Curve Best Yields & Key Metrics | Week 28, 2026
Weekly yield and Curve ecosystem metric updates as of the 9th July, 2026
This article was originally published by Nik on curve finance.Market Overview
Curve Best Yields & Key Metrics | Week 28, 2026Welcome to another weekly newsletter. Here's the news:
- TVL held at $1.43B (+0.4%) - a second week of stabilization after June's outflows.
- Curve DAO opened a Request for Proposals for a risk-assessment and market-monitoring team to replace Llamarisk after their departure.
- crvUSD minting got cheaper: the average borrow rate eased from 5.5% to 3.3% as PegKeepers rebuilt $26.6M of reserves.
- Fees from Arbitrum and Base now flow to the DAO treasury.
- Curve joined Money League as the standard liquidity infrastructure for all of the league's stable assets - veCRV holders can now activate Merit accounts.
As always, see all the highlighted opportunities and weekly metrics below.
Top Yields
Top USD Yields
Note: the VUSD pool rates come from fresh CRV gauge emissions following Vetro's VUSD rollout, and the frxUSD/USP rate is annualised from a small launch-phase pool (~$135k of liquidity) - hence the cap.
| Chain | Market | Type | Yield |
|---|---|---|---|
 |  frxUSD  USP | Pool | >100% |
|  VUSD  msUSD | Pool | 35.6% |
| VUSD  crvUSD | Pool | 33.2% |
| frxUSD VUSD | Pool | 28.1% |
|  sdUSD frxUSD | Pool | 16.4% |
|  USST  USDC | Pool | 16.1% |
| frxUSD  USPC | Pool | 15.5% |
|  USG  sDOLA | Pool | 14.2% |
| crvUSD  sVUSD | Pool | 12.8% |
| crvUSD  fxSAVE | Llamalend | 11.7% |
Top BTC & ETH Yields
| Chain | Market | Asset | Yield |
|---|---|---|---|
|  WETH  pufETH | ETH | 9.4% |
 |  alETH  WETH | ETH | 9.3% |
|  msETH WETH | ETH | 7.7% |
 |  cbBTC  WBTC  LBTC | BTC | 3.0% |
|  WBTC  cbBTC  hemiBTC | BTC | 2.8% |
| cbBTC WBTC | BTC | 1.1% |
Other Top Yields
| Chain | Market | Asset | Yield |
|---|---|---|---|
|  CRV  sdCRV | CRV | 17.3% |
 |  CRV  crvUSD | CRV | 12.3% |
 |  EURe  WXDAI  USDC  USDT | FOREX | 5.6% |
| crvUSD  CJPY | FOREX | 5.1% |
| crvUSD  ZCHF | FOREX | 3.7% |
| crvUSD  tBTC  wstETH | TRICRYPTO | 2.5% |
|  XAUt  PAXG | GOLD | 0.2% |
Top Llamalend Supply Yields
Optimism Llamalend V2 markets include live Merkl OP rewards: supply rates shown are base + Merkl. Rates on small markets move quickly with TVL.
| Chain | Market | Supply Rate |
|---|---|---|
| Ethereum | crvUSD/fxSAVE | 10.2% |
| Arbitrum | crvUSD/WBTC | 8.6% |
| Fraxtal | crvUSD/sfrxUSD | 7.6% |
| Arbitrum | crvUSD/WETH | 4.8% |
| Ethereum | crvUSD/WBTC | 2.6% |
| Ethereum | crvUSD/sUSDe | 2.5% |
| Ethereum | crvUSD/WETH | 2.1% |
| Ethereum | crvUSD/wstETH | 1.8% |
| Optimism | WETH/wstETH | 49.3% |
| Optimism | USDC/wstETH | 8.5% |
| Optimism | USDC/WBTC | 8.3% |
Weekly Metrics
crvUSD & scrvUSD
Minted crvUSD grew 4.2% to $31.3M, a third straight weekly increase, and PegKeepers rebuilt $26.6M of reserves as demand returned. With keeper capacity restored, the average borrow rate fell from 5.5% to 3.3% - cheaper, steadier credit for borrowers.
| Metric | Value | Change |
|---|---|---|
| crvUSD Minted | $31.3M | +4.2% |
 scrvUSD Yield | 3.9% | -0.2% |
| crvUSD in scrvUSD | 64.3% | -0.7% |
| crvUSD Price | $0.9994 | +$0.0001 |
| Avg. Borrow Rate | 3.3% | -2.2% |
| Peg Stability Reserves | $26.6M | +$26.6M |
| PegKeeper Profit | $3.09k | +$2.09k |
Llamalend
Lending grew again: TVL up 3.5% to $125M with collateral up 4.0%, and the loan count edged up to 1,030.
