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Editorial policyCurve Finance is a DEX optimised for stablecoin and LST swaps via the StableSwap AMM. crvUSD is its native stablecoin using LLAMMA soft liquidations. Curve Lend (LlamaLend) offers isolated lending markets. CRV/veCRV governance directs emissions through gauges — heavily amplified by Convex Finance. Curve is the liquidity base layer for Resupply collateral.
Curve Finance remains Ethereum's specialist DEX for stablecoins and pegged assets — now extended by crvUSD, LLAMMA soft liquidations, and Curve Lend markets that feed the Convex and Resupply ecosystem.
Founded by Michael Egorov and live since January 2020, Curve Finance solved a specific problem: swapping stablecoins and pegged assets with minimal slippage. Its StableSwap formula concentrates liquidity at the 1:1 peg — enabling multi-million-dollar USDC/USDT trades with slippage often below 0.01%.
By 2026 Curve is not only a DEX. crvUSD and Curve Lend make it a full stablecoin and lending stack, composable with Convex boost and Resupply reUSD minting.
LLAMMA (Lending-Liquidating AMM Algorithm) continuously converts collateral toward crvUSD as prices fall, and back as prices rise — unlike hard liquidations that seize entire positions at one price. Borrowers on Curve Lend benefit from the same philosophy: smoother risk management during volatility.
This makes Curve attractive for conservative leveraged strategies compared to protocols with binary liquidation triggers.
Curve liquidity underpins much of Ethereum DeFi: DAI/USDC routing, LST exits, and frxUSD/crvUSD markets. Convex amplifies LP yields; Resupply uses Curve Lend deposits as reUSD collateral. Protocols competing for gauge weight (via Votium bribes) demonstrate Curve's continued centrality to DeFi liquidity politics.
Trading fees split 50/50 between LPs and veCRV holders (as 3CRV), creating durable revenue for long-term CRV lockers.
FAQ
Large stablecoin swaps, LST liquidity, and crvUSD-based lending strategies.
LlamaLend is the community name for Curve Lend — Curve's lending protocol with soft liquidation.
Curve typically offers lower slippage and fees for pegged pairs.
Resupply accepts Curve Lend crvUSD positions as reUSD collateral, staked on Convex.
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