Curve Best Yields & Key Metrics | Week 42, 2025

Market Overview

It's been a tough week for all markets, but Curve saw growth. TVL increased 1.8% to $2.832B, a rise largely driven by the YieldBasis deposit cap increase and in stark contrast to the 9.0% drop observed across all of DeFi, according to DefiLlama.

Following the DAOs vote to increase YieldBasis's crvUSD credit line to $300M, YB's pools (which utilize Curve's FXSwap technology) almost instantly hit their deposit cap. The YB token generation event then took place, including an airdrop available to all veCRV holders who voted for the YB proposals.

There are some great yields available this week, with solvBTC surprisingly topping the charts. See the highlighted yields and metrics below.

Top Yields

USD Stablecoins

Chain	Market	Type	Yield
	MUSD sUSDe	Pool	36.5%
	MUSD USDC USDT	Pool	30.8%
	USDp frxUSD	Pool	23.7%
	mMEV USDC	Pool	20.9%
	USDC mRe7YIELD	Pool	20.7%
	sdUSD wstkscUSD	Pool	19.5%
	dUSD frxUSD	Pool	17.7%
	mBASIS USDC	Pool	17.6%
	litUSD sUSDS	Pool	17.3%
	miMATIC USDC.e	Pool	16.2%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	SolvBTC xSolvBTC	BTC	54.5%
	CrossCurve WETH ARB	ETH	29.2%
	LBTC WBTC	BTC	14.2%
	CrossCurve WETH	ETH	6.9%
	msETH WETH	ETH	6.8%
	uniBTC brBTC	BTC	3.2%

Other Top Yields

Gold is a very in demand asset currently, and so with the new Better Gold Pool seeing strong demand and organic yield generation, we've included it below.

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	40.2%
	CrossCurve CRV/USD	CRV	20.2%
	crvUSD tBTC WETH	TRICRYPTO	7.7%
	USD₮0 WBTC WETH	TRICRYPTO	7.0%
	XAUt PAXG	GOLD	4.6%
	EURA EURT EURS	EUR	4.5%
	EURA EURe	EUR	2.3%

Weekly Metrics

crvUSD & scrvUSD

crvUSD saw a severe decline in minted supply on Curve this week, as users anxiously closed loans following the flash crash. This brief dip in supply caused crvUSD to temporarily trade slightly above its peg, prompting PegKeepers to deploy significant reserves to the market and quickly stabilize the price.

With rates this low, it is a great time to borrow. All crvUSD minting markets are functioning perfectly following the volatility.

Metric	Value	Change
crvUSD Minted	$91.3M	-21.1%
Peg Stability Reserves	$41.7M	+$41.7M
scrvUSD Yield	7.1%	-4.5%
crvUSD inscrvUSD	65.2%	+14.8%
crvUSD Price	$1.0001	+$0.0003
Avg. Borrow Rate	1.3%	-11.5%

Llamalend

Llamalend unfortunately saw some liquidations and a small amount of bad debt during the flash crash, due to the rapid drop in prices and the simultaneous spike in gas costs. This explains the drop in all Llamalend metrics this week; however, with borrow rates remaining so low, new borrowers should reappear once the dust settles.

This also presents a great learning opportunity for effectively parametrizing lending markets for safety, and Llamalend is becoming stronger and more robust after this event.

DEX

DEX pools saw huge volumes and fees this week due to the volatility. Total TVL also increased, a rise largely attributed to YB pools, which added approximately $240M.

Note: YB pools are included in these TVL and volume calculations; however, their pool fees have been excluded as they flow directly to the YB protocol.

DAO

With the decline in altcoins this week, the CRV price also declined, which in turn decreased the value of CRV emissions. However, the veCRV distribution increased by over 50%, and CRV inflation is now forever below 5%.

