TL;DR: Curve’s 2025 was all about maturing infrastructure rather than hype. The protocol saw more pools (+8%), higher trading volume ($126B vs $119B), and rising average TVL ($3.05B). Activity shifted strongly toward lending and crvUSD, with lending transactions nearly doubling and pool interactions jumping to 25.2M tx. A major late-year addition was FXSwap, starting pilot on-chain FX markets (CHF, BRZ, IDR). Governance hit a milestone—5 years of Curve DAO operating immutably, including a programmed CRV emission cut. The DAO also voted to create a real treasury (10% of revenue) for long-term resilience. Looking to 2026, Curve plans broader expansion, especially with Llamalend V2, which opens lending beyond crvUSD and enables new markets like ETH/USDC and BTC/USDT.

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