Curve Best Yields & Key Metrics | Week 38, 2025

Market Overview

It was a positive week for Curve, here's the news:

• TVL has increased to $2.645B, up 1.8% this week.
• Minted crvUSD is up 5.7% for the week.
• The governance vote for YieldBasis's crvUSD loan is live and ongoing. If it passes, YB is clear to launch next week.

As always, Curve has some great yields available. Check out the highlighted opportunities and metrics below.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	crvUSD sreUSD	Llamalend	24.6%
	crvUSD pufETH	Llamalend	19.6%
	sdUSD wstkscUSD	Pool	16.2%
	alUSD USDC	Pool	15.4%
	frxUSD USDe	Pool	15.0%
	miMATIC USDC.e	Pool	13.6%
	crvUSD EYWA	Llamalend	13.4%
	WETH USDC	Pool	12.5%
	sdUSD sfrxUSD	Pool	12.5%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	frxETH sfrxETH	ETH	5.7%
	sfrxETH rsETH	ETH	5.5%
	uniETH frxETH	ETH	5.0%
	uniBTC brBTC	BTC	3.6%
	WBTC uniBTC	BTC	1.8%
	tBTC cbBTC	BTC	1.8%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV 2	CRV	22.9%
	CRV crvUSD	CRV	14.3%
	GHO cbBTC WETH	TRICRYPTO	6.7%
	crvUSD tBTC WETH	TRICRYPTO	6.2%
	EURA EURT EURS	EUR	4.2%
	EURA EURC	EUR	2.3%

Weekly Metrics

crvUSD & scrvUSD

The amount of crvUSD minted increased by over 5% this week. The peg stability reserves bought back $14M of deployed crvUSD to profit from the very slight depeg and keep the crvUSD peg firm. Because of this slight depeg, the borrow rate has also increased.

Metric	Value	Change
crvUSD Minted	$115M	+5.7%
Peg Stability Reserves	$957k	-$14.9M
scrvUSD Yield	6.5%	-3.2%
crvUSD inscrvUSD	47.6%	-3.5%
crvUSD Price	$0.9996	-$0.0006
Avg. Borrow Rate	11.9%	+5.5%

Llamalend

Llamalend's metrics are up across the board this week. Interestingly, the number of loans actually decreased, which suggests the increase is from current users growing their position sizes and supplied amounts.

DEX

All metrics are higher this week, with the largest increase being the generated fees.

DAO

DAO metrics stayed steady, the CRV price did lift slightly, which increased the value of emissions, but overall these metrics remain very similar to last week.

Metric	Value	Change
CRV Circ. Supply	1.4B	+0.3%
CRV Locked	866M	-0.2%
Total veCRV	789M	-0.1%
veCRV Distribution	$188k	-1.1%
CRV Emissions	$1.75M (2.22M CRV)	+2.3%
Inflation Rate	5.015%	-0.005%

DEX Winners & Losers

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

Fees Winners & Losers

Ripple's RLUSD/USDC pool had the largest increase in fees this week, with the DAI/USDC/USDT pool a close second and PayPal's PYUSD/USDC pool in third.

📍	Chain	Pool	Volume	Fees	Change
1		USDC RLUSD	$98.4M	$19.7k	+$12.8k
2		DAI USDC USDT	$122M	$18.3k	+$11k
3		PYUSD USDC	$131M	$13.1k	+$7.93k
...	...	...	...	...	...
-3		sUSDe sUSDS	$12.5M	$2.5k	-$3.52k
-2		WETH INV	$620k	$2.92k	-$4.61k
-1		ELG USDT0	$620k	$2.92k	-$4.61k

Volume Winners & Losers

The PYUSD/USDC and DAI/USDC/USDT pools saw a substantial volume increase this week. However, some pools that have been performing well recently saw huge drops in their volumes, such as the sUSDS/USDT and USDT/USDC pools.

📍	Chain	Pool	Volume	Fees	Change
1		PYUSD USDC	$131M	$13.1k	+$79.3M
2		DAI USDC USDT	$122M	$18.3k	+$73.3M
3		USDC RLUSD	$98.4M	$19.7k	+$64.2M
...	...	...	...	...	...
-3		USDai USDC	$39.1M	$3.91k	-$19.3M
-2		USDC USDT	$52.1M	$521	-$82.7M
-1		sUSDS USDT	$78.9M	$789	-$277M

TVL Winners & Losers

TVL in ETH pools was up this week, mostly due to the increase in ETH's price. On the other hand, the crvUSD/USDC pool was the biggest loser, losing just under 50% of its TVL, largely because $14M of Peg Stability Reserves were withdrawn.

📍	Chain	Pool	TVL	Change
1		ETH stETH	$217M	+$11.5M
2		OETH WETH	$117M	+$6.95M
3		USD0 USD0++	$50.4M	+$5.25M
...	...	...	...	...
-3		sUSDai USDC	$10.7M	-$4.41M
-2		deUSD USDC	$8.89M	-$5.65M
-1		USDC crvUSD	$16.3M	-$15.7M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

crvUSD minting markets saw over $5M of new borrows this week, with wstETH being the growth winner.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD wstETH	$19.6M	$9.19M	+$3.31M
2		crvUSD tBTC	$27M	$11.7M	+$1.76M
3		crvUSD sfrxETH	$7.5M	$2.49M	+$745k
...	...	...	...	...	...
-3		crvUSD LBTC	$761k	$419k	+$179
-2		crvUSD sfrxETH	$726k	$149k	+$77.1
-1		crvUSD weETH	$5.42M	$1.26M	-$23.2k

Lend Markets - Borrowing Winners & Losers

It has become a weekly tradition now that the lend markets with the largest supply increases are also the markets with the largest borrowing increases. Demand and supply seem to be moving in unison.

The biggest growth stories this week are the fxSAVE and sreUSD markets, both of which grew substantially in percentage terms.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$30M	$24.8M	+$3.24M
2		crvUSD fxSAVE	$7.58M	$6.02M	+$2.58M
3		crvUSD sreUSD	$2.74M	$2.25M	+$2.14M
...	...	...	...	...	...
-3		crvUSD sfrxUSD	$15.3M	$12.6M	-$477k
-2		crvUSD sDOLA	$1.42M	$1.22M	-$579k
-1		crvUSD sUSDe	$24.4M	$19.3M	-$1.84M

Lend Markets - Supplying Winners & Losers

The weekly winners and losers here are once again almost the same as the winners and losers from the borrowing markets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$30M	$24.8M	+$4.43M
2		crvUSD fxSAVE	$7.58M	$6.02M	+$3.17M
3		crvUSD sreUSD	$2.74M	$2.25M	+$2.61M
...	...	...	...	...	...
-3		crvUSD sUSDS	$1.77M	$1.23M	-$470k
-2		crvUSD sDOLA	$1.42M	$1.22M	-$607k
-1		crvUSD sUSDe	$24.4M	$19.3M	-$2.33M

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.