Jul 23, 2026 3:59 PM
Updated Jul 24, 2026 9:18 AM
Weekly yield and Curve ecosystem metric updates as of the 23rd July, 2026
This article was originally published by Nik on Curve News.
Curve Best Yields & Key Metrics | Week 30, 2026Top Yields: 1st. frxUSD/USP frxUSDUSP on Ethereum with >100% Yield, 2nd. crvUSD/sDOLA on Ethereum with 27.7% Yield, 3rd. VUSD/crvUSD on Ethereum with 24.7% Yield
Market Overview
Welcome to another weekly newsletter. Here's the news:
- Total TVL held nearly flat at $1.535B (-0.2%); DEX TVL edged up 0.5% to $1.45B and Llamalend TVL rose 1.7% to $134M
- DEX volume pulled back 21.8% to $684M after last week's elevated pace, but swap count rose 3.6% to 460k and fees grew 5.4% to $274k
- crvUSD minting expanded 5.6% to $33.9M; the average borrow rate slipped further to 2.1% (from 2.3%); PegKeeper reserves held at $33.8M
- Llamalend borrowing rose 2.6% to $77.1M; the cbBTC vault absorbed an additional $4.1M of TVL, now at $87.6M
- veCRV distribution fell to $67.9k (-35.8%) on typical fee-cycle timing, pulling veCRV APR to 2.1%
As always, see all the highlighted opportunities and weekly metrics below.
Top Yields
Top USD Yields
Note: the frxUSD/USP rate is annualised from a small launch-phase pool — hence the cap. VUSD pool rates come from CRV gauge emissions.
| Chain | Market | Type | Yield |
|---|---|---|---|
 |  frxUSD  USP | Pool | 334.8% |
|  crvUSD  sDOLA | Llamalend | 27.7% |
|  VUSD crvUSD | Pool | 24.7% |
| crvUSD  sfrxUSD | Llamalend | 22.5% |
| VUSD  msUSD | Pool | 21.2% |
| frxUSD VUSD | Pool | 20.3% |
Top BTC & ETH Yields
| Chain | Market | Asset | Yield |
|---|---|---|---|
|  msETH  OETH | ETH | 5.9% |
|  ynETHx  WETH | ETH | 5.6% |
| WETH  pufETH | ETH | 4.3% |
 |  cbBTC  WBTC  LBTC | BTC | 3.0% |
|  WBTC  cbBTC  hemiBTC | BTC | 2.9% |
|  tBTC cbBTC | BTC | 1.0% |
Other Top Yields
| Chain | Market | Asset | Yield |
|---|---|---|---|
|  CRV  sdCRV | CRV | 13.0% |
|  GHO cbBTC WETH | TRICRYPTO | 9.0% |
| CRV  yCRV | CRV | 8.9% |
| crvUSD  CJPY | FOREX | 5.2% |
| crvUSD  ZCHF | FOREX | 4.0% |
 |  EURe  WXDAI  USDC  USDT | FOREX | 3.3% |
|  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 |
|---|---|---|
| Optimism | wstETH-WETH | 44.6% |
| Fraxtal | crvUSD/sfrxUSD | 9.1% |
| Optimism | wstETH-USDC | 9.0% |
| Optimism | WBTC-USDC | 8.6% |
| Arbitrum | crvUSD/WBTC | 7.4% |
| Arbitrum | crvUSD/WETH | 7.0% |
| Ethereum | crvUSD/fxSAVE | 3.1% |
| Ethereum | crvUSD/WBTC | 2.5% |
| Ethereum | crvUSD/wstETH | 2.4% |
| Ethereum | crvUSD/sUSDe | 2.4% |
Weekly Metrics
crvUSD & scrvUSD
crvUSD minting grew 5.6% to $33.9M as borrowers added positions; the average borrow rate eased to 2.1% (down from 2.3%). PegKeepers held steady at $33.8M in reserves. The scrvUSD savings yield stands at 1.2%, with 56.2% of minted crvUSD now staked (down 4.7% on the week); crvUSD price holds at $0.9996.
| Metric | Value | Change |
|---|---|---|
| crvUSD Minted | $33.9M | +5.6% |
 scrvUSD Yield | 1.2% | - |
| crvUSD in scrvUSD | 56.2% | -4.7% |
| crvUSD Price | $0.9996 | -$0.0003 |
| Avg. Borrow Rate | 2.1% | -0.2% |
| Peg Stability Reserves | $33.8M | - |
| PegKeeper Profit | $1.08k | -$2.01k |
Llamalend
Llamalend TVL rose 1.7% to $134M: borrowing was the main driver, up 2.6% to $77.1M, with collateral up 2.6% to $119M. Supply dipped marginally to $57.2M (-1.1%) and the loan count was near-flat at 1,025.
