Curve

Curve pools implement the StableSwap invariant, which combines constant-sum and constant-product curves for assets that trade near the same price. Liquidity concentrates passively around the peg through a single bonding curve rather than through ranges that providers manage. An amplification parameter controls how tightly liquidity clusters, and an off-peg fee multiplier raises fees on swaps that push a pool further from balance. [1]

crvUSD is Curve’s stablecoin. It can be obtained by borrowing against crypto assets such as ETH or BTC, or by buying it. Borrowing runs through Llamalend, where LLAMMA gradually converts collateral instead of liquidating at one price; the documentation notes that this does not guarantee protection from full liquidation and suggests treating entry into the conversion range as a signal to close or reset a position. [2]

CRV can be locked for between one week and four years to receive veCRV, which cannot be transferred or withdrawn early. veCRV holders share weekly fee revenue, vote on which pools and lending markets receive CRV emissions, vote on governance proposals and can boost their own CRV rewards as liquidity providers. [4]