Curve DAO
CRV

CRV – Curve DAO Token Price, Charts, Marketcap, and Other Stats

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CRV powers Curve DAO — a DeFi platform for stablecoin trading and governance.

Discover CRV’s expanding DeFi utilities—share your contact to receive a detailed breakdown.

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Curve DAO
CRV
$ 0.472356 -0.29%

Market cap

$ 672,399,896

Volume (24h)

$ 166,898,977

Total supply

2,322,023,044 CRV

Max. supply

3.03B CRV

Circulating supply

1,423,503,968 CRV

CRV to USD converter

CRV

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About

Curve DAO Token (CRV) is the native governance and utility token of Curve Finance — a leading decentralised exchange (DEX) designed for stablecoins and pegged-value assets. As the backbone of the protocol, CRV empowers users to vote on network proposals, participate in yield-boosting mechanisms, and align long-term with the platform’s incentive structure.

Curve’s automated market maker (AMM) model delivers ultra-low slippage, deep liquidity, and efficient stable pricing — making it the preferred platform for traders, liquidity providers, and DeFi protocols focused on capital efficiency and stability.

What Is Curve DAO Token (CRV)?

Curve DAO Token (CRV) is the native governance and utility token of Curve Finance, a decentralised exchange (DEX) optimised for trading stablecoins and similarly priced assets. Launched in August 2020, CRV plays a key role in sustaining the protocol’s decentralised structure while also incentivising users to provide liquidity to Curve’s pools.

Unlike general-purpose DEXs, Curve is purpose-built for low-slippage swaps between assets like USDC, DAI, and USDT. The Curve protocol uses an automated market maker (AMM) model that reduces impermanent loss for liquidity providers and delivers more efficient pricing for stable assets. As a result, Curve has become a critical piece of infrastructure in the DeFi ecosystem — especially for stablecoin protocols, yield aggregators, and institutional liquidity strategies.

CRV’s Core Functions:

  • Governance: CRV holders vote on parameters such as fee structures, liquidity gauge weights, new pool additions, and smart contract upgrades via the Curve DAO.
  • Staking & Boosting: Locking CRV converts it into veCRV (vote-escrowed CRV), which grants boosted rewards, voting rights, and a share of protocol revenue.
  • Liquidity Incentives: CRV is distributed to users who provide liquidity, compensating them for capital exposure and contributing to protocol depth.
  • Long-Term Alignment: The longer you lock CRV (up to 4 years), the more veCRV you receive — incentivising consistent, long-term participation.

Key Takeaways

  • CRV is more than a reward token — it governs, incentivises, and stabilises Curve’s ecosystem.
  • Locking CRV into veCRV boosts rewards and voting power.
  • Curve is designed for stablecoins, offering efficient trades and low slippage.
  • The Curve DAO ensures decentralised, transparent decision-making.
Who Created Curve Finance?

Curve Finance was created by Michael Egorov, a Russian-born physicist and software engineer with a deep background in cryptography and decentralised infrastructure.

Before founding Curve, Egorov:

  • Co-founded NuCypher, a privacy-focused crypto project offering key management and encryption systems for dApps
  • Developed LoanCoin, an early decentralised lending platform
  • Held research and engineering roles in high-performance computing and cryptographic protocols

In August 2020, Curve officially launched its DAO and released the CRV token, distributing governance rights to the community. Based on veCRV (vote-escrowed CRV), the DAO’s governance structure became one of DeFi’s most influential models, inspiring other protocols to adopt long-term locking and decentralised control frameworks.

While Egorov initiated Curve’s design and early development, protocol decisions today are governed by veCRV holders via smart contracts — making the project a self-sustaining DAO with distributed governance.

How Does Curve Finance Work?

Curve Finance is a decentralised exchange (DEX) that uses an automated market maker (AMM) model to facilitate highly efficient swaps between stablecoins and pegged assets. What makes Curve different is its low-slippage, low-fee design — purpose-built for assets that are supposed to maintain the same value, such as USDC, USDT, DAI, and various forms of wrapped tokens.