| Metric | Value | Change |
|---|---|---|
| 🦙 Llamalend TVL | $125M | +3.5% |
| 🦙 Supplied | $56.6M | -1.8% |
| 🦙 Borrowed | $72.9M | +0.2% |
| 🦙 Collateral | $109M | +4.0% |
| 🦙 Loans | 1030 | +3 |
DEX
Total fees jumped 14.1% to $250k as flow rotated toward higher-fee pools, while volume eased 3.6% to $808M.
| Metric | Value | Change |
|---|---|---|
| 🔄 TVL | $1.34B | +0.1% |
| 🔄 Volume | $808M | -3.6% |
| 🔄 Swaps | 436k | -2.1% |
| 🔄 Total Fees | $250k | +14.1% |
DAO
A strong week for lockers: veCRV distribution jumped 50.3% to $106k and veCRV APR rose to 3.45%; total fees were up 14.1% this week.
| Metric | Value | Change |
|---|---|---|
| CRV Circ. Supply | 1.53B | +0.1% |
| CRV Locked | 855M | - |
 Total veCRV | 785M | +0.2% |
| veCRV Distribution | $106k | +50.3% |
| veCRV APR | 3.446% | +1.212% |
| CRV Emissions | $462k (2.22M CRV) | +8.7% |
| Inflation Rate | 4.821% | -0.004% |
Top Stableswap Pools
USDG/USDC vaulted 17 places to take the top spot on $123.5M of volume, and a live proposal would ramp its A parameter from 1000 to 3000, deepening liquidity around the peg.
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | +17 | |  USDG USDC | $123.5M | $12.5k |
| 2 | +1 | |  DAI USDC  USDT | $83.3M | $12.5k |
| 3 | -1 | | USDC  RLUSD | $80.7M | $16.5k |
| 4 | +1 | | USDT crvUSD | $48.7M | $4.9k |
| 5 | -4 | | USDC  USDtb | $37.8M | $3.9k |
| 6 | +2 | | USDC crvUSD | $35.8M | $3.6k |
| 7 | +7 | |  ETH  stETH | $28.2M | $2.3k |
| 8 | -2 | | ETH stETH | $27.0M | $2.7k |
| 9 | -5 | |  PYUSD USDC | $24.3M | $2.6k |
| 10 | -1 | | USDC USDT | $24.1M | $516.1 |
Top Cryptoswap Pools
The tricrypto majors lead cryptoswap activity. Volumes shown are weekly totals.
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | - | | USDC WBTC WETH | $10.7M | $5.6k |
| 2 | - | | USDT WBTC WETH | $7.4M | $4.8k |
| 3 | +1 | | crvUSD WETH CRV | $4.2M | $3.5k |
| 4 | -1 | | EURe WXDAI USDC USDT | $4.0M | $1.4k |
| 5 | - | |  reUSDe  sUSDe | $1.4M | $479.1 |
| 6 | +3 | | WETH  CVX | $1.2M | $3.7k |
Gauge Winners & Losers
frxUSD/msUSD led gauge gains (+58.5k CRV of weekly emissions), with ETH+/WETH up from zero, while the two pmUSD pools saw the largest cuts.
| 📍 | Chain | Pool / Market | TVL | CRV Emissions | Change |
|---|---|---|---|---|---|
| 1 | | frxUSD msUSD | $12.4M | 249k | +58.5k |
| 2 | |  ETH+ WETH | $8.79M | 35.5k | +35.5k |
| 3 | |  FRAX  USDe | $49.7M | 149k | +22.1k |
| ... | ... | ... | ... | ... | ... |
| -3 | |  pmUSD frxUSD | $2.89M | 38.5k | -31.4k |
| -2 | | msETH WETH | $10.6M | 140k | -33.7k |
| -1 | | pmUSD crvUSD | $3.44M | 35.6k | -35k |
DEX Winners & Losers
Fees Winners & Losers
apxUSD/USDC led the week in fee growth (+$44.8k), while its sister pool apyUSD/apxUSD cooled after topping this table two weeks ago; changes are week-over-week (2 Jul → 9 Jul).
