Curve Best Yields & Key Metrics | Week 39, 2025

Market Overview

Crypto markets are down across the board this week; here are the key updates for Curve:

• TVL decreased 6.3% to $2.476B, outperforming the average 8.2% decline across the DeFi sector.
• scrvUSD made its debut among the top yields this week, offering 12.6%.
• Using a credit line from Curve, YieldBasis successfully launched and has reached its initial $1M deposit limit for its three markets (WBTC, tBTC, and cbBTC).
• Curve is now live on Plasma.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	sdUSD wstkscUSD	Pool	17.0%
	sdUSD sfrxUSD	Pool	16.6%
	crvUSD EYWA	Llamalend	15.5%
	crvUSD sfrxUSD	Llamalend	15.0%
	alUSD USDC	Pool	13.4%
	miMATIC USDC.e	Pool	13.3%
	crvUSD WETH	Llamalend	12.6%
	scrvUSD	scrvUSD	12.6%
	USDC DAI	Pool	12.5%
	DAI USD₮0	Pool	12.5%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	ynETHx WETH	ETH	5.5%
	msETH WETH	ETH	4.9%
	frxETH sfrxETH	ETH	4.3%
	uniBTC brBTC	BTC	3.1%
	WBTC uniBTC	BTC	1.6%
	WBTC tBTC	BTC	1.3%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	26.9%
	CrossCurve CRV2	CRV	18.5%
	GHO cbBTC WETH	TRICRYPTO	5.9%
	crvUSD tBTC WETH	TRICRYPTO	5.4%
	EURA EURT EURS	EUR	4.5%
	EURA EURC	EUR	2.0%

Weekly Metrics

crvUSD & scrvUSD

Borrow rates remain high, however, the crvUSD peg has now recovered to exactly $1. Consequently, rates should begin to decline, and peg stability reserves will slowly be deployed.

Metric	Value	Change
crvUSD Minted	$113M	-2.1%
Peg Stability Reserves	$713k	-$244k
scrvUSD Yield	12.6%	+6.1%
crvUSD inscrvUSD	44.5%	-3.1%
crvUSD Price	$1.0000	+$0.0002
Avg. Borrow Rate	12.1%	+0.3%

Llamalend

Llamalend TVL is down, but this seems to be mostly due to collateral values decreasing, as loans and borrowed amounts seem to be sticky in comparison.

DEX

TVL is down, however swaps and volumes increased. Interestingly, the total swapping fees remained the almost exactly the same at $328k, up only $107 this week compared to last week.

DAO

veCRV holders saw a substantial increase in generated fees this week, up over 29% from last week to $243k. While a decline in the CRV token price affected emission values, other key metrics remained steady.

Metric	Value	Change
CRV Circ. Supply	1.41B	+0.2%
CRV Locked	866M	-
Total veCRV	785M	-0.4%
veCRV Distribution	$243k	+29.3%
CRV Emissions	$1.66M (2.22M CRV)	-5.0%
Inflation Rate	5.011%	-0.005%

DEX Winners & Losers

ETH pools in general were the big losers this week. With the decline in ETH price came a decline in liquidity demand, especially between stETH and ETH. The 3pool (DAI/USDC/USDT pool) had a great week however, as did sUSDe pools.

Fees Winners & Losers

📍	Chain	Pool	Volume	Fees	Change
1		sDAI sUSDe	$40.5M	$8.11k	+$5.56k
2		DAI USDC USDT	$157M	$23.5k	+$5.28k
3		sUSDe sUSDS	$38.4M	$7.68k	+$5.17k
...	...	...	...	...	...
-3		reUSD scrvUSD	$26.4M	$5.28k	-$4.59k
-2		USDT WBTC WETH	$5.48M	$11.1k	-$9.12k
-1		ETH stETH	$99.9M	$9.99k	-$12.5k

Volume Winners & Losers

sUSDS and PYUSD saw great volumes this week, while reUSD and stETH pools struggled compared to last week's figures.

📍	Chain	Pool	Volume	Fees	Change
1		sUSDS USDT	$149M	$1.49k	+$70.5M
2		DAI USDC USDT	$157M	$23.5k	+$35.2M
3		PYUSD USDC	$166M	$16.6k	+$34.5M
...	...	...	...	...	...
-3		reUSD scrvUSD	$26.4M	$5.28k	-$22.9M
-2		ETH stETH	$42.6M	$3.41k	-$30.3M
-1		ETH stETH	$99.9M	$9.99k	-$125M

TVL Winners & Losers

PYUSD and USDS got their own Strategic Reserves pool this week, leading to $25.2M of extra TVL.

📍	Chain	Pool	TVL	Change
1		PYUSD USDS	$25.2M	+$25.2M
2		DOLA sUSDe	$45.7M	+$3.14M
3		USDC crvUSD	$19.2M	+$2.9M
...	...	...	...	...
-1		WETH superOETHb	$98M	-$11.1M
0		OETH WETH	$102M	-$13.7M
1		ETH stETH	$190M	-$27M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

WBTC was the preferred asset during the week's volatility, with plain WETH seeing the largest borrowing outflows.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$89M	$46.9M	+$301k
2		crvUSD sfrxETH	$6.69M	$2.57M	+$77.2k
3		crvUSD weETH	$4.76M	$1.27M	+$3.9k
...	...	...	...	...	...
-3		crvUSD wstETH	$17.4M	$8.96M	-$234k
-2		crvUSD LBTC	$256k	$130k	-$289k
-1		crvUSD WETH	$75.2M	$39.1M	-$2.1M

Lend Markets - Borrowing Winners & Losers

The sreUSD market saw a $4.4M increase in crvUSD supply this week, which spurred over $3.3M in new borrowing as users engaged in profitable yield looping. It also appears that borrowers have migrated from the older sDOLA market to the new, larger market.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$7.36M	$5.57M	+$3.32M
2		crvUSD sDOLA	$30M	$25.7M	+$971k
3		crvUSD CRV	$4.99M	$3.86M	+$94k
...	...	...	...	...	...
-3		crvUSD WETH	$3.5M	$2.4M	-$533k
-2		crvUSD sDOLA	$1.25M	$213k	-$1M
-1		crvUSD sUSDe	$22.9M	$18.2M	-$1.15M

Lend Markets - Supplying Winners & Losers

As borrowers closed loans for ETH and it's derivatives, crvUSD supply seems to have moved to other markets.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sreUSD	$7.36M	$5.57M	+$4.4M
2		crvUSD sDOLA	$30M	$25.7M	+$383k
3		crvUSD ynETHx	$157k	$70.7k	+$83.5k
...	...	...	...	...	...
-3		crvUSD WETH	$3.5M	$2.4M	-$277k
-2		crvUSD wstETH	$2.25M	$1.84M	-$285k
-1		crvUSD sUSDe	$22.9M	$18.2M	-$1.46M

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.