Metric	Value	Change
CRV Circ. Supply	1.41B	+0.1%
CRV Locked	865M	-
Total veCRV	788M	+0.4%
veCRV Distribution	$365k	+50.2%
CRV Emissions	$1.32M (2.22M CRV)	-22.3%
Inflation Rate	4.997%	-0.005%

DEX Winners & Losers

Fees Winners & Losers

The biggest increase in fees this week were all Tricrypto pools, as swappers paid for access to the deep liquidity these pools offer across each of their three assets.

📍	Chain	Pool	Volume	Fees	Change
1		USDT WBTC WETH	$71.7M	$141k	+$125k
2		crvUSD WETH CRV	$47.8M	$113k	+$102k
3		USDC WBTC WETH	$90.2M	$59k	+$46.8k
...	...	...	...	...	...
-3		cUSDO USDC	$26.5M	$7.4k	-$4.12k
-2		USDC DAI	$204k	$610	-$4.5k
-1		DAI USD₮0	$199k	$598	-$4.93k

Volume Winners & Losers

The biggest increase in volume this week came from the 3Pool. It's also great to see the crvUSD/USDC pool among the top volume winners, as the YB pools continue to increase demand for crvUSD liquidity.

📍	Chain	Pool	Volume	Fees	Change
1		DAI USDC USDT	$236M	$35.3k	+$115M
2		USDC crvUSD	$145M	$14.5k	+$89.6M
3		USDe USDC	$97.6M	$10.2k	+$84.7M
...	...	...	...	...	...
-3		cUSDO USDC	$26.5M	$7.4k	-$31M
-2		USDC fxUSD	$56.9M	$6.01k	-$37.1M
-1		PYUSD USDS	$144M	$1.71k	-$174M

TVL Winners & Losers

The biggest TVL increases came from the three YB pools, with each pool increasing by $40M in BTC and $40M in crvUSD.

📍	Chain	Pool	TVL	Change
1		crvUSD WBTC	$101M	+$80.3M
2		crvUSD cbBTC	$101M	+$80M
3		crvUSD tBTC	$101M	+$79.9M
...	...	...	...	...
-3		yUSD syrupUSDC	$0	-$9.28M
-2		ETH stETH	$188M	-$17.4M
-1		sUSDai USDC	$12.7M	-$23M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

Mostly there were net outflows from crvUSD minting markets; however, the tBTC market saw a $1.2M increase in its borrowed amount, and sfrxETH saw an increase of $170k as well.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD tBTC	$23.2M	$10.9M	+$1.23M
2		crvUSD sfrxETH	$6.71M	$3.66M	+$170k
3		crvUSD sfrxETH	$640k	$150k	+$186
...	...	...	...	...	...
-3		crvUSD WETH	$64.5M	$38.9M	-$989k
-2		crvUSD wstETH	$10.3M	$4.08M	-$5.21M
-1		crvUSD WBTC	$66.6M	$30.7M	-$19.5M

Lend Markets - Borrowing Winners & Losers

Only small increases in borrowing markets existed this week, as users sought a flight to safety and closed leveraged and loan positions.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD WBTC	$1.52M	$1.06M	+$27.6k
2		crvUSD sfrxUSD	$14.9M	$12.5M	+$18.4k
3		crvUSD sfrxETH	$896k	$623k	+$14.1k
...	...	...	...	...	...
-3		crvUSD WETH	$2.24M	$1.62M	-$1.52M
-2		crvUSD sUSDe	$13.1M	$8.78M	-$3.84M
-1		crvUSD sDOLA	$24.7M	$20.4M	-$4.02M

Lend Markets - Supplying Winners & Losers

The WBTC lend market on Ethereum still saw a strong increase in crvUSD supplied, as did the ycvxCRV market relative to its TVL.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD WBTC	$5.49M	$4.65M	+$362k
2		crvUSD ycvxCRV	$129k	$89.1k	+$16.4k
3		crvUSD tBTC	$11.2k	$8.47k	+$1.68k
...	...	...	...	...	...
-3		crvUSD WETH	$2.24M	$1.62M	-$1.72M
-2		crvUSD sUSDe	$13.1M	$8.78M	-$1.79M
-1		crvUSD sDOLA	$24.7M	$20.4M	-$3.6M

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.