Curve Best Yields & Key Metrics | Week 41, 2025

Market Overview

Another great week for Curve, with TVL increasing 2.5% to $2.782B. Here's the news:

• Research by Pangea suggests every $1 in YB pool volume is equating to more than $1 of Curve pool volume
• Curve is live on X-layer
• Curve's October monthly recap was released

As always there are some great yields available, see the highlighted opportunities below, and check out the weekly metrics.

Top Yields

USD Stablecoins

Parallel's USDp pool took the top spot this week, with Mezo's MUSD pools coming in second and third.

Chain	Market	Type	Yield
	USDp frxUSD	Pool	101.9%
	MUSD sUSDe	Pool	35.1%
	MUSD USDC USDT	Pool	33.8%
	scUSD frxUSD	Pool	31.0%
	dUSD frxUSD	Pool	27.0%
	mMEV USDC	Pool	25.1%
	litUSD sUSDS	Pool	23.7%
	sdUSD wstkscUSD	Pool	22.8%
	axlUSDT USDt	Pool	21.8%

Top BTC & ETH Yields

The LBTC/WBTC pool on Etherlink is offering some huge BTC yield this week at 13.2%.

Chain	Market	Asset	Yield
	LBTC WBTC	BTC	13.2%
	WETH pufETH	ETH	5.4%
	frxETH sfrxETH	ETH	4.9%
	pufETH wstETH	ETH	4.9%
	uniBTC brBTC	BTC	3.4%
	WBTC uniBTC	BTC	2.0%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	34.4%
	CrossCurve CRV2	CRV	19.7%
	USD₮0 WBTC WETH	TRICRYPTO	11.3%
	crvUSD tBTC WETH	TRICRYPTO	5.9%
	EURA EURT EURS	EUR	4.7%
	EURA EURC	EUR	2.6%

Weekly Metrics

crvUSD & scrvUSD

The amount of crvUSD minted increased by 5% this week, and this borrowing demand pushed the borrow rate to 13%. The good news is that this high borrow rate is keeping the scrvUSD yield elevated, at 11.7% APY.

Metric	Value	Change
crvUSD Minted	$116M	+5.0%
Peg Stability Reserves	$91.7k	-$7.19M
scrvUSD Yield	11.7%	+0.8%
crvUSD inscrvUSD	50.4%	-0.1%
crvUSD Price	$0.9994	-$0.0006
Avg. Borrow Rate	13.0%	+4.1%

Llamalend

Llamalend saw its borrowed figure increase by 4.8%, while only seeing a smaller 1.6% increase in collateral, and a reduction in total loans open. This suggests users staying in the market are borrowing more, and taking on more risk.

DEX

DEX pools saw a great week, with swap numbers and total volumes down, however the most important metrics of total fees and TVL were up on the week.

DAO

This is the last ever week CRV inflation will be above 5%. Next week it will fall to 4.996%. It will continue falling gradually forever, just as programmed.

The veCRV distribution was down slightly after last weeks higher than usual amount, however the price of CRV increased over the week, leading to a higher $ value of CRV emissions.

Metric	Value	Change
CRV Circ. Supply	1.41B	+0.2%
CRV Locked	865M	-0.1%
Total veCRV	785M	-0.4%
veCRV Distribution	$238k	-17.0%
CRV Emissions	$1.69M (2.22M CRV)	+13.2%
Inflation Rate	5.001%	-0.005%

DEX Winners & Losers

Fees Winners & Losers

The top pools here are all the YB BTC pools, which are built on top of Curve's technology. They show the power of the new FXSwap pools, which are the future of volatile swaps on Curve. Let the Curve team know if you would like your own FXSwap pool for your project.

Note: next week we will remove these YB pools from any further calculations of fees and volumes, as they only indirectly benefit Curve.

📍	Chain	Pool	Volume	Fees	Change
1		crvUSD cbBTC	$5.83M	$58.3k	+$53.2k
2		crvUSD tBTC	$5.38M	$53.8k	+$50.5k
3		crvUSD WBTC	$4.88M	$48.8k	+$43.9k
...	...	...	...	...	...
-3		CRV crvUSD	$2.01M	$5.1k	-$12k
-2		frxETH frxUSD tBTC	$2.01M	$5.1k	-$12k
-1		USDC USDf	$29.5M	$9.06k	-$30.9k

Volume Winners & Losers

After last week's huge volumes, we've seen some cooling across the biggest volume pools, which is normal. However, weETH, RLUSD, and fxUSD all showed increased demand.

📍	Chain	Pool	Volume	Fees	Change
1		WETH weETH	$90.6M	$4.7k	+$31.7M
2		USDC RLUSD	$154M	$30.7k	+$25.8M
3		USDC fxUSD	$94M	$9.49k	+$16.7M
...	...	...	...	...	...
-3		USDC USDf	$29.5M	$9.06k	-$104M
-2		sUSDS USDT	$70.3M	$921	-$118M
-1		PYUSD USDS	$318M	$3.26k	-$439M

TVL Winners & Losers

The crvUSD/USDC pool's TVL regularly fluctuates from PegKeeper's deploying and withdrawing their allocated crvUSD reserves to the pool.

While the sUSDai pool has almost doubled it's TVL, and the new Dialectic ETH pools by Makina have also seen huge inflows.

📍	Chain	Pool	TVL	Change
1		sUSDai USDC	$35.5M	+$16.9M
2		WETH DETH	$38.2M	+$14M
3		USDC DUSD	$35.2M	+$11.2M
...	...	...	...	...
-1		ynETHx WETH	$4.22M	-$3.18M
0		DOLA USR	$35.3M	-$4M
1		USDC crvUSD	$14.9M	-$4.9M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Regular old ETH and WBTC markets were the winners this week, with both markets minting substantial amounts of crvUSD.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD ETH	$71M	$40.2M	+$2.9M
2		crvUSD WBTC	$97.7M	$50.2M	+$2.72M
3		crvUSD wstETH	$17.6M	$9.29M	+$127k
...	...	...	...	...	...
-3		crvUSD LBTC	$279k	$130k	-$443
-2		crvUSD cbBTC	$3M	$1.55M	-$157k
-1		crvUSD tBTC	$23.9M	$9.62M	-$214k

Lend Markets - Borrowing Winners & Losers

fxSAVE continues to show it's strength, as does sDOLA and sreUSD. Reassuringly, there were no large outflows from any lend market this week.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD fxSAVE	$12M	$10.3M	+$2.35M
2		crvUSD sDOLA	$28.3M	$24.4M	+$589k
3		crvUSD sreUSD	$8.99M	$7.77M	+$527k
...	...	...	...	...	...
-3		crvUSD sfrxUSD	$15.6M	$12.5M	-$19.3k
-2		crvUSD sfrxUSD	$499k	$369k	-$58.9k
-1		crvUSD sUSDe	$14.9M	$12.6M	-$247k

Lend Markets - Supplying Winners & Losers

From the metrics we saw the total supplied to lending markets was almost unchanged this week. However, there did seem to be some rotation between markets, which is shown below.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD fxSAVE	$12M	$10.3M	+$2.48M
2		crvUSD sfrxUSD	$15.6M	$12.5M	+$644k
3		crvUSD WETH	$3.96M	$3.15M	+$349k
...	...	...	...	...	...
-3		crvUSD sDOLA	$28.3M	$24.4M	-$560k
-2		crvUSD WBTC	$5.09M	$4.65M	-$615k
-1		crvUSD sUSDe	$14.9M	$12.6M	-$3.16M

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.