Curve Monthly Recap April 2026
crvUSD demand accelerated, PegKeeper reserves recovered, and Llamalend entered its next growth phase ahead of LLv2.
April was a month of stabilisation and acceleration for Curve Finance.
crvUSD demand strengthened materially as borrow rates continued falling, PegKeeper reserves recovered, and Llamalend activity accelerated sharply through the second half of the month.
At the same time, Curve’s infrastructure handled significant market volatility during the rsETH unwind without destabilising crvUSD conditions.
April also marked the rollout of a major Llamalend UI/UX upgrade ahead of the anticipated LLv2 launch.
Key Highlights
- crvUSD minted supply reached $61.3M by month end
- PegKeeper reserves recovered materially through April
- Llamalend borrowed supply nearly doubled to $103M
- Llamalend received a major UI/UX overhaul
- Curve DEX volume rose +235% during the rsETH unwind
- veCRV APR climbed above 5%
- YieldBasis launched its first Hybrid Vault
- Spark’s PYUSD/USDS pool remained Curve’s highest-volume stableswap pool
crvUSD Recovery Accelerates
April delivered the clearest evidence yet that the monetary policy adjustments introduced earlier this year are functioning as intended.
At the beginning of the month:
- crvUSD minted supply sat near $19.1M
- average borrow rates were ~6.5%
- PegKeeper reserves remained depleted
By month end:
- borrow rates fell toward ~1.1%
- minted supply climbed to $61.3M
- PegKeeper reserves recovered substantially
- crvUSD returned firmly above peg
Lower borrowing costs translated directly into stronger mint demand while the system absorbed supply expansion without destabilising the peg.
Llamalend Growth and UI Upgrade
Llamalend experienced its strongest growth period in months as borrowing activity accelerated sharply through April.
- Week 17 TVL: $128M (+15.7%)
- Week 18 TVL: $179M (+39.7%)
- Borrowed supply reached $103M
The number of active loans also continued increasing throughout the month.
Alongside the growth, Llamalend received a significant UI/UX upgrade focused on:
- clearer position management
- improved collateral visibility
- streamlined borrowing flows
- better market information
The redesign marks the beginning of a broader iteration cycle as Curve prepares for the anticipated LLv2 rollout.
Curve During the rsETH Market Stress Event
The final week of April brought significant volatility following the broader LayerZero/KelpDAO-related rsETH incident.
Curve absorbed a substantial share of the unwind activity while core system conditions remained stable.
Weekly metrics included:
- DEX volume: $2.14B (+235%)
- DEX fees: $476k (+186%)
- ETH/stETH volume: $669.4M
- veCRV APR: 5.256%
- PegKeeper reserves: +$108M to $146M
The event reinforced the resilience of Curve’s liquidity infrastructure, LLAMMA liquidation model, and PegKeeper balancing mechanisms during volatile market conditions.
Governance and Risk Management
April governance activity focused primarily on operational normalisation and risk management.
- Vote 1381 approved continued Swiss Stake funding and development support
- Vote 1385 reverted scrvUSD revenue share from 80% back to 50%
- Vote 1394 proposed removing GHO from aggregated price of crvUSD
- Vote 1400 introduced a market-based recovery mechanism for CRV-long bad debt
0xtutti
Read more about the recovery mechanisms for CRV-Long Llamalend market
YieldBasis Launches First Hybrid Vault
YieldBasis launched its first Hybrid Vault using WETH as the inaugural asset.
The design allows users to deposit WETH alongside crvUSD or scrvUSD while increasing demand for Curve’s native stablecoin infrastructure as vault usage grows.
Spark Liquidity Layer Continues Expanding
Spark’s PYUSD/USDS pool remained Curve’s highest-volume stableswap pool throughout April, reaching $702.4M in weekly volume during the rsETH stress period.
The sUSDS/USDT pool also remained among Curve’s most active markets.
Together, the pools continue reinforcing Curve’s role as core liquidity infrastructure for external stablecoin ecosystems.
Market Recap
April marked a meaningful improvement in overall protocol conditions.
crvUSD circulation expanded materially, PegKeeper reserves recovered, Llamalend activity accelerated, and Curve’s infrastructure handled elevated market volatility without major disruption.
As the protocol moves toward LLv2, April represented an important month of stabilisation, validation, and renewed growth for the broader Curve ecosystem.