.

Metric	Value	Change
CRV Circ. Supply	1.39B	+0.4%
CRV Locked	868M	-0.3%
Total veCRV	793M	-0.1%
veCRV Distribution	$302k	+24.9%
CRV Emissions	$1.89M (2.22M CRV)	-3.5%
Inflation Rate	5.030%	-0.005%

DEX Winners & Losers

Fees Winners & Losers

The DAI/USDC/USDT pool took the top spot in fee generation this week, with all fees going to the DAO and contributing to the significant weekly veCRV distribution. Volatility in the GEAR token also helped it climb into the top 3, with the Tricrypto pool securing the second spot.

📍	Chain	Pool	Volume	Fees	Change
1		DAI USDC USDT	$249M	$37.3k	+$16.4k
2		USDT WBTC WETH	$19.8M	$43.6k	+$11.9k
3		GEAR ETH	$3.21M	$12.7k	+$10.1k
...	...	...	...	...	...
-3		ETH stETH	$178M	$17.8k	-$4.71k
-2		OGN OUSD OETH	$1.2M	$1.76k	-$4.88k
-1		PYUSD USDC	$32.7M	$3.27k	-$9.86k

Volume Winners & Losers

The Spark.fi USDT Reserve won the volume race this week; however, volume isn't everything. The DAI/USDC/USDT pool actually generated nearly 10 times the fees on about half the volume.

📍	Chain	Pool	Volume	Fees	Change
1		sUSDS USDT	$467M	$4.67k	+$270M
2		DAI USDC USDT	$249M	$37.3k	+$110M
3		USDC USDT	$189M	$1.89k	+$53.7M
...	...	...	...	...	...
-3		USDT USDe	$334k	$10	-$36.9M
-2		ETH stETH	$178M	$17.8k	-$47.1M
-1		PYUSD USDC	$32.7M	$3.27k	-$98.6M

TVL Winners & Losers

ETH's appreciation helped TVL within ETH pools rise, but there were also net inflows. Some stablecoin pools saw rotations; however, on a net basis, TVL for pools slightly increased.

📍	Chain	Pool	TVL	Change
1		ETH stETH	$215M	+$14.3M
2		WETH superOETHb	$111M	+$10.5M
3		deUSD USDC	$16.7M	+$8.61M
...	...	...	...	...
-3		USD0 USD0++	$41.6M	-$5.43M
-2		reUSD scrvUSD	$61.5M	-$6.92M
-1		USDC crvUSD	$17.2M	-$14.7M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Users like ETH. Even with the increase in interest rates, three were still over $2M more borrows for the ETH crvUSD minting market. Meanwhile, users seem to be closing BTC loans.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD ETH	$93.4M	$42.8M	+$2.43M
2		crvUSD tBTC	$23.6M	$10.2M	+$129k
3		crvUSD sfrxETH	$725k	$148k	+$258
...	...	...	...	...	...
-3		crvUSD wstETH	$18.4M	$6.88M	-$118k
-2		crvUSD cbBTC	$5.22M	$3.12M	-$826k
-1		crvUSD WBTC	$92.2M	$48.4M	-$2.83M

Lend Markets - Borrowing Winners & Losers

Users largely rotated between different staked stablecoin markets this week. In some of these markets, borrower collateral is appreciating faster than crvUSD debt can accrue. sDOLA and fxSAVE are both examples of these markets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$21.5M	$17.8M	+$1.31M
2		crvUSD fxSAVE	$1.05M	$782k	+$273k
3		crvUSD CRV	$4.8M	$3.69M	+$210k
...	...	...	...	...	...
-3		crvUSD WETH	$1.31M	$665k	-$112k
-2		crvUSD sDOLA	$3.5M	$2.93M	-$127k
-1		crvUSD sUSDe	$29.7M	$24.4M	-$1.43M

Lend Markets - Supplying Winners & Losers

Suppliers entered the same markets where borrowers' demand for loans began to rise.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$21.5M	$17.8M	+$967k
2		crvUSD fxSAVE	$1.05M	$782k	+$381k
3		crvUSD CRV	$90.4k	$44k	+$15.5k
...	...	...	...	...	...
-3		crvUSD WBTC	$5.9M	$5.24M	-$407k
-2		crvUSD sfrxUSD	$18.1M	$15.2M	-$566k
-1		crvUSD sUSDe	$29.7M	$24.4M	-$3.44M

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.