crvUSD
CRVUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
Whale Pulse
Large transaction flow (>$10k)
24h Whale Volume
$0.0k
Sentiment
Accumulation
Recent DEX Trades
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Comprehensive evaluation of the token
CRVUSD (crvUSD) is Curve Finance's native over-collateralized CDP stablecoin featuring its innovative LLAMMA soft-liquidation mechanism. The project demonstrates strong active development (score 8.0/10) with consistent controller upgrades, new market deployments (weETH, cbBTC, LBTC), scrvUSD vaults, and formal audits from MixBytes. Team and governance (score 8.0/10) remain robust with active DAO oversight, established parameter management, and collateral onboarding across multiple EVM chains.
Market adoption and utility (score 7.0/10) are solid with a market capitalization around $278M and strong daily velocity within the Curve ecosystem, although liquidity remains predominantly concentrated inside native Curve rails. Tokenomics (score 6.5/10) reflect an elastic CDP issuance model, balanced by dependency on Curve ecosystem health and collateral concentration in wrapped/custodial assets like WBTC and cbBTC. Community support (score 5.5/10) features over 94k holders and active governance forum proposals, though broader social engagement metrics are unverified.
Security and audit history (score 6.5/10) reflects comprehensive audits by MixBytes and high resilience under pressure. Although the ecosystem endured third-party stress events (such as the June 2024 UwU Lend cascade and June 2025 Resupply attack), direct crvUSD smart contracts remained unexploited, bad debt was fully repaid, and peg deviations were brief, bounded, and self-correcting without catastrophic failure or insolvency. No qualifying red-flag events apply, yielding a final weighted score of 6.95/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About crvUSD (CRVUSD)
crvUSD (CRVUSD) is an over-collateralized, crypto-backed stablecoin developed by Curve Finance. Governed by the Curve DAO through parameter management and debt ceilings, the stablecoin employs a collateralized debt position (CDP) model with an elastic supply linked to borrowing demand. Initially deployed on Ethereum, crvUSD is bridged across networks including Arbitrum, Optimism, Base, Polygon, Gnosis, BNB Smart Chain, