Curve Best Yields & Key Metrics | Week 36, 2025

Market Overview

Crypto vibes have been a bit low this past week, and unfortunately, Curve is not immune. However, there have been some great developments within Curve and its ecosystem

• Total TVL is $2.67B, down 2.1% from last week.
• The first FXSwap pool is live on BSC, with BBRL (Brazilian Real) and USDC. It is open to all, and deposits are expected to increase over time
• StakeDAO launched their markets V2
• Resupply launched sreUSD

Check out all the weekly metrics and highlighted top yields below.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	sdUSD wstkscUSD	Pool	20.6%
	dUSD frxUSD	Pool	20.0%
	crvUSD fxSAVE	Llamalend	17.1%
	sdUSD sfrxUSD	Pool	17.0%
	crvUSD SQUID	Llamalend	15.4%
	USDC jUSD	Pool	15.2%
	sUSD sUSDe	Pool	14.6%
	dUSD sfrxUSD	Pool	14.4%
	frxUSD dUSD	Pool	14.4%
	crvUSD tBTC	Llamalend	13.8%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	ETH+ WETH	ETH	7.2%
	msETH OETH	ETH	6.5%
	msETH WETH	ETH	6.4%
	tBTC cbBTC	BTC	3.9%
	uniBTC brBTC	BTC	3.5%
	WBTC uniBTC	BTC	2.6%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV 2	CRV	19.4%
	CRV frxUSD	CRV	13.7%
	crvUSD WBTC WETH	TRICRYPTO	11.8%
	GHO cbBTC WETH	TRICRYPTO	8.9%
	EURA EURT EURS	EUR	5.0%
	EURA EURC	EUR	3.2%

Weekly Metrics

crvUSD & scrvUSD

Last week, crvUSD borrowing rates increased after peg stability reserves were emptied, which led to some users closing their loans. However, the high rates didn't last long, and peg stability reserves have been redeployed, making it an attractive time to borrow. The scrvUSD yield also remains one of the top available in DeFi.

Metric	Value	Change
crvUSD Minted	$111M	-3.9%
Peg Stability Reserves	$11.2M	+$11.2M
scrvUSD Yield	9.4%	+1.2%
crvUSD inscrvUSD	50.7%	+3.1%
crvUSD Price	$0.9999	-$0.0001
Avg. Borrow Rate	7.5%	-4.8%

Llamalend

While a full red week is never nice, it's a good reminder that markets can't be up forever. TVL and loans both decreased, largely due to increased minting rates from crvUSD's peg mechanics, which have now once again decreased.

DEX

After a strong week last week, we've seen lower volumes and fees across the board. While the number of swaps stayed high, the average swap size decreased substantially. TVL, however, remained sticky, which is a good sign of continued user trust and engagement.

DAO

The DAO saw no substantial changes this week. VeCRV distribution decreased, primarily because of a reduction in swap fees. Additionally, the lower crvUSD borrowing rate also contributed to a decrease in overall revenue.

Metric	Value	Change
CRV Circ. Supply	1.4B	+0.2%
CRV Locked	868M	-
Total veCRV	791M	-0.2%
veCRV Distribution	$200k	-33.9%
CRV Emissions	$1.71M (2.22M CRV)	-9.6%
Inflation Rate	5.025%	-0.005%

DEX Winners & Losers

All metrics are compared to their previous week's value.

Fees Winners & Losers

Only a few pools saw higher fees this week compared to last week, so it's great to see some new names on the leaderboard.

📍	Chain	Pool	Volume	Fees	Change
1		eCFX ETH	$872k	$3.05k	+$1.5k
2		cUSDO USDC	$22.9M	$4.57k	+$1.2k
3		USDai USDC	$12.3M	$1.23k	+$1.14k
...	...	...	...	...	...
-3		USDC WBTC WETH	$27.2M	$14.6k	-$13.6k
-2		USDT WBTC WETH	$15.1M	$26.2k	-$17.3k
-1		DAI USDC USDT	$85.4M	$12.8k	-$24.5k

Volume Winners & Losers

Because overall volumes were depressed this week, the assets that saw positive change were primarily newcomers, with the USDai pools leading the way.

📍	Chain	Pool	Volume	Fees	Change
1		USDai USDC	$12.3M	$1.23k	+$11.4M
2		sUSDai USDC	$11.5M	$1.15k	+$6.09M
3		cUSDO USDC	$22.9M	$4.57k	+$6M
...	...	...	...	...	...
-3		USDC USDT	$85.2M	$852	-$104M
-2		sUSDS USDT	$356M	$3.56k	-$111M
-1		DAI USDC USDT	$85.4M	$12.8k	-$163M

TVL Winners & Losers

There are also a few new pools within this category, with a new frxUSD pool at the top of the list. It's great to see Curve's TAC deployment getting significant TVL in some of its pools as well.

📍	Chain	Pool	TVL	Change
1		sfrxUSD frxUSD	$11.6M	+$11.6M
2		uniBTC cbBTC	$11.1M	+$9.63M
3		USDC crvUSD	$25.7M	+$8.51M
...	...	...	...	...
-3		reUSD scrvUSD	$54M	-$7.52M
-2		ETH stETH	$206M	-$7.58M
-1		ynETHx WETH	$6.24M	-$7.85M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Unfortunately, most crvUSD minting markets were not winners this week. However, it's great to see that the weETH market remains quite positive, even with the high rates we've seen over the past week.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD weETH	$5.2M	$1.26M	+$26.3k
2		crvUSD sfrxETH	$694k	$148k	+$251
3		crvUSD sfrxETH	$7.62M	$2.22M	-$3.08k
...	...	...	...	...	...
7		crvUSD WBTC	$88.9M	$47.5M	-$865k
8		crvUSD cbBTC	$3.37M	$1.86M	-$1.26M
9		crvUSD WETH	$89M	$41.5M	-$1.34M

Lend Markets - Borrowing Winners & Losers

Lending markets are seeing more usage, especially now that the Llamalend displays when you can positively loop your stablecoins for added yield. Negative borrowing rates anyone?

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$22.4M	$18.4M	+$645k
2		crvUSD fxSAVE	$1.47M	$1.17M	+$393k
3		crvUSD WETH	$3.72M	$2.87M	+$200k
...	...	...	...	...	...
76		crvUSD sDOLA	$2.52M	$2.23M	-$700k
77		crvUSD sUSDe	$28.2M	$22.9M	-$1.56M
78		crvUSD sfrxUSD	$16.5M	$13.1M	-$2.09M

Lend Markets - Supplying Winners & Losers

Interestingly, the top two markets and bottom three markets on this list are identical to those in the borrowing section. This suggests that borrowers and suppliers are actively moving in sync with one another.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$22.4M	$18.4M	+$876k
2		crvUSD fxSAVE	$1.47M	$1.17M	+$425k
3		crvUSD WBTC	$6.19M	$5.14M	+$286k
...	...	...	...	...	...
76		crvUSD sDOLA	$2.52M	$2.23M	-$983k
77		crvUSD sUSDe	$28.2M	$22.9M	-$1.49M
78		crvUSD sfrxUSD	$16.5M	$13.1M	-$1.64M

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.