| Metric | Value | Change |
|---|---|---|
| 🦙 Llamalend TVL | $134M | +1.7% |
| 🦙 Supplied | $57.2M | -1.1% |
| 🦙 Borrowed | $77.1M | +2.6% |
| 🦙 Collateral | $119M | +2.6% |
| 🦙 Loans | 1025 | +1 |
DEX
DEX volume normalised to $684M (-21.8%) after last week's elevated pace, but the underlying swap count rose 3.6% to 460k and total fees grew 5.4% to $274k. TVL was stable at $1.45B (+0.5%).
| Metric | Value | Change |
|---|---|---|
| 🔄 TVL | $1.45B | +0.5% |
| 🔄 Volume | $684M | -21.8% |
| 🔄 Swaps | 460k | +3.6% |
| 🔄 Total Fees | $274k | +5.4% |
DAO
veCRV distribution fell to $67.9k this week (-35.8%) on normal fee-cycle timing, bringing the veCRV APR to 2.1% (from 3.3%). CRV locked is at 851M with 784M veCRV outstanding; weekly CRV emissions were $475k.
| Metric | Value | Change |
|---|---|---|
| CRV Circ. Supply | 1.54B | +0.2% |
| CRV Locked | 851M | - |
 Total veCRV | 784M | +0.1% |
| veCRV Distribution | $67.9k | -35.8% |
| veCRV APR | 2.138% | -1.122% |
| CRV Emissions | $475k (2.22M CRV) | +2.7% |
| Inflation Rate | 4.812% | -0.005% |
Top Stableswap Pools
DAI/USDC/USDT retained the top stableswap spot ($96.2M). USDC/USDT surged 8 places to #2 ($53.8M) and USDG/USDC gained one to #3 ($41.5M); WETH/weETH jumped 7 places to #4 ($38.5M).
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | - | |  DAI  USDC  USDT | $96.2M | $14.4k |
| 2 | +8 | | USDC USDT | $53.8M | $1.0k |
| 3 | +1 | |  USDG USDC | $41.5M | $4.3k |
| 4 | +7 | | WETH  weETH | $38.5M | $2.1k |
| 5 | -3 | | USDC  RLUSD | $32.4M | $6.6k |
| 6 | +17 | | USDC  USDat | $30.2M | $3.0k |
| 7 | +1 | | USDT crvUSD | $26.3M | $2.6k |
| 8 | +6 |  |  WETH  USDC | $25.3M | $50.7k |
| 9 | +10 | |  cbBTC USDC | $24.9M | $11.4k |
| 10 | -3 | | USDC crvUSD | $24.0M | $2.4k |
Top Cryptoswap Pools
Cryptoswap activity was led by the majors. Volumes shown are weekly totals.
| 📍 | 🔄 | Chain | Pool | Volume | Fees |
|---|---|---|---|---|---|
| 1 | +1 | | USDC WBTC WETH | $11.2M | $5.0k |
| 2 | -1 | | USDT WBTC WETH | $7.5M | $4.0k |
| 3 | - | | EURe WXDAI USDC USDT | $5.4M | $1.7k |
| 4 | - | | crvUSD WETH CRV | $4.0M | $2.2k |
| 5 | +2 | |  ETH+  eUSD  RSR | $850.1k | $494.4 |
| 6 | +5 | | crvUSD  YB | $799.7k | $3.2k |
Gauge Winners & Losers
DOLAsUSDe saw the largest increase in CRV emission allocation (+66.5k) to reach 207k weekly, followed by OETHWETH (+25.6k) and FRAXUSDe (+10.9k); reUSDsfrxUSD saw the sharpest reduction (-24.4k).
| 📍 | Chain | Pool / Market | TVL | CRV Emissions | Change |
|---|---|---|---|---|---|
| 1 | |  DOLA  sUSDe | $39.1M | 207k | +66.5k |
| 2 | | OETH WETH | $42.7M | 90.7k | +25.6k |
| 3 | |  FRAX  USDe | $44M | 159k | +10.9k |
| ... | ... | ... | ... | ... | ... |
| -3 | | VUSD crvUSD | $510k | 2.02k | -14.7k |
| -2 | | frxUSD msUSD | $16.7M | 229k | -20.6k |
| -1 | |  reUSD sfrxUSD | $3.25M | 11.7k | -24.4k |
DEX Winners & Losers
Fees Winners & Losers
apxUSD/USDC posted the largest fee gain (+$41k) on elevated volume, followed by WETH/USDC (+$12.2k) and apyUSD/apxUSD (+$9.55k); USDC/RLUSD gave back last week's activity (-$9.98k) and frxUSD/msUSD eased from its prior peak.
