24h Change-3.4%
All Time HighAug 14, 2020$15.37
All Time LowJun 6, 2026$0.17
Market Cap$300.7m
Fully Diluted Valuation$597.18m
Circ. Supply1.526b CRV
Max Supply3.03b CRV
Outstanding FDV$597.12m
CEX Volume$16.57m
DEX Volume$8.66m
Raydium AMM · Solana$26.31m
Curve DEX · Ethereum$19.13m
Uniswap V3 · Ethereum$4.32m
Uniswap V3 · Arbitrum$1.86m
Curve DEX · Arbitrum$1.57m
Curve DEX · Polygon$708,597
Majors$300.13
Stablecoins$152,370
Own Tokens$172,316
Others$115.61
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $10.71M | $15.95M | $24.14M | $9.49M | $5.56M | $8.16M | $6.92M | $10.66M | $26.80M | $32.20M | $18.30M | $6.83M | $6.70M | $10.04M | $10.26M | $11.42M | $41.06M | $47.91M | $44.48M | $22.76M | $32.91M | $17.26M | $2.97M |
| crvUSD Management Fees | $127.89K | $2.82M | $4.49M | $3.60M | $1.95M | $598.24K | $84.29K | ||||||||||||||||
| crvUSD Borrow Interest | $322.16K | $893.21K | $1.13M | $2.23M | $1.26M | $1.02M | $2.79M | $3.55M | $5.33M | $4.17M | $2.82M | $792.45K | $124.32K | ||||||||||
| LlamaLend Borrow Interest | $218 | $521 | $1.18K | $1.44K | $921 | $612 | $695 | $483 | $2.90K | $20 | |||||||||||||
| LlamaLend AMM Swap Fees | $24.13K | $153.80K | $212.15K | $66.49K | $187.93K | $177.94K | $107.73K | $266.39K | $523.89K | $2.92K | |||||||||||||
| CurveDEX Swap Fees | $9.77M | $934.09K | |||||||||||||||||||||
Cost of Revenue | $8.94M | $13.52M | $21.56M | $3.90M | $2.60M | $3.95M | $2.39M | $1.56M | $12.59M | $19.88M | $8.79M | $2.93M | $3.25M | $5.02M | $5.13M | $5.71M | $20.53M | $50.92M | $13.99M | $0 | $0 | $0 | $206.59K |
| LlamaLend Lender & LP Revenue | $24.34K | $154.29K | $213.34K | $67.92K | $188.84K | $178.55K | $108.43K | $266.87K | $526.80K | $2.94K | |||||||||||||
| crvUSD Rewards To scrvUSD Stakers | $129.37K | $440.79K | $457.82K | $982.78K | $358.42K | $295.86K | $331.33K | ||||||||||||||||
| CurveDEX Fees To LPs | $8.23M | $752.04K | |||||||||||||||||||||
Gross Profit | $1.76M | $2.43M | $2.58M | $4.09M | $2.96M | $4.20M | $4.53M | $8.38M | $12.84M | $12.31M | $9.51M | $3.89M | $3.45M | $5.01M | $5.13M | $5.71M | $20.53M | $23.95M | $22.23M | $11.21M | $16.41M | $8.63M | $1.48M |
| crvUSD Management Fees | $127.89K | $2.82M | $4.49M | $3.60M | $1.95M | $598.24K | $84.29K | ||||||||||||||||
| crvUSD Borrow Interest | $192.80K | $452.42K | $680.31K | $1.25M | $908.79K | $732.01K | $2.45M | $3.55M | $5.33M | $4.17M | $2.82M | $792.45K | $124.32K | ||||||||||
| CurveDEX Admin Fees | $1.53M | $182.06K | |||||||||||||||||||||
Incentives | $6.08M | $8.34M | $13.88M | $25.64M | $21.92M | $20.92M | $18.52M | $10.62M | $18M | $24.17M | $22.76M | $26.95M | $41.15M | $45.03M | $35.60M | $60.73M | $95.75M | $183.17M | $233M | $157.74M | $277.33M | $226.06M | $62.42M |
Earnings | -$4.31M | -$5.91M | -$11.29M | -$21.55M | -$18.96M | -$16.71M | -$13.99M | -$2.24M | -$5.16M | -$11.86M | -$13.25M | -$23.05M | -$37.70M | -$40.02M | -$30.47M | -$55.02M | -$75.21M | -$159.21M | -$210.77M | -$146.53M | -$260.91M | -$217.43M | -$60.94M |
Token Holder Net Income | $1.59M | $2.19M | $2.51M | $3.96M | $2.95M | $4.20M | $4.42M | $4.83M | $7.51M | $8.13M | $6.68M | $3.10M | $3.32M | $5.01M | $5.13M | $5.71M | $20.53M | $50.92M | $13.98M | $0 | $0 | $0 | $202.50K |
| crvUSD Fees To veCRV Holders | $173.52K | $407.17K | $612.28K | $1.12M | $903.44K | $732.01K | $2.47M | $2.82M | $4.49M | $3.60M | $1.95M | $598.24K | $84.29K | ||||||||||
