Curve Best Yields & Key Metrics | Week 37, 2025

Market Overview

It's been a relatively quiet week for Curve, as markets stabilize. This week's news:

• Curve's total TVL is $2.607B, down -0.3% from last week
• A vote for new deployments for FXSwap pools is ongoing, as Curve devs continue to find even more efficiency improvements.
• Curve made a proposal for a new decentralized stablecoin on Hyperliquid called dUSDH to supplement its DEX deployment on Hyperliquid.

As always, the top highlighted yields of the week are below, along with ecosystem metrics.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	sdUSD wstkscUSD	Pool	17.0%
	crvUSD USDC	Pool	15.7%
	sdUSD sfrxUSD	Pool	15.6%
	crvUSD EYWA	Llamalend	15.6%
	alUSD USDC	Pool	15.0%
	USDC jUSD	Pool	14.8%
	crvUSD tBTC	Llamalend	13.6%
	miMATIC USDC.e	Pool	13.0%
	deUSD USDT	Pool	12.6%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	WETH tacETH	ETH	6.5%
	msETH WETH	ETH	5.6%
	weETH rswETH	ETH	5.4%
	uniBTC brBTC	BTC	3.4%
	tBTC cbBTC	BTC	2.6%
	WBTC uniBTC	BTC	2.1%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV 2	CRV	32.9%
	CRV crvUSD	CRV	14.1%
	crvUSD WBTC WETH	TRICRYPTO	12.4%
	GHO cbBTC WETH	TRICRYPTO	7.1%
	EURA EURT EURS	EUR	4.0%
	EURA EURC	EUR	2.3%

Weekly Metrics

crvUSD & scrvUSD

Borrowing rates for crvUSD continue to decline. This is a deliberate and automatic action to incentivize more borrowing, as Peg Stability Reserves are deployed to push the crvUSD price lower and help it maintain its peg.

Metric	Value	Change
crvUSD Minted	$109M	-2.1%
Peg Stability Reserves	$15.9M	+$4.71M
scrvUSD Yield	9.7%	+0.4%
crvUSD inscrvUSD	51.1%	-0.3%
crvUSD Price	$1.0002	+$0.0002
Avg. Borrow Rate	6.4%	-1.0%

Llamalend

Llamalend's overall TVL increased, driven by strong growth in its stablecoin lending markets.

DEX

While the total volume increased substantially, the number of swaps dropped significantly. This divergence was driven by a decline in low-value swaps on Fraxtal, while at the same time, the average swap size on Ethereum and Arbitrum increased.

DAO

The DAO saw no significant changes this week, with the CRV price remaining relatively stable. However, veCRV fees did experience a slight drop, primarily due to decreasing crvUSD borrowing rates.

Metric	Value	Change
CRV Circ. Supply	1.4B	+0.2%
CRV Locked	868M	-0.1%
Total veCRV	790M	-0.2%
veCRV Distribution	$190k	-4.8%
CRV Emissions	$1.71M (2.22M CRV)	-0.1%
Inflation Rate	5.02%	-0.005%

DEX Winners & Losers

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

Fees Winners & Losers

stETH pools saw high volumes again this week, while USDf also experienced significant increases in both volume and fees. In contrast, many Cryptoswap pools had lower volumes and fees due to reduced volatility in their underlying assets.

📍	Chain	Pool	Volume	Fees	Change
1		ETH stETH	$237M	$23.7k	+$13.5k
2		USDC USDf	$41.4M	$12.4k	+$9.36k
3		sUSDe sUSDS	$30.1M	$6.03k	+$4.92k
...	...	...	...	...	...
-3		USDC WBTC WETH	$18.3M	$8.98k	-$5.59k
-2		USDT WBTC WETH	$16.9M	$19.5k	-$6.77k
-1		WETH CVX	$2.3M	$6.81k	-$12.1k

Volume Winners & Losers

stETH volume doubled this week. Additionally, the new USDai stablecoin also saw a significant increase in volume, and some USDC↔USDT volume appears to have shifted from the 3pool to the Curve.fi Strategic Reserves pool.

📍	Chain	Pool	Volume	Fees	Change
1		ETH stETH	$237M	$23.7k	+$135M
2		USDC USDT	$135M	$1.35k	+$49.6M
3		USDai USDC	$58.4M	$5.84k	+$46.1M
...	...	...	...	...	...
-3		USDC fxUSD	$22.2M	$2.22k	-$12.9M
-2		cUSDO USDC	$7.38M	$1.48k	-$15.5M
-1		DAI USDC USDT	$48.5M	$7.27k	-$36.9M

TVL Winners & Losers

After last week's decline, the TVL of the USDC/crvUSD pool has once again increased. Meanwhile, some DOLA pools were among the week's underperformers.

📍	Chain	Pool	TVL	Change
1		USDC crvUSD	$32M	+$6.32M
2		ETH+ WETH	$15.2M	+$5.17M
3		LBTC WBTC	$11.3M	+$3.82M
...	...	...	...	...
-3		DOLA sUSDe	$42.7M	-$7.34M
-2		WETH tacETH	$451k	-$8.21M
-1		DOLA USR	$35M	-$10.5M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

As crvUSD borrowing rates were high over the last few weeks, we've seen the system work as designed, resulting in net outflows. However, now that the Peg Stability Reserves are being deployed, rates are decreasing, so we expect borrowing to pick up again.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD tBTC	$23.4M	$9.98M	+$94.5k
2		crvUSD weETH	$5.29M	$1.29M	+$30.1k
3		crvUSD cbBTC	$3.41M	$1.84M	+$2.79k
...	...	...	...	...	...
-3		crvUSD sfrxETH	$7.72M	$1.75M	-$471k
-2		crvUSD WETH	$88.7M	$41M	-$520k
-1		crvUSD WBTC	$89.4M	$46.4M	-$1.04M

Lend Markets - Borrowing Winners & Losers

Users continue to rotate through stablecoin lending markets in search of the highest yields.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$25.6M	$21.5M	+$3.08M
2		crvUSD fxSAVE	$4.41M	$3.45M	+$2.29M
3		crvUSD WETH	$3.91M	$3M	+$129k
...	...	...	...	...	...
-3		crvUSD sDOLA	$2.02M	$1.8M	-$436k
-2		crvUSD sUSDS	$2.24M	$1.36M	-$624k
-1		crvUSD sUSDe	$26.7M	$21.2M	-$1.73M

Lend Markets - Supplying Winners & Losers

Once again, the winners and losers in supplying and borrowing for lending were almost exactly matched. This trend reflects users' ongoing rotation through stablecoin lending markets to find the best yields, with suppliers and borrowers alike moving to optimize their returns.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$25.6M	$21.5M	+$3.29M
2		crvUSD fxSAVE	$4.41M	$3.45M	+$2.83M
3		crvUSD WETH	$3.91M	$3M	+$213k
...	...	...	...	...	...
-3		crvUSD sUSDS	$2.24M	$1.36M	-$501k
-2		crvUSD sfrxUSD	$14.7M	$13.1M	-$1.8M
-1		crvUSD sUSDe	$26.7M	$21.2M	-$2.07M

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.