Curve Best Yields & Key Metrics | Week 51, 2025

Market Overview

It’s the final week of yields before Christmas, and as always, there is plenty of yield to go around for all the good boys and girls in DeFi.

While the broader DeFi space weathered a 5.6% decrease this week, Curve’s TVL remained resilient, climbing 0.6% to $2.546B. Outperforming the general market by over 6% is a massive win heading into the holidays.

Check out all the highlighted opportunities and core metrics 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.

Large crvUSD Markets

All highlighted markets below have more than $10M of TVL.

Chain	Market	TVL	Yield
	crvUSD sreUSD	$20.9M	6.0%
	crvUSD sDOLA	$28.5M	5.3%
	reUSD scrvUSD	$17.1M	4.8%
	crvUSD fxSAVE	$10.1M	4.8%
	frxUSD crvUSD	$41.2M	4.7%

Other Top USD Yields

Chain	Market	Type	Yield
	scrvUSD USDC	Pool	28.1%
	USDC USDU	Pool	27.5%
	AZND AUSD	Pool	24.0%
	alUSD USDC	Pool	20.4%
	USDp frxUSD	Pool	15.9%
	miMATIC USDC.e	Pool	13.3%
	ebUSD USDC	Pool	12.1%
	frxUSD msUSD	Pool	11.9%
	HAI BOLD	Pool	10.9%

Top BTC & ETH Yields

Chain	Market	Asset	Yield
	CrossCurve WETH ARB	ETH	32.6%
	WBTC cbBTC hemiBTC	BTC	14.4%
	WBTC LBTC BTC.b	BTC	9.6%
	dgnETH ETH+	ETH	9.3%
	ETH+ WETH	ETH	7.6%
	WBTC uniBTC	BTC	1.7%

Other Top Yields

Chain	Market	Asset	Yield
	CrossCurve CRV/USD	CRV	22.6%
	CRV sdCRV	CRV	14.5%
	crvUSD ZCHF	FOREX	9.3%
	EURe WXDAI USDC USDT	FOREX	8.0%
	crvUSD CJPY	FOREX	7.3%
	crvUSD tBTC WETH	TRICRYPTO	6.3%
	EURA EURT EURS	EUR	3.0%
	EURA EURC	EUR	2.3%

Weekly Metrics

crvUSD & scrvUSD

crvUSD supply from minting markets rose to $69.4M (+0.9%) despite a volatile week. The standout story, however, is the PegKeepers, which generated $7.7k in profit over the last seven days.

Metric	Value	Change
crvUSD Minted	$69.4M	+0.9%
scrvUSD Yield	1.7%	+0.3%
crvUSD inscrvUSD	38.5%	-4.2%
crvUSD Price	$0.9998	-$0.0002
Avg. Borrow Rate	2.2%	+1.8%
Peg Stability Reserves	$32M	-$40.3M
PegKeeper Profit	$7.7k	+$7.7k

Llamalend

Llamalend metrics are a mixed bag this week. While total TVL dipped due to declining collateral prices, core usage metrics (supplied assets, borrowed assets, and total loan counts) all trended upward.

DEX

DEX pools saw a minor TVL decline, but all other growth metrics remain overwhelmingly positive across the board.

DAO

The DAO saw a significant 23.3% jump in veCRV distributions compared to last week. CRV emissions fell slightly, following the recent decline in CRV price, while all other metrics remained steady.

Metric	Value	Change
CRV Circ. Supply	1.44B	+0.1%
CRV Locked	861M	-
Total veCRV	793M	-
veCRV Distribution	$114k	+23.3%
CRV Emissions	$842k (2.22M CRV)	-4.8%
Inflation Rate	4.955%	-0.005%

Top Stableswap Pools

The main highlight this week is the surge in crvUSD usage: it facilitated over $400M in volume and was involved in one out of every four swaps on Curve over the week.

📍	🔄	Chain	Pool	Volume	Fees
1	+1		sUSDS USDT	$135.9M	$1.9k
2	+2		USDC USDT	$131.0M	$1.6k
3	-		USDC RLUSD	$118.8M	$24.6k
4	+2		USDT crvUSD	$106.9M	$10.7k
5	-4		PYUSD USDS	$103.7M	$1.1k
6	-1		USDC crvUSD	$99.3M	$9.9k
7	+2		DAI USDC USDT	$83.4M	$12.5k
8	-		WETH weETH	$51.5M	$3.0k
9	+9		USDC fxUSD	$39.6M	$4.1k
10	+9		frxUSD crvUSD	$30.6M	$3.3k

Top Cryptoswap Pools

📍	🔄	Chain	Pool	Volume	Fees
1	-		USDC WBTC WETH	$33.4M	$17.4k
2	-		USDT WBTC WETH	$31.3M	$15.6k
3	-		crvUSD WETH CRV	$14.0M	$10.2k
4	-		USDT WBTC WETH	$9.1M	$20.9k
5	+2		ETH+ eUSD RSR	$2.6M	$2.5k
6	+2		crvUSD tBTC wstETH	$2.0M	$6.0k

DEX Winners & Losers

Fees Winners & Losers

The 3pool led the pack for fee growth this week, followed closely by Ripple’s RLUSD.

