What is Curve Finance

Curve is a decentralised protocol powering DeFi stablecoin and crypto markets by enabling high-yield on-chain savings, protected borrowing, and low-slippage swaps.

Enter the home of stablecoins.

Since its launch in 2020, Curve Finance has evolved into a full DeFi ecosystem, enabling efficient token swaps, borrowing and lending, DAO governance, and multi-chain infrastructure that underpins much of Ethereum’s financial activity.

Today, it is one of the largest and most influential players in the DeFi world. Curve not only powers the deepest stablecoin markets but is also pioneering the future of on-chain foreign exchange with its new FXSwaps — a step toward bringing global currency markets fully on-chain. 

Curve’s infrastructure not only supports decentralized finance at large but also powers a rich and expanding ecosystem, including major protocols such as Yearn, Convex, and Frax. Many asset issuers now choose Curve as the venue to launch their primary markets — cementing its position as the home of stablecoins. 

At its core, Curve is a decentralized exchange (DEX) built for efficient, low-slippage trading. Liquidity providers earn fees from these swaps, while users locking CRV into veCRV not only direct incentives and governance but have shared in Curve’s revenue since inception — ensuring deep alignment between the protocol and its community.

With Llamalend, Curve extends into lending markets, allowing users to borrow against their assets or provide liquidity to earn interest. Powered by the LLAMMA mechanism (Lending-Liquidating AMM Algorithm), Llamalend softens liquidations by gradually shifting collateral into stablecoins and restoring it if markets recover. 

This liquidation protection gives borrowers a choice: opt for greater security against liquidations or unlock higher loan-to-value (LTV) ratios than most DeFi platforms typically allow. In both cases, systemic risk is reduced while capital efficiency improves.

On top of this, Curve introduced crvUSD, a next-generation DeFi-native stablecoin built directly on LLAMMA. Fully decentralized and overcollateralized, crvUSD lets users unlock liquidity without selling core holdings, while benefiting from LLAMMA’s resilience. Like Llamalend, it allows borrowers to combine stronger protection with the ability to take on higher LTVs — making crvUSD both more flexible and more robust than conventional stablecoins.

Finally, decentralized governance ties everything together. Through veCRV, token holders steer incentives, direct liquidity, and guide the protocol’s evolution — ensuring Curve remains aligned with its community and the wider DeFi ecosystem.

Governance as the glue — veCRV holders direct incentives, liquidity, and Curve’s evolution, ensuring decentralization and resilience across the ecosystem.