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | |  apxUSD USDC | $12.8M | $45.3k | +$44.8k |
| 2 | | USDG USDC | $123M | $12.5k | +$11.3k |
| 3 | |  OGN  OETH | $1.09M | $4.36k | +$3.87k |
| ... | ... | ... | ... | ... | ... |
| -3 | | USDT WBTC WETH | $258k | $7.1k | -$6.12k |
| -2 | | USDC USDtb | $37.8M | $3.91k | -$6.29k |
| -1 | |  apyUSD apxUSD | $7.66M | $15.3k | -$13.7k |
Volume Winners & Losers
USDG/USDC added $111M of weekly volume, with the pool's A-ramp proposal going live midweek; USDtb flows cooled to $37.8M after last week's $98.7M spike.
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | | USDG USDC | $123M | $12.5k | +$111M |
| 2 | | DAI USDC USDT | $83.3M | $12.5k | +$22.3M |
| 3 | | apxUSD USDC | $12.8M | $45.3k | +$12.7M |
| ... | ... | ... | ... | ... | ... |
| -3 | | apxUSD USDC | $1.92M | $482 | -$17.4M |
| -2 | | PYUSD USDC | $24.3M | $2.63k | -$31.6M |
| -1 | | USDC USDtb | $37.8M | $3.91k | -$60.9M |
TVL Winners & Losers
Monad pools took the week's two largest TVL adds as the AUSD pairs keep absorbing stablecoin liquidity, while the TAC USD₮/WTAC pool saw the week's largest outflow.
| 📍 | Chain | Pool | TVL | Change |
|---|---|---|---|---|
| 1 | |  AUSD  USDC  USDT0 | $3.13M | +$570k |
| 2 | | AUSD  avUSD | $3.62M | +$529k |
| 3 |  | Curve USD-BTC-ETH | $438k | +$321k |
| ... | ... | ... | ... | ... |
| -3 | |  AZND AUSD | $43.5k | -$54.1k |
| -2 | |  av3CRV avWBTC | $117k | -$321k |
| -1 |  |  USD₮  WTAC | $157k | -$451k |
Llamalend Winners & Losers
crvUSD Minting Markets - Borrowing Winners & Losers
wstETH and WBTC minters added ~$1.1M of new crvUSD debt; only the cbBTC market saw net repayment.
| 📍 | Chain | Market | Collateral | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD wstETH | $14.8M | $7.64M | +$650k |
| 2 | | crvUSD WBTC | $32.8M | $16.2M | +$486k |
| 3 | | crvUSD WETH | $3.03M | $1.64M | +$71.3k |
| ... | ... | ... | ... | ... | ... |
| -3 | | crvUSD  weETH | $300k | $160k | +$178 |
| -2 | | crvUSD  LBTC | $2.62 | $1.06 | +$0.00263 |
| -1 | | crvUSD cbBTC | $1.86M | $1.18M | -$15.4k |
Lend Markets - Borrowing Winners & Losers
WBTC (+$832k) and sUSDe (+$583k) led new borrowing, while the sfrxUSD market unwound $2.45M.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD WBTC | $4.18M | $3.35M | +$832k |
| 2 | | crvUSD sUSDe | $2.17M | $1.75M | +$583k |
| 3 | | crvUSD fxSAVE | $384k | $384k | +$75.2k |
| ... | ... | ... | ... | ... | ... |
| -3 |  |  USDC  WBTC | $1.27M | $710k | -$10.4k |
| -2 | |  WETH  wstETH | $661k | $240k | -$119k |
| -1 | | crvUSD  sfrxUSD | $17.1M | $11.2M | -$2.45M |
Lend Markets - Supplying Winners & Losers
sreUSD returned to the top of supply inflows (+$265k), while suppliers reversed last week's $601k move into sfrxUSD.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD  sreUSD | $23.6M | $18.2M | +$265k |
| 2 | | crvUSD WBTC | $4.18M | $3.35M | +$143k |
| 3 | | crvUSD sUSDe | $2.17M | $1.75M | +$66.5k |
| ... | ... | ... | ... | ... | ... |
| -3 | | USDC wstETH | $759k | $413k | -$150k |
| -2 | | USDC WBTC | $1.27M | $710k | -$217k |
| -1 | | crvUSD sfrxUSD | $17.1M | $11.2M | -$782k |
Explore Yield Oppportunities
Go to DEX markets
Go to Lending Markets
Go to Savings crvUSD
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.