📍	Chain	Pool	Volume	Fees	Change
1		DAI USDC USDT	$83.4M	$12.5k	+$6.31k
2		USDC RLUSD	$119M	$24.6k	+$5.31k
3		USDT WBTC WETH	$31.3M	$15.6k	+$4.1k
...	...	...	...	...	...
-3		USDT WBTC WETH	$9.15M	$20.9k	-$4.45k
-2		reUSD scrvUSD	$6.96M	$1.79k	-$5.04k
-1		crvUSD YB	$1.17M	$4.04k	-$7.66k

Volume Winners & Losers

The Curve Strategic Reserves (USDC/USDT) and the 3pool led volume growth. Meanwhile, Lido’s stETH pool saw a decline in activity as validator entry and exit queues have shortened.

📍	Chain	Pool	Volume	Fees	Change
1		USDC USDT	$131M	$1.64k	+$44.2M
2		DAI USDC USDT	$83.4M	$12.5k	+$42.1M
3		sUSDS USDT	$136M	$1.93k	+$36.7M
...	...	...	...	...	...
-3		USDai USDC	$19.7M	$1.99k	-$21.1M
-2		PYUSD USDS	$104M	$1.08k	-$27.8M
-1		ETH stETH	$15.2M	$1.52k	-$32.4M

TVL Winners & Losers

Large inflows and outflows were driven by PegKeepers removing liquidity from the USDC pool and depositing into the USDT pool. YieldBasis’s cbBTC pool was the week's standout performer, doubling its TVL.

📍	Chain	Pool	TVL	Change
1		crvUSD cbBTC	$222M	+$117M
2		USDT crvUSD	$61.4M	+$21.3M
3		sUSDS stUSDS	$62M	+$7.54M
...	...	...	...	...
-3		OETH WETH	$71.1M	-$8.42M
-2		ETH stETH	$128M	-$15.5M
-1		USDC crvUSD	$45.8M	-$59.3M

Llamalend Winners & Losers

crvUSD Minting Markets - Borrowing Winners & Losers

As LTVs tightened slightly for the WETH market, users rotated into wstETH and BTC-backed markets.

📍	Chain	Market	Collateral	Borrowed	Change
1		crvUSD WBTC	$56.4M	$31.5M	+$3M
2		crvUSD wstETH	$11M	$6.1M	+$1.3M
3		crvUSD cbBTC	$2.99M	$1.95M	+$142k
...	...	...	...	...	...
-3		crvUSD sfrxETH	$5.45M	$3.81M	-$59.1k
-2		crvUSD tBTC	$11.3M	$7.34M	-$226k
-1		crvUSD WETH	$32.1M	$18.2M	-$3.53M

Lend Markets - Borrowing Winners & Losers

The sDOLA market continues to climb and increase demand, adding $1.4M in TVL this week. Conversely, the sUSDe market continued its decline in popularity as yields compressed.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$28.5M	$22.9M	+$1.4M
2		crvUSD WBTC	$3.16M	$2.65M	+$107k
3		crvUSD sreUSD	$20.9M	$17.3M	+$53.4k
...	...	...	...	...	...
-3		crvUSD WETH	$725k	$425k	-$114k
-2		crvUSD fxSAVE	$10.1M	$9.18M	-$172k
-1		crvUSD sUSDe	$3.49M	$2.88M	-$500k

Lend Markets - Supplying Winners & Losers

sDOLA again led crvUSD lend supplied growth with a $1.87M increase, while sreUSD also saw a strong showing with a $1.14M gain.

📍	Chain	Market	Supplied	Borrowed	Change
1		crvUSD sDOLA	$28.5M	$22.9M	+$1.87M
2		crvUSD sreUSD	$20.9M	$17.3M	+$1.14M
3		crvUSD WBTC	$3.16M	$2.65M	+$139k
...	...	...	...	...	...
-3		crvUSD USDe	$56.7k	$21.1k	-$49.2k
-2		crvUSD sfrxUSD	$8.6M	$7.78M	-$499k
-1		crvUSD sUSDe	$3.49M	$2.88M	-$592k

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.