Curve Best Yields & Key Metrics | Week 45, 2025

Market Overview

It was a tough week across DeFi and crypto markets. We were very saddened to see Balancer, a respected peer protocol to Curve, suffer a major exploit. In the aftermath, Curve understandably saw some TVL outflows and now sits at $2.50 B, down 8.7% from last week.

Even so, Curve held up notably better than the broader DeFi market, which declined 13.3% over the same period. Despite the volatility, there are still strong yield opportunities available, you can find all these, along with other highlights and weekly metrics, detailed below.

Top Yields

All yields shown below are the unboosted rates offered directly through Curve. However, projects such as Convex, StakeDAO and Yearn all offer boosting for these yields.

Premier crvUSD Pools

Chain	Market	TVL	Yield
	frxUSD crvUSD	$17M	8.6%
	USDT crvUSD	$24.7M	6.5%
	USDC crvUSD	$26.9M	6.0%

Top USD Yields

It’s important to do your own research on the assets listed below. Inclusion here is not an endorsement of safety. Some pools include USD investment fund assets, which can offer very high yields but also carry significant risks, as recent events have highlighted. Always take the time to understand the underlying assets before investing.

Chain	Market	Type	Yield
	USDC USDT	Pool	130.0%
	mMEV USDC	Pool	84.4%
	scrvUSD USDC	Pool	62.0%
	USDp frxUSD	Pool	23.8%
	USDC mRe7YIELD	Pool	18.0%
	MUSD USDC USDT	Pool	15.8%
	mBASIS USDC	Pool	15.6%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	LBTC WBTC	BTC	15.7%
	CrossCurve WETH ARB	ETH	11.1%
	tETH weETH	ETH	5.7%
	tETH wstETH	ETH	5.3%
	WBTC tBTC	BTC	1.2%
	tBTC cbBTC	BTC	1.1%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	19.3%
	CrossCurve CRV 2	CRV	11.6%
	crvUSD tBTC WETH	TRICRYPTO	7.0%
	GHO cbBTC WETH	TRICRYPTO	6.7%
	EURA EURT EURS	EUR	3.2%
	EURA EURC	EUR	2.9%
	XAUt PAXG	GOLD	0.8%

Weekly Metrics

crvUSD & scrvUSD

After briefly surpassing $100M in crvUSD minted on Curve, declines in ETH and BTC prices led many users to close loans and reduce supply. This initially pushed borrowing rates lower, but they have since risen again as new demand returns. The scrvUSD yield will adjust upward shortly to help balance demand across the system.

Metric	Value	Change
crvUSD Minted	$89.1M	-7.4%
scrvUSD Yield	3.8%	-0.1%
crvUSD inscrvUSD	33.7%	-3.4%
crvUSD Price	$0.9994	-$0.0004
Avg. Borrow Rate	12.5%	+10.1%
Peg Stability Reserves	$22.2k	-$34.9M
PegKeeper Profit	$5.3k	-$873

Llamalend

The market has been turbulent this week, with many users taking a conservative approach and closing loans in response. Even so, Llamalend held up well and continued to operate smoothly throughout the volatility. As sentiment improves, activity and borrowing demand are expected to strengthen again.

DEX

Trading volumes, swaps, and fees all increased this week, which is typical during periods of higher volatility. TVL did decline, largely reflecting the drop in BTC and ETH prices, but overall trading activity across Curve remains strong.

DAO

veCRV distributions have returned to normal levels following last week’s unusually high payout. CRV emissions are lower this week, reflecting the recent decrease in CRV’s price, which moved in line with most other DeFi tokens across the broader market.

Metric	Value	Change
CRV Circ. Supply	1.42B	+0.2%
CRV Locked	863M	-
Total veCRV	794M	-0.2%
veCRV Distribution	$195k	-25.2%
CRV Emissions	$1.03M (2.22M CRV)	-14.5%
Inflation Rate	4.983%	-0.005%

Top Stableswap Pools

The DAO earned $42.2k in fees from the DAI/USDC/USDT pool this week, as it remains the only pool with 100% admin fees. Liquidity utilization was high across many other pools as well, driving strong volumes.

RLUSD was the standout performer for fees, generating nearly 4× its previous week’s revenue.

📍	🔄	Chain	Pool	Volume	Fees
1	-		sUSDS USDT	$801.6M	$9.9k
2	+3		DAI USDC USDT	$281.4M	$42.2k
3	-		USDC USDT	$262.4M	$2.9k
4	-2		PYUSD USDS	$251.8M	$2.6k
5	+1		USDC RLUSD	$227.8M	$48.1k
6	+3		USDT crvUSD	$135.1M	$13.5k
7	-3		USDC crvUSD	$118.7M	$11.9k
8	-		ETH stETH	$94.7M	$9.5k
9	+1		USDC fxUSD	$66.7M	$6.9k
10	+8		reUSD scrvUSD	$61.2M	$16.0k

Top Cryptoswap Pools

It’s no surprise to see all the Tricrypto pools among the top performers this week with the volatility, and the USDC pool leading the group. The new-generation USDT/WBTC/WETH pool (TricryptoUSDT) once again generated substantially higher fees than the first-generation Tricrypto2 pool, although, the first-generation pool had slightly higher volumes.