| CurveDEX Fees To veCRV Holders | $1.38M | $166.18K | |||||||||||||||||||||
Others Token Holder Flows | $1.40M | $3.69M | $9.72M | $11.75M | $15.41M | $9.22M | $8.50M | $4.81M | $4.48M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Bribes Revenue | $1.40M | $3.69M | $9.72M | $11.75M | $15.41M | $9.22M | $8.50M | $4.81M | $4.48M |
How much debt can be issued against CRV as collateral across lending protocols.
Maximum possible exposure to CRV
$862,473
$0 (max additional borrows against CRV) + $862,473 (bad debt if CRV was hacked now)
Aave V3
$862,473 at-risk exposure = $862,473 bad debt if hacked + $0 additional borrowable against CRV
Showing collateral exposure for CRV on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for CRV as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
CRV0xd533a949740bb3306d119cc777fa900ba034cd52 | $0 | $860,444 | ||
CRV0x172370d5cd63279efa6d502dab29171933a610af | $0 | $2,029 |
Risk-management actions published about CRV by tracked risk managers and governance contributors, newest first.
CRV is being added as a supply-only collateral asset in the new Euler DeFi market, allowing users to deposit it for liquidity without borrowing exposure to mitigate risks from its governance-driven liquidity profile.
In the CRV market, higher-order IRMs like Cubic yield significantly higher rate_max (8.455) compared to Semilog (2.388), enabling aggressive high-utilization penalties and better liquidity protection for suppliers without excessive min_rate suppression.
The CRV-long market exhibits underutilization at 59% versus an optimal 65% derived from withdrawal patterns during volatile periods; optimized Semilog IRM parameters lower the min rate to 0.03% and raise max to 466% to better track optimal utilization and reduce deviations, though with higher rate volatility.
Llama Legal reviews Curve's technical setup and governance using DFSA framework, finding smart contracts operate autonomously without single-entity control and DAO decisions require broad quorums, demonstrating sufficient decentralization to potentially qualify for MiCA exemptions. Identifies minor vulnerabilities like frontend domain registration but recommends DAO measures to mitigate regulatory scrutiny risks.
CRV is included in Rate Strategy Volatile One, tailored for assets like it that require high liquidity buffers; the model's steep Slope2 discourages excessive borrowing to maintain pool stability amid market swings.
Exploit proceeds introduced 23.6m CRV into circulation, exerting downward price pressure that triggered a liquidation cascade in the CRV-long Curve Lend market, wiping out major positions amid $55m debt and lender withdrawals.
CRV on AaveV2 Optimizer holds $275k in deposits, below the $1m threshold, as the protocol faces gradual deprecation, leading to targeted deprecation and pause on supply and borrow.
CRV serves as an initial collateral asset in permissionless lending pools, enabling borrowing of crvUSD with non-rehypothecating vaults and liquidity mining rewards via gauges to incentivize providers.
The July 30th Curve pool hack exploited a Vyper vulnerability, rendering the primary CRV/ETH liquidity pool inoperable and causing a 30% price drop amid declining on-chain liquidity. This heightened risks of untimely liquidations and bad debt for lending protocols due to insufficient CRV liquidity, especially with concentrated positions like Michael Egorov's loans exacerbating potential cascades.
