Where did the first half of 2026 go? Welcome to Q3, markets and Curve seem to be stabilizing, with only minor news this week:

As always, see all the highlighted yields and metrics below.

A quick personal note: Sorry about missing last week's report. Time has been a bit tight lately, and I've found it difficult to keep up. Thankfully, Nik has stepped up and will be taking over from next week. I'd like to thank Nik, and thank everyone who's been reading these newsletters over the years. I really appreciate your support.

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.

All yields are calculated assuming a minimum of $100k TVL.

Note: the frxUSD/USP pool below has locked pre-market incentives, currently valued at well over 100% yield.

All yields are calculated assuming a minimum of $100k TVL.

All yields are calculated assuming a minimum of $100k TVL.

crvUSD continues to hold its peg well, with its automated market dynamics keeping the system stable as supply ticks up slightly.

Llamalend metrics were largely unchanged this week, with activity continuing to stabilize.

Curve's DEX saw slightly lower trading volume this week, but fees, swaps, and TVL all remained relatively stable, with a greater share of swaps occurring in higher-fee pools.

veCRV holders saw a slight increase in fee distributions this week, while the USD value of CRV emissions declined alongside the CRV price.

There was a big shake-up among the top Stableswap pools by volume this week, with more newcomers than usual.

By volume the TricryptoUSDC pool won the week, however with its new parameters the TricryptoUSDT pool continues to outperform with $13.2k fees on $633k volume.

It was an off week for Convex's gauge votes, so only small changes were seen, with msETH the largest winner.

Ethena's USDtb pool led the week in trading volume, while the apyUSD/apxUSD pool remained the top fee earner despite being the week's biggest loser, generating $29.1k in swap fees.

Ethena's USDtb pool also led the week in trading volume, while USDS/PYUSD volume declined after Spark removed its liquidity as part of a change in liquidity strategy. We wish the Spark team all the best and hope to see them back soon.

There were no major changes in TVL this week. RLUSD continued its recent week-to-week fluctuations and saw net outflows, while PYUSD/USDC recorded the largest inflows, possibly driven by increased demand for PYUSD following Spark's liquidity withdrawal.

WBTC was the clear winner this week, with no other major market changes. Are people getting bullish on BTC again?

There appear to have been a couple of notable rotations this week, with liquidity seemingly moving from sUSDe to sfrxUSD. It's also possible that some of the WBTC liquidity outflow found its way into the WBTC/crvUSD minting market.

Hello to the new Llamalend v2 markets on optimism, which saw strong inflows this week.

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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.