Curve Best Yields & Key Metrics | Week 40, 2025

Market Overview

What a week for Curve! Total Value Locked (TVL) surged by 9.4% to reach $2.704B, propelled by significant growth and volume across the DEX pools.

In a testament to high demand, YieldBasis optimized parameters in their three BTC pools and increased their caps to $10M, and all pools hit these caps in under 20 minutes!

The yields are incredible this week. Let's dive into some of the standout opportunities and key metrics from across the ecosystem.

Top Yields

Note yields shown are available directly on Curve, other partner projects like Convex, StakeDAO and Yearn may allow you to boost yields more than listed here.

USD Stablecoins

Chain	Market	Type	Yield
	DOLA wstUSR	Pool	68.5%
	USDFI USDaf ebUSD BOLD	Pool	59.2%
	MUSD sUSDe	Pool	57.2%
	USDFI frxUSD	Pool	47.1%
	litUSD sUSDS	Pool	46.5%
	MUSD USDC USDT	Pool	40.4%
	axlUSDT USDt	Pool	39.0%
	ynUSDx USDC	Pool	29.3%
	sfrxUSD frxUSD	Pool	27.3%
	litUSD sfrxUSD	Pool	26.4%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	LBTC WBTC	BTC	15.5%
	WETH wstETH	ETH	7.2%
	WETH wrsETH	ETH	7.2%
	uniETH frxETH	ETH	6.3%
	uniBTC brBTC	BTC	3.5%
	uniBTC M-BTC	BTC	3.1%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	29.6%
	CrossCurve CRV2	CRV	16.8%
	GHO cbBTC WETH	TRICRYPTO	6.3%
	crvUSD tBTC WETH	TRICRYPTO	5.9%
	EURA EURT EURS	EUR	5.0%
	EURA EURC	EUR	1.9%

Weekly Metrics

crvUSD & scrvUSD

The scrvUSD yield remains high for another week. The borrow rate has decreased to 8.8%, and the peg stability reserves have begun to refill. In the future with more liquidity available in crvUSD pools, we should see these fluctuations in borrowing rates subside.

Metric	Value	Change
crvUSD Minted	$111M	-2.3%
Peg Stability Reserves	$7.28M	+$6.57M
scrvUSD Yield	10.9%	-1.7%
crvUSD inscrvUSD	50.3%	+6.1%
crvUSD Price	$1.0000	-
Avg. Borrow Rate	8.8%	-3.2%

Llamalend

Loan metrics remained mostly steady this week, with only small declines in supplied, borrowed, and total number of loans.

DEX

The DEX had a fantastic week, with a huge 80% increase in volume. This led to a 46% rise in total fees and a significant increase in TVL.

DAO

Total veCRV increased this week as users relocked their CRV. veCRV holders were rewarded with an almost 20% increase in distributed revenue. The value of the CRV token was down an average of 10% during the week, leading to a lower dollar value of emissions.

Metric	Value	Change
CRV Circ. Supply	1.41B	+0.2%
CRV Locked	866M	-
Total veCRV	788M	+0.4%
veCRV Distribution	$287k	+17.9%
CRV Emissions	$1.5M (2.22M CRV)	-10.0%
Inflation Rate	5.006%	-0.005%

DEX Winners & Losers

Fees Winners & Losers

Falcon's USDf had a great week across multiple metrics, including fees, driven largely by hype surrounding their FF token launch. Also, the week's volatility meant Tricrypto pools saw good fee generation and volumes.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDf	$133M	$40k	+$24.1k
2		USDT WBTC WETH	$21.2M	$25.3k	+$14.2k
3		frxETH frxUSD tBTC	$3.97M	$17.1k	+$12k
...	...	...	...	...	...
-3		ETH stETH	$69.8M	$6.98k	-$3.01k
-2		WETH CVX	$3.18M	$10.8k	-$6.42k
-1		PYUSD USDC	$37.9M	$3.79k	-$12.8k

Volume Winners & Losers

The PayPal and Spark PYUSD/USDS pool saw an incredible $758M in volume as Curve becomes the default swap venue for these stablecoins, with users migrating away from the PYUSD/USDC pool.

📍	Chain	Pool	Volume	Fees	Change
1		PYUSD USDS	$758M	$7.58k	+$668M
2		USDC USDf	$133M	$40k	+$80.5M
3		USDai USDC	$91.5M	$9.15k	+$66.5M
...	...	...	...	...	...
-3		sUSDe sUSDS	$23.9M	$4.78k	-$14.5M
-2		ETH stETH	$69.8M	$6.98k	-$30.1M
-1		PYUSD USDC	$37.9M	$3.79k	-$128M

TVL Winners & Losers

USDf and the PYUSD/USDS pool were the big TVL winners for the week. We can also see a YieldBasis pool among the top gainers, reflecting its successful launch.

📍	Chain	Pool	TVL	Change
1		PYUSD USDS	$80.2M	+$55M
2		USDC USDf	$52.1M	+$18.7M
3		crvUSD cbBTC	$20M	+$18M
...	...	...	...	...
-1		DAI USDC USDT	$177M	-$7.32M
0		USDL USDC	$705	-$9.91M
1		cUSDO USDC	$20.9M	-$10.7M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

We're observing users strategically moving capital in response to changing borrowing rates, which in turn helps to balance those rates. As crvUSD liquidity increases in time, we should see less rate volatility, making Curve an even more attractive borrowing venue.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$95.2M	$47.6M	+$736k
2		crvUSD wstETH	$18.3M	$9.16M	+$204k
3		crvUSD sfrxETH	$7.13M	$3.45M	+$82.5k
...	...	...	...	...	...
-3		crvUSD cbBTC	$3.17M	$1.71M	-$119k
-2		crvUSD WETH	$70.2M	$37.4M	-$1.69M
-1		crvUSD tBTC	$23.8M	$9.83M	-$1.79M

Lend Markets - Borrowing Winners & Losers

fxSAVE was the big winner this week due to its highly negative borrowing rate, allowing users to leverage and earn extra yield. The same dynamic was seen with sreUSD.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD fxSAVE	$9.73M	$7.98M	+$2.08M
2		crvUSD sreUSD	$8.71M	$7.24M	+$1.67M
3		crvUSD WETH	$3.61M	$2.68M	+$275k
...	...	...	...	...	...
-3		crvUSD WFRAX	$844k	$389k	-$175k
-2		crvUSD sDOLA	$28.9M	$24M	-$1.77M
-1		crvUSD sUSDe	$18M	$12.9M	-$5.3M

Lend Markets - Supplying Winners & Losers

This week showed a truly symbiotic relationship: as borrowers looped to access extra yield, more capital entered the market to supply them.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD fxSAVE	$9.73M	$7.98M	+$2.4M
2		crvUSD sreUSD	$8.71M	$7.24M	+$1.35M
3		crvUSD WBTC	$5.71M	$4.56M	+$274k
...	...	...	...	...	...
-3		crvUSD sDOLA	$258k	$186k	-$988k
-2		crvUSD sDOLA	$28.9M	$24M	-$1.14M
-1		crvUSD sUSDe	$18M	$12.9M	-$4.87M

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.