The Vyper hack highlighted risks in the CRV position, where a key account has been repaying USDT debt but remains exposed to potential bad debt amid low liquidity and high price volatility. Gauntlet recommends phased LT reductions conditioned on debt size shrinking, health factor buffers against 3-sigma price moves, and stable DEX liquidity to proactively derisk without triggering unhealthy liquidations.
CRV token holders gain veCRV by locking tokens (up to 4 years) for time-weighted governance voting on DAO proposals and value accrual via 50% of trading fees
veCRV holders control protocol operations through the Aragon Agent contract: gauge additions, pool parameters, fee routing, and protocol expansion. Core pool and CRV token contracts are immutable. A 5-of-9 Emergency DAO multisig can pause gauges but the DAO can override its decisions.
veCRV holders vote through Aragon v1's Voting Contract with execution via the Agent contract. Proposal creation requires 2,500 veCRV minimum. Ownership votes require 30% quorum and 51% support; Parameter votes require 15% quorum and 51% support. Voting lasts 7 days.
Curve has no treasury. 50% of trading fees flow directly to veCRV holders. veCRV governance votes on CRV grants and credit lines for development.
veCRV holders control fee parameters via the Agent contract. Pool fee changes and burner attachment are gated by ownership_admin which is the Agent. The 50% admin fee share was set by governance vote
50% of all pool trading fees distributed weekly to veCRV holders as crvUSD. 80% of crvUSD lending interest also flows to veCRV holders (remaining 20% to scrvUSD savings vault). Fees converted via CowSwap and distributed every Thursday.
Value accrues through trading fees distributed to veCRV holders via crvUSD. A portion of crvUSD lending interest and bribes also flow to veCRV holders.
Swiss Stake AG (core development company) is funded through DAO-approved CRV grants. No equity entity receives protocol fees.
50% of trading fees distributed weekly to veCRV holders, 80% of accrued interest from crvUSD lending markets goes to veCRV holders
No buyback mechanism is currently active
50% of all pool trading fees plus 80% of crvUSD lending interest are converted to crvUSD and distributed weekly to veCRV holders, proportional to each holder's veCRV balance. Distribution occurs every Thursday
No burn mechanism is currently active
An is required to view token usage.
An is required to view token unlocks.
Showing 10 of 51 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCRV-WETH0.3% | $316,467 | 17.85% | 17.85% | 27.08% | |||||
| open in new tabCRV-SDCRV | $178,535 | 27.75% | 0.59% | 27.01% | |||||
| open in new tabCVX-CRV1% | $82,981 | 40.09% | 40.09% | 36.38% | |||||
| open in new tabLL-CRV-REC | $75,406 | 20.30% | 20.30% | 28.84% | |||||
| open in new tabCRV-YCRVCurve | $59,166 | 19.63% | 0.46% | 19.97% | |||||
| open in new tabCRVUSD-OP-CRVCurve | $58,783 | 18.66% | 1.07% | 17.59% | 17.79% | ||||
| open in new tabCRVUSD-ARB-CRV | $43,244 | 27.92% | 27.92% | 2.58% | |||||
| open in new tabWPOL-CRV0.3% | $18,606 | 24.08% | 24.08% | 23.06% | |||||
| open in new tabCRV-CRVUSDCurve | $17,716 | 20.94% | 3.35% | 21.05% | |||||
| open in new tabCRV-SDCRV | $11,843 | 33.52% | 27.81% |
Tracking 6 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabCRV âžž USD1 | $95.06m | -2.03% | 0% | -4.07% | 50% | $19,008 | $60 | ||
| open in new tabCRV âžž USDC | $26.39m | -2.67% | 0% | -5.33% | 50% | $19,008 | $60 | ||
| open in new tabCRV âžž WETH | $21.11m | -0.50% | 0% | -1.00% | 50% | $19,008 | $60 | ||
| open in new tabCRV âžž WBTC | $647,955 | -0.14% | 0% | -0.28% | 50% | $19,008 | $60 | ||
| open in new tabCRV âžž CBBTC | $18,964 | -0.44% | 0% | -0.87% | 50% | $19,008 | $60 | ||
| open in new tabCRV âžž USDT | $3,209 | -12.83% | 0% | -25.67% | 50% | $19,008 | $60 |