Key Components of Curve’s Mechanism

  1. Custom AMM Formula
    Unlike standard AMMs (e.g., Uniswap), which use a constant product formula, Curve blends this with a constant sum formula to concentrate liquidity around the 1:1 price ratio.
    Result: Minimal price impactwhen swapping stablecoins or equivalent assets.
  2. Liquidity Pools
    Users deposit tokens into pools (e.g., USDC/DAI/USDT) and receive LP tokens. These pools:
    • Power the AMM for swaps
    • Collect small trading fees
    • Distribute CRV and third-party tokens as incentives
  1. veCRV (vote-escrowed CRV)
    Users can lock CRV for up to 4 years to receive veCRV. Benefits include:
    • Increased CRV rewards for liquidity providers
    • Voting rights in the DAO
    • A share of trading fees
  1. Governance via Curve DAO
    The Curve DAO governs all protocol-level decisions:
    • Emission schedules and gauge weights
    • Pool approvals and smart contract upgrades
    • Strategic partnerships and integrations
  1. crvUSD & LLAMMA
    Curve’s ecosystem also includes a native stablecoin:
    • crvUSD: Overcollateralised stablecoin issued using assets like ETH or wBTC
    • LLAMMA: A liquidation smoothing algorithm that gradually converts collateral during price drops, reducing liquidation shocks

Key Takeaways

  • Curve optimises AMM design for stable assets, delivering efficient, low-slippage trades.
  • Liquidity providers earn CRV and fee income, boosted via veCRV locks.
  • veCRV governs the protocol and incentivises long-term alignment.
  • crvUSD and LLAMMA expand Curve’s functionality into lending and native stablecoin issuance.
What Makes Curve Unique?

Curve Finance stands out in the DeFi space because of its laser focus on stable assets, capital efficiency, and a governance system that rewards long-term alignment. Rather than competing with general-purpose DEXs, Curve has carved out a dominant niche by specialising in low-volatility assets like stablecoins and liquid staking tokens (e.g., stETH, frxETH).

What Sets Curve Apart

  1. Specialised for Pegged Assets
    Curve’s custom AMM algorithm is fine-tuned for assets that trade near parity — such as USDT, USDC, and DAI.

This allows for:

  • Lower slippage, even on large trades
  • Reduced impermanent loss for LPs
  • More reliable pricing for integrators and arbitrageurs
  1. veCRV: A Game-Changer in Governance
  • Users who lock CRV for veCRV gain voting power and boosted rewards
  • The longer the lock (up to 4 years), the more influence and yield
  • Protocols often bribeveCRV holders to direct rewards to their preferred pools — creating a competitive “liquidity war” system
  1. Modular Ecosystem Design
    Curve isn’t just a DEX — it’s a flexible ecosystem supporting:
  • Lending via crvUSD
  • Deep integrations with platforms like Convex, Yearn, and Frax
  • Deployment across Ethereum, Arbitrum, Optimism, and other chains
  1. Proven Governance & DAO Model
    The Curve DAO governs:
  • Liquidity gauge weights (which influence CRV rewards)
  • Protocol upgrades and new pool approvals
  • Fee structure and emission rates

This decentralised governance model has become a reference point in DeFi.

  1. Long-Term Alignment Through Tokenomics
    By rewarding veCRV holders and disincentivising short-term speculation, Curve encourages long-term ecosystem participation — a sharp contrast to fast-farm-and-dump models in other protocols.

Key Takeaways

  • Curve’s algorithm is built specifically for low-volatility assets like stablecoins and staked tokens.
  • veCRV locks incentivise long-term holding, governance participation, and boosted rewards.
  • Governance is active, decentralised, and shaped by the very users who power liquidity.
  • The “Curve Wars” dynamic creates competitive, protocol-driven incentive flows that deepen liquidity and decentralisation.
What Are Some Real-World Use Cases of Curve?

While Curve is deeply embedded in the DeFi ecosystem, its role extends beyond just token swapping. Its infrastructure supports everything from institutional stablecoin trading to automated liquidity routing and decentralised governance mechanisms — making it essential to the broader financial stack of crypto.

