Curve Best Yields & Key Metrics | Week 37, 2026
Curve this week in 60 seconds
- Top pool APYs: sUSG/reUSD at 21.5%, OUSD/USG at 18.1%, and MUSD/USDC/USDT at 17.9%.
- Yield quality: leading rates are mostly incentive-driven. sUSG/reUSD has the largest fee contribution, with 8.5 percentage points coming from trading fees.
- Lending: the highest listed supply rates are 7.9% for crvUSD/CRV and 6.5% for crvUSD/svZCHF.
- Protocol: crvUSD held its peg at $0.9996 with $75.8 million minted, while PegKeeper reserves fell to $15.8 million.
- Governance: the YieldBasis BTC fee change is finished — all three pools now charge one flat rate.
This week's takeaway: PegKeeper reserves fell for a second week and now sit in a single PegKeeper, while crvUSD stayed at $0.9996 and minting kept growing. That measure moves in wide swings — it was at zero on 2 July and back to $33.8 million a week later — so the question for next week is whether it rebuilds again.
Top yields
Rates are estimated annualized returns after modeling how a $100,000 deposit would affect each pool. They include trading fees, CRV at the unboosted rate and active Merkl rewards where applicable. Rates are variable and not guaranteed.
Top USD yields
Two unrelated assets in this table share the reUSD ticker: Re Protocol’s reUSD and Resupply USD.
What supports the leading rates: the leading USD pool yields are mostly incentive-driven, so they can fall when rewards change. sUSG/reUSD has the largest fee contribution, with 8.5 percentage points coming from trading fees; for OUSD/USG and MUSD/USDC/USDT the fee share is under half a percentage point, and the MUSD/USDC/USDT rate rests on a live Merkl campaign that ends on its own schedule. MUSD here is Mezo USD. Several leading pools also have relatively low TVL, making their returns more sensitive to new deposits and changes in incentives: $0.21 million for OUSD/USG, $0.65 million for MUSD/USDC/USDT and $1.08 million for sUSG/reUSD, against $2.00 million for sUSDx/USDx.
Top Llamalend supply yields
Top BTC and ETH yields
Other top yields
Protocol activity and stability
crvUSD remained close to peg at $0.9996. Minting rose 4.1% to $75.8 million and Llamalend borrowing rose 4.8% to $144 million, while PegKeeper reserves fell by $26.4 million to $15.8 million. That fall is the mechanism working rather than failing: with crvUSD a fraction below a dollar, the crvUSD/USDT PegKeeper pulled its own crvUSD back out of that pool, which is also why crvUSD/USDT shows the second-largest TVL drop of the week. Four of the five PegKeepers now hold nothing at all. DEX TVL, volume, swaps and fees fell as well, but those measure activity rather than protocol solvency.
crvUSD & scrvUSD
| Metric |
Value |
Weekly change |
 crvUSD Minted |
$75.8M |
+4.1% |
 scrvUSD Yield |
2.2% |
+1.3 pp |
crvUSD inscrvUSD |
21.1% |
-0.6 pp |
crvUSD Price |
$0.9996 |
-$0.0001 |
Average borrow rate |
2.6% |
+0.8 pp |
Peg Stability Reserves |
$15.8M |
-$26.4M |
PegKeeper Profit |
$1.35k |
-$3.24k |
Fees |
$31.5k |
+59.7% |
Llamalend
| Metric |
Value |
Weekly change |
| 🦙 Llamalend TVL |
$259M |
+3.1% |
| 🦙 Supplied |
$93.7M |
+1.8% |
| 🦙 Borrowed |
$144M |
+4.8% |
| 🦙 Collateral |
$233M |
+4.4% |
| 🦙 Loans |
1147 |
+7 |
| 🦙 Fees |
$1.62k |
+14.7% |
DEX
| Metric |
Value |
Weekly change |
| 🔄 TVL |
$1.43B |
-3.8% |
| 🔄 Volume |
$776M |
-1.7% |
| 🔄 Swaps |
353k |
-6.7% |
| 🔄 Total Fees |
$140k |
-23.7% |
Fees here are DEX pool fees only; crvUSD minting fees and Llamalend fees appear in their own sections.
DAO
| Metric |
Value |
Weekly change |
 CRV Circ. Supply |
1.56B |
+0.1% |
CRV Locked |
850M |
-0.1% |
 Total veCRV |
780M |
+0.1% |
veCRV Distribution |
$88.5k |
-6.6% |
veCRV APR |
1.762% |
+0.018 pp |
CRV Emissions |
$686k (1.86M CRV) |
-5.4% |
Inflation Rate |
4.023% |
-0.765 pp |
Governance and protocol updates
YieldBasis BTC pools now charge one flat fee
Vote 1494 executed on 7 September, setting a single 1.30% swap fee on the YieldBasis wBTC, cbBTC and tBTC pools. It finishes the retuning that vote 1491 began on 29 August, and which last week’s issue reported as still being voted on.
The swap fee is what a trader pays and what liquidity providers earn. Until now it was not one number in these pools: it sat low while the pool was balanced and rose sharply as the pool drifted, so trades that unbalanced a pool paid much more. That is gone. A trade now costs the same whatever state the pool is in, which makes the cost predictable for traders and removes the extra payment providers used to collect from unbalancing trades. The wBTC pool is included this time; the August vote had only touched cbBTC and tBTC.
Measured on chain after execution, all three pools read the same in both states: 1.30% balanced and 1.30% out of balance, against 1.28% and 3.28% before. The vote also retunes the policy layer that adjusts leverage — an 8 bp deadband and a 12–54 bp dynamic cap, in the DAO’s own wording; those parameters are quoted from the proposal, not measured here.
Reference tables and largest weekly changes
The following tables provide additional market data for readers who want to go beyond this week’s highlights.
Top stableswap pools by volume
Top cryptoswap pools by volume
| Chain | Pool | Volume | Fees |
| | $12.4M | $5.8k |
| | $7.1M | $4.3k |
| | $5.0M | $2.4k |
| | $2.3M | $2.8k |
| | $2.3M | $10.3k |
|  USDC.e EURe (Monerium) | $2.0M | $202.6 |
Largest CRV emission changes
OETH/WETH took the largest weight gain of the week, having given up the most last week.
DEX markets
Largest fee changes
Largest volume changes
Largest TVL changes
Llamalend markets
crvUSD minting markets: largest debt changes
The week’s growth in crvUSD debt came from ETH collateral. BTC roughly cancelled itself out: WBTC added $1.43 million while cbBTC was paid down by $1.48 million, against $3.07 million added on wstETH.
Lending markets: largest borrowing changes
Lending markets: largest supply changes
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Risk information: pool risks, lending risks and crvUSD risks.
sUSG
reUSD (Re Protocol)
OUSD
USG
MUSD
USDC
USDT
frxUSD
sUSDai
sUSDx
USDx
reUSD (Resupply USD)
sDOLA
frxUSD
FXB20551231
sfrxUSD
scrvUSD
crvUSD
CRV
svZCHF
sUSDe
WETH
fxSAVE
syrupUSDC
WBTC
wstETH
ETH
ETHx
ynETHx
WETH
frxETH
sfrxETH
cbBTC
hemiBTC
cbBTC
WBTC
LBTC
sdCRV
cvxCRV
GHO
ZCHF
CJPY
XAUt
PAXG
DAI
USDG
USDe
stETH
PYUSD
USDat
fxUSD
tBTC
OETH
DOLA
VUSD
pmUSD
sDAI
apyUSD
apxUSD
WBNB
USDT
RLUSD
msETH
sfrxETH
weETH
USDC
wstETH
WBTC
WETH
sreUSD