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | |  apxUSD USDC | $16.8M | $54.3k | +$41k |
| 2 | | WETH USDC | $25.3M | $50.7k | +$12.2k |
| 3 | |  apyUSD apxUSD | $6.84M | $13.7k | +$9.55k |
| ... | ... | ... | ... | ... | ... |
| -3 | | USDC RLUSD | $32.4M | $6.57k | -$9.98k |
| -2 | | frxUSD msUSD | $2.12M | $910 | -$18.3k |
| -1 | | msETH WETH | $520k | $208 | -$29.2k |
Volume Winners & Losers
USDC/USDT added the most volume (+$24.8M) as it climbed to #2, followed by USDC/USDat (+$20.9M) and WETH/weETH (+$17.4M); frxUSD/msUSD saw the largest outflow (-$43.2M) after its prior-week surge.
| 📍 | Chain | Pool | Volume | Fees | Change |
|---|---|---|---|---|---|
| 1 | | USDC USDT | $53.8M | $1.04k | +$24.8M |
| 2 | | USDC USDat | $30.2M | $3.02k | +$20.9M |
| 3 | | WETH weETH | $38.5M | $2.05k | +$17.4M |
| ... | ... | ... | ... | ... | ... |
| -3 | | frxUSD msUSD | $2.12M | $910 | -$43.2M |
| -2 | | USDC RLUSD | $32.4M | $6.57k | -$48.3M |
| -1 | | msETH WETH | $520k | $208 | -$72.9M |
TVL Winners & Losers
crvUSD/cbBTC drew the biggest TVL inflow (+$4.11M, now $87.6M), with msETH/WETH (+$3.74M) and frxUSD/msUSD (+$3.72M) close behind; USDC/RLUSD saw the largest TVL exit (-$3.58M) followed by AUSD/avUSD (-$3.32M).
| 📍 | Chain | Pool | TVL | Change |
|---|---|---|---|---|
| 1 | | crvUSD cbBTC | $87.6M | +$4.11M |
| 2 | | msETH WETH | $18.7M | +$3.74M |
| 3 | | frxUSD msUSD | $16.7M | +$3.72M |
| ... | ... | ... | ... | ... |
| -3 | | WETH weETH | $9.79M | -$2.02M |
| -2 | |  AUSD  avUSD | $601k | -$3.32M |
| -1 | | USDC RLUSD | $67.1M | -$3.58M |
Llamalend Winners & Losers
crvUSD Minting Markets - Borrowing Winners & Losers
wstETH led crvUSD borrow growth (+$929k), with cbBTC next (+$600k); no market saw meaningful net repayment this week.
| 📍 | Chain | Market | Collateral | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD  wstETH | $18M | $8.63M | +$929k |
| 2 | | crvUSD cbBTC | $2.81M | $1.81M | +$600k |
| 3 | | crvUSD WBTC | $34.9M | $17M | +$266k |
| ... | ... | ... | ... | ... | ... |
| -3 | | crvUSD  sfrxETH | $311k | $154k | -$74.8 |
| -2 | | crvUSD tBTC | $4.97M | $3.16M | -$6.35k |
| -1 | | crvUSD weETH | $304k | $143k | -$16.5k |
Lend Markets - Borrowing Winners & Losers
The sfrxUSD market saw the most new borrowing (+$248k), with sDOLA a notable new entrant; activity across the other Lend markets was modest.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD sfrxUSD | $16.6M | $12.8M | +$248k |
| 2 | | crvUSD sDOLA | $59.7k | $49.8k | +$49.8k |
| 3 | | crvUSD wstETH | $1.11M | $863k | +$21.9k |
| ... | ... | ... | ... | ... | ... |
| -3 | | crvUSD WETH | $610k | $417k | -$27.5k |
| -2 |  |  USDC  WBTC | $1.18M | $666k | -$47.2k |
| -1 | | crvUSD  fxSAVE | $370k | $369k | -$83.2k |
Lend Markets - Supplying Winners & Losers
sfrxUSD led supply inflows (+$454k), with sDOLA also drawing fresh supply (+$59.7k) as a newly launched market.
| 📍 | Chain | Market | Supplied | Borrowed | Change |
|---|---|---|---|---|---|
| 1 | | crvUSD sfrxUSD | $16.6M | $12.8M | +$454k |
| 2 | | crvUSD sDOLA | $59.7k | $49.8k | +$59.7k |
| 3 | | crvUSD wstETH | $1.11M | $863k | +$18.9k |
| ... | ... | ... | ... | ... | ... |
| -3 | | USDC WBTC | $1.18M | $666k | -$84.1k |
| -2 | |  WETH  wstETH | $704k | $261k | -$195k |
| -1 | | crvUSD  sreUSD | $24.6M | $18.2M | -$580k |
Explore Yield Opportunities
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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.
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