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$46.3M	$26.9k
2	+1		USDT WBTC WETH	$25.0M	$16.7k
3	+1		USDT WBTC WETH	$21.1M	$40.8k
4	-2		crvUSD WETH CRV	$20.5M	$17.6k
5	-		crvUSD YB	$6.0M	$21.2k
6	-		WETH CVX	$5.1M	$16.2k

DEX Winners & Losers

Fees Winners & Losers

It’s great to see the winning two pools this week both being stablecoin pools, especially during such a volatile market. Each generated around 4× their usual fees, showing strong stability and sustained trading demand through the market turbulence.

📍	Chain	Pool	Volume	Fees	Change
1		USDC RLUSD	$228M	$48.1k	+$33.5k
2		DAI USDC USDT	$281M	$42.2k	+$31.2k
3		USDT WBTC WETH	$21.1M	$40.8k	+$20.3k
...	...	...	...	...	...
-3		WETH ARB	$169k	$508	-$2.77k
-2		frxUSD sUSDS	$23M	$2.36k	-$3.29k
-1		ARB USDC	$668k	$2k	-$4.74k

Volume Winners & Losers

Once again, the sUSDS pool led the week in volume growth. The 3pool (DAI/USDC/USDT) also performed strongly, remaining one of the deepest liquidity pools for single swaps in all of DeFi and consistently seeing high demand during periods of volatility.

📍	Chain	Pool	Volume	Fees	Change
1		sUSDS USDT	$802M	$9.95k	+$256M
2		DAI USDC USDT	$281M	$42.2k	+$208M
3		USDC RLUSD	$228M	$48.1k	+$156M
...	...	...	...	...	...
-3		WETH weETH	$28.6M	$2.21k	-$10.6M
-2		OETH WETH	$2.98M	$353	-$11.5M
-1		frxUSD sUSDS	$23M	$2.36k	-$32.6M

TVL Winners & Losers

The crvUSD pools were the main TVL losers this week, though primarily due to PegKeepers withdrawing liquidity rather than a decline in user confidence.

📍	Chain	Pool	TVL	Change
1		WBTC uniBTC	$15.5M	+$9.56M
2		USDT crvUSD	$24.7M	+$9.2M
3		DOLA wstUSR	$29.1M	+$8.79M
...	...	...	...	...
-3		ETH stETH	$157M	-$21.6M
-2		USDC crvUSD	$26.9M	-$26.3M
-1		PYUSD crvUSD	$15.5M	-$36.3M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

There were no major gainers this week. The only increase in borrowing came from debt accumulation in the older sfrxETH market, while other markets experienced outflows.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD sfrxETH	$532k	$150k	+$40.4
2		crvUSD weETH	$269k	$136k	-$14.6k
3		crvUSD LBTC	$494k	$330k	-$20.7k
...	...	...	...	...	...
-3		crvUSD wstETH	$6.93M	$3.1M	-$1.43M
-2		crvUSD WETH	$58.4M	$38.9M	-$1.9M
-1		crvUSD tBTC	$15M	$8.38M	-$2.47M

Lend Markets - Borrowing Winners & Losers

There were a few positive signs this week, with smaller markets showing modest borrowing increases. However, many markets still saw overall outflows, reflecting continued caution among borrowers.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD IBTC	$59.4k	$59.4k	+$51.2k
2		crvUSD tBTC	$150k	$82.5k	+$49.3k
3		crvUSD asdCRV	$63.2k	$37.8k	+$14.6k
...	...	...	...	...	...
-3		crvUSD sUSDe	$6.89M	$5.88M	-$1.64M
-2		crvUSD sreUSD	$13.1M	$11M	-$1.93M
-1		crvUSD sDOLA	$22.7M	$20.7M	-$3.55M

Lend Markets - Supplying Winners & Losers

Some markets recorded small increases in supply, though most lenders continued to reduce exposure and withdraw liquidity in line with the broader risk-off sentiment.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sfrxETH	$977k	$606k	+$37k
2		crvUSD WBTC	$1.45M	$924k	+$26.4k
3		crvUSD WETH	$951k	$513k	+$17.6k
...	...	...	...	...	...
-3		crvUSD sfrxUSD	$12.9M	$11.7M	-$1.56M
-2		crvUSD sUSDe	$6.89M	$5.88M	-$1.94M
-1		crvUSD sDOLA	$22.7M	$20.7M	-$3.63M

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.