Stablecoin Swapping at Scale

Curve is the go-to platform for trading stablecoins like USDC, USDT, and DAI with minimal slippage. It powers:

  • Retail swaps between major stablecoins
  • Institutional-grade arbitrage between synthetic dollar-pegged tokens
  • Cross-chain stable liquidity via wrapped versions (e.g., wUSDC, ankrETH, LUSD)

Yield Aggregators & Vaults

Protocols like Convex Finance, Yearn, and Frax integrate directly with Curve to:

  • Optimise yield farming strategies
  • Offer auto-compounding vaults based on Curve LP tokens
  • Direct governance votes via veCRV or bribes to influence CRV emissions

Curve’s AMMs form the foundation layer for many yield-maximising strategies in DeFi.

Native Stablecoin (crvUSD)

Curve has launched its own stablecoin, crvUSD, which uses:

  • Overcollateralised crypto assets (e.g., ETH, wBTC) as backing
  • The LLAMMA liquidation engine, which gradually de-risks collateral instead of liquidating it all at once

crvUSD adds a new utility to Curve’s ecosystem — enabling lending, borrowing, and savings vaults — while maintaining capital efficiency.

Institutional Liquidity & Integrations

Major DeFi platforms and DAOs use Curve pools to bootstrap and deepen liquidity. Examples include:

  • Lido: Uses Curve to stabilise stETH liquidity
  • Frax: Integrates deeply for FXS and frxETH trading pairs
  • Angle Protocol: Routes agEUR liquidity through Curve’s stable pools

Curve’s governance model also allows DAOs to influence gauge votes and attract CRV emissions — creating strategic, incentive-driven liquidity flows.

Multichain Support

Curve is deployed on:

  • Ethereum mainnet
  • Arbitrum
  • Optimism
  • Polygon
  • Avalanche
  • Fantom

This makes Curve pools accessible with low fees across leading ecosystems — driving mass adoption and integration.

Key Takeaways

  • Curve powers some of the largest stablecoin trades and liquidity pools in DeFi.
  • Protocols like Convex, Lido, and Frax rely on Curve for capital-efficient liquidity.
  • Its crvUSD stablecoin and LLAMMA engine expand use cases into lending and yield strategies.
  • Curve’s pools form the infrastructure layer for DeFi liquidity — trusted by institutions, DAOs, and aggregators alike.
What Is the Supply Model and Unlock Schedule for Curve DAO Token (CRV)?

Curve DAO Token (CRV) was launched in August 2020 with a total maximum supply of 3.03 billion CRV. The token plays a central role in Curve’s incentive system, protocol governance, and long-term sustainability strategy.

Allocation Breakdown

According to the official unlock dashboard (as of May 12, 2025), the token distribution is as follows:

  • Community Incentives: 56.97%
  • Core Team: 26.45%
  • Early Users: 5.00%
  • Investors: 3.57%
  • Employees: 3.00%
  • Reserve: 5.01%

This structure ensures that the majority of CRV is allocated to ecosystem participants, while maintaining long-term incentives for contributors and early supporters.

Unlock Progress (as of May 2025)

  • Unlocked: 2.27 billion CRV (74.9%)
  • Locked: 758.48 million CRV (25.03%)
  • Untracked: 2.01 million CRV (0.07%)
  • Unlocked Circulating Supply: 2.268 billion CRV
  • Unlocked Market Cap: $1.67 billion USD

CRV tokens continue to unlock on a scheduled basis, with early allocations to team members and investors subject to vesting. There was no premine, and most tokens are released via liquidity incentives.

veCRV and Long-Term Locking

CRV holders can lock tokens to receive vote-escrowed CRV (veCRV) — a mechanism that grants:

  • Boosted CRV rewards for liquidity providers
  • Voting power in the Curve DAO
  • A portion of the protocol trading fees

The longer the lock duration (up to 4 years), the greater the user’s veCRV balance. This system aligns long-term commitment with greater governance influence and yield.

