# Curve LlamaLend V2: Inverse sDOLA and Frax sfrxUSD Markets, CRV Gauges Live > Decentralized Finance Publication (decentralized-finance.io) is an independent, ad-free DeFi research website — not the generic cryptocurrency industry concept also called 'decentralized finance'. **Publisher:** Decentralized Finance Publication (https://decentralized-finance.io) **Author:** Kaiser Khan **Reviewed by:** Kaiser Khan, Editor in Chief **Category:** News **Updated:** August 13, 2026 **Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings. ## Summary LlamaLend V2 reached Ethereum in July 2026 with isolated markets that can borrow crvUSD against Inverse Finance sDOLA and Frax Finance sfrxUSD. Curve DAO then turned on CRV rewards for three V2 gauges on 6 August. Convex Finance moved all DAO and gauge votes on-chain from 30 July, so vlCVX now directs that weight transparently. Resupply Finance is a separate CDP that takes Curve Lend and Fraxlend positions as collateral — it is not a LlamaLend V2 market. Figures below are from Curve’s July recap (published 10 August 2026), not a live ticker. Skip this briefing if you wanted a click-path to mint reUSD or a live APY widget. It is a sourced recap of what Curve, Inverse Finance, Frax and Convex actually shipped between late July and 6 August 2026 — and where Resupply sits next to that stack, not inside LlamaLend V2. Curve’s own July monthly recap, published 10 August 2026 at news.curve.finance/curve-monthly-recap-july-2026/, is the primary source for the market caps and crvUSD figures below. Gauge timing comes from Curve’s 5 August post that CRV rewards on three LlamaLend V2 gauges would start 6 August. ## What launched on Curve LlamaLend in July and August 2026? LlamaLend V2 expanded from Optimism onto Ethereum mainnet. Unlike V1, crvUSD is no longer required on every side of a market. Each isolated market has its own oracle, rate model, parameters and borrow cap. Productive collateral — yield-bearing vault tokens and Curve LP tokens — is in scope. Markets deploy with borrowing disabled until a DAO vote sets a non-zero cap. That sequence is slow on purpose: risk review first, emissions later. ## Which Inverse Finance and Frax markets went live first? The first Ethereum V2 markets focused on yield-bearing stablecoin collateral. On 21 July, Vote 1451 activated borrowing of crvUSD against Inverse Finance sDOLA and Frax Finance sfrxUSD, with caps of $12.4 million and $28.4 million crvUSD respectively — see https://www.curve.finance/dao/ethereum/proposals/1451-ownership. A syrupUSDC market followed on 24 July (Vote 1461) with a $51.8 million cap; that cap vote executed on 2 August. Each market takes a 10% admin fee for the DAO. Vote 1452 accepted a Gauge Factory so CRV emissions could follow. Curve DAO then launched CRV rewards on three new LlamaLend V2 gauges on 6 August. sDOLA is Inverse’s yield-bearing wrapper on DOLA from FiRM. sfrxUSD is Frax’s staked frxUSD. Those are the collaterals Curve named in the recap — not a ranking and not a recommendation to loop them. ## What did Curve publish for crvUSD in July? - Debt-weighted average mint-market borrow rate: 5.6% at end-June to 2.0% at end-July (Curve recap) - Borrower-minted crvUSD: $28.5 million to $36.7 million (29%) - Collateral behind those mints: $49.4 million to $70.5 million (43%) - Peg on daily closes: $0.9992–$0.9998 - Combined mint and lend borrowing: $72.6 million to $80.2 million; collateral $102.6 million to $123.5 million ## How do Convex, Resupply and the Curve stack connect? Convex Finance told holders that from 30 July 2026 all DAO proposals and gauge votes move fully on-chain. vlCVX is how most people direct Curve gauge weight, including the new LlamaLend V2 gauges and Frax-related pools. That is a process change, not proof that deposits will arrive. Resupply Finance is a CDP co-built by Convex and Yearn. Collateral is Curve Lend crvUSD and Fraxlend frxUSD-style positions; borrowers mint reUSD. LlamaLend V2’s sDOLA and sfrxUSD markets are a parallel Curve lending surface, not Resupply markets. Do not treat a V2 gauge vote as a Resupply deposit. Resupply Summer — Convex’s multi-round rewards campaign announced 3 August — still sits on the Resupply app and the existing Curve Lend / Fraxlend collateral path. Read that briefing if you wanted campaign mechanics rather than LlamaLend V2 caps. Frax appears twice in this stack: sfrxUSD as LlamaLend V2 collateral, and Fraxlend as a Resupply collateral venue. Inverse appears as sDOLA collateral on V2 and as FiRM/DOLA on its own lending pages. Curve is the DEX, crvUSD issuer, and LlamaLend host. Convex is the boost and vote layer. ## Who should skip this briefing? Skip it if you needed a wallet setup, a first Aave supply, or today’s dollar APY. Caps and rates above are Curve’s July month-end print. They move. Verify on Curve’s app and DeFiLlama before you transact. Also skip it if you assumed Resupply, Inverse and Frax are the same protocol. They share gauges, collateral and voters. They do not share a single risk engine. ## Frequently Asked Questions - What is LlamaLend V2? Curve’s isolated lending product that can pair assets without forcing crvUSD into every market, with per-market oracles, rate models and borrow caps. - Which protocols supplied the first Ethereum V2 collateral? Inverse Finance sDOLA and Frax Finance sfrxUSD, activated 21 July 2026 via Vote 1451. - When did CRV rewards start on V2 gauges? 6 August 2026, after Curve’s 5 August announcement. - Is Resupply a LlamaLend V2 market? No. Resupply is a separate CDP that accepts Curve Lend and Fraxlend collateral and mints reUSD. - Where does Convex fit? Convex holds a large veCRV position and, from 30 July 2026, runs DAO and gauge votes on-chain via vlCVX. - Are the July TVL figures still current? They are a month-end recap published 10 August 2026. Treat them as historical, not live. ## Sources - [Curve Monthly Recap July 2026](https://news.curve.finance/curve-monthly-recap-july-2026/): Primary source for V2 caps and July crvUSD figures - [Curve Vote 1451 — sDOLA and sfrxUSD caps](https://www.curve.finance/dao/ethereum/proposals/1451-ownership): Governance that activated the first Ethereum V2 markets - [LlamaLend V2 markets](https://www.curve.finance/llamalend/ethereum/markets): Official Curve lending UI - [Inverse Finance](https://www.inverse.finance): FiRM, DOLA and sDOLA - [Frax Finance](https://frax.com): frxUSD, sfrxUSD and Fraxlend - [Convex Finance](https://www.convexfinance.com): veCRV boost and vlCVX voting - [Resupply Finance](https://resupply.fi): reUSD CDP on Curve Lend and Fraxlend collateral --- Canonical: https://decentralized-finance.io/article/curve-llamalend-v2-inverse-frax/ Markdown: https://decentralized-finance.io/article/curve-llamalend-v2-inverse-frax.md