Key Takeaways

  • CRV has a capped supply of 3.03B, with over 2.27B already unlocked and in circulation.
  • The majority of tokens are allocated to the community and ecosystem incentives.
  • Team and investor tokens are still partially locked under structured vesting.
  • veCRV strengthens protocol governance and rewards long-term holders
Where Can You Buy Curve DAO Token (CRV)?

Curve DAO Token (CRV) is widely available across both centralised and decentralised exchanges. Whether you’re looking to trade, stake, or participate in governance, CRV can be acquired easily and securely.

Centralised Exchanges (CEXs)

You can buy CRV with fiat currencies or other cryptocurrencies on trusted global exchanges, including:

  • Binance
  • Coinbase
  • Kraken
  • Bybit
  • OKX
  • HTX (formerly Huobi)
  • KuCoin
  • Bitfinex

Supported trading pairs include:

  • CRV/USDT
  • CRV/BTC
  • CRV/ETH
  • CRV/EUR
  • CRV/USD

Most CEXs also offer custodial wallet storage, though long-term holders often prefer self-custody for governance and veCRV staking.

Decentralised Exchanges (DEXs)

CRV is also accessible through leading decentralised platforms, including:

  • Uniswap
  • Balancer
  • SushiSwap
  • 1inch
  • Curve Finance itself

⚠️ Always verify the token contract address when purchasing on a DEX. Use official links from Curve’s documentation or CoinGecko to avoid phishing scams.

Tips for Buyers

  • New to crypto?Platforms like Coinbase and Binance offer easy fiat on-ramps.
  • DeFi-savvy?Purchase CRV on a DEX and lock it into veCRV or use Curve + Convex to boost your yield and voting influence.
  • Long-term investor?Use recurring buys via Kraken or OKX for dollar-cost averaging.

Storage & Wallets

CRV is an ERC-20 token, compatible with all Ethereum-based wallets, including:

  • MetaMask
  • Ledger / Trezor hardware wallets
  • Trust Wallet
  • Safe (formerly Gnosis Safe)
  • Rabby Wallet/ Rainbow Wallet

For staking, governance, or veCRV interactions, use wallets that support dApp smart contract integrations.

Key Takeaways

  • CRV is widely listed across top exchanges with strong liquidity and fiat access.
  • It’s also natively available on Curve and other major DEXs.
  • Staking, governance, and boosted yield strategies are easily accessible through veCRV and Convex integrations.
  • Always use secure wallets and verified sources to avoid phishing or contract fraud.
How Is the Curve Network Secured?

Curve Finance is built on Ethereum and other Layer-1/L2 networks, and it inherits the core security features of those chains — including cryptographic validation, decentralised consensus, and smart contract immutability. However, Curve adds additional layers of risk management and protocol-level protection tailored to its role as a decentralised exchange for stablecoins.

Smart Contract Security

Curve’s smart contracts have undergone multiple audits by well-known blockchain security firms, and its codebase is open-source — allowing for ongoing peer review.

Still, risks do exist:

  • Like any AMM-based DEX, Curve users face impermanent loss, where pooled assets may diverge in value relative to market prices.
  • There are also protocol-specific risks such as liquidity pool composition imbalancesor exposure to external token failures (e.g., depegging of a stablecoin in a pool).

Curve mitigates these risks by:

  • Releasing new pools only after community vetting and DAO approval
  • Using minimal, composable smart contract design
  • Offering tools like the LLAMMA engineto reduce liquidation volatility in the crvUSD system

DAO Governance as a Security Layer

Curve’s decentralised governance model adds another layer of security:

  • Protocol upgrades and pool deployments are approved by veCRV holders, rather than controlled by a central team.
  • This reduces the risk of unilateral changes or malicious control.
  • Voting power is time-locked via veCRV, discouraging short-term manipulation.

 

External Integrations & Audits

Curve is heavily integrated into the broader DeFi ecosystem — with vaults, aggregators, and yield optimisers like Convex, Yearn, and Lido routing large volumes through its pools.

Because of its systemic importance, Curve:

  • Is continuously monitored by risk frameworks like Gauntletand DeFi Safety
  • Adheres to upgrade cycles that allow the community to test and challenge changes before deployment

Key Takeaways

  • Curve leverages the security of the Ethereum network and relies on audited, open-source smart contracts.
  • Protocol governance via veCRV ensures no single entity can control upgrades or parameters.
  • While impermanent loss and pool risks exist, Curve uses design strategies and community oversight to mitigate them.
  • Its role as a stablecoin-focused DEX demands cautious, peer-reviewed development — and that’s exactly how it operates.
How Does Curve Compare to Other DeFi Protocols?

Curve stands out as a purpose-specific DEX optimised for trading pegged assets — especially stablecoins and liquid staking tokens. While other protocols may offer broader functionality or higher yield speculation, Curve’s strength lies in its stability, composability, and alignment with long-term DeFi infrastructure.

Here’s a comparative overview:

Feature

Curve

Uniswap

Balancer

SushiSwap

Aave

Core Function

Stablecoin/staked asset trading

General token swaps

Customised weighted pools

Token swaps + farming

Lending/borrowing

AMM Design

Hybrid formula (stable-focused)

Constant product (x*y=k)

Multi-token, weighted ratios

x*y=k with incentives

N/A (not AMM)

Governance

veCRV time-locked voting

UNI token, no locking

veBAL (inspired by Curve)

Sushi token DAO

AAVE token DAO

Staking Mechanism

veCRV boosts rewards + governance

UNI has no staking utility

veBAL offers a similar model

xSUSHI staking for rewards

stkAAVE for safety mining

Yield Influence

Curve Wars, Convex, Gauge weights

Passive LP fees only

Liquidity mining + veBAL wars

Incentives, but fewer gauges

Interest-based yield

Focus Assets

Stablecoins, LSTs, and pegged tokens

Broad ERC-20 market

Weighted pools, experimental

Broader but shallower focus

Stablecoins, ETH, wBTC

Key Takeaways

  • Curve is highly specialised — it doesn’t aim to be everything, but it dominates the stable assettrading vertical.
  • Its veCRV modelhas reshaped how DeFi governance and yield flows work, inspiring veBAL, veFXS, and others.
  • Curve works best when integrated with vaults and aggregatorslike Convex, Yearn, and Lido.
  • Unlike Uniswap or SushiSwap, Curve intentionally trades depth and simplicity for fine-tuned capital efficiency and governance control.
Where to Find Official Updates & Support for Curve

To stay updated on Curve’s latest developments, governance proposals, and ecosystem tools, the official website curve.fi is your starting point. It includes access to live swaps, pool information, staking, and more. Governance discussions and voting take place on dao.curve.fi, while docs.curve.fi offers technical guides and frequently asked questions. For real-time news, partnership announcements, and highlights from the Curve ecosystem, follow @CurveFinance on Twitter/X. Developers can also explore the open-source codebase and active protocol improvements via Curve’s GitHub.

For community support, Curve is highly active across multiple platforms. You can connect with contributors and other users through Discord for development-related questions and liquidity provider (LP) support. Telegram is useful for real-time announcements and general updates, while CurveFinance on Reddit hosts broader discussions, community Q&As, and AMAs.

Want to Learn More About Curve?

Curve isn’t just another DEX — it’s a foundational layer in decentralised finance, powering deep liquidity, stablecoin efficiency, and governance-driven yield strategies. Whether you’re an active liquidity provider, a protocol strategist, or just getting started in DeFi, Curve offers a suite of tools built for precision, participation, and long-term value.

Looking to:

  • Explore how veCRV boosts governance and yield?
  • Understand Curve’s role in stablecoin infrastructure?
  • Learn how CRV, Convex, and crvUSD fit into your DeFi toolkit?

Kenson Investments is here to help.
We provide educational content, strategic insights, and research-backed analysis to help you engage with Curve and the broader DeFi landscape — responsibly and confidently.

Looking to better understand DeFi and digital asset ecosystems like Curve DAO (CRV)?

Connect with the Kenson Investments team for expert insights and guidance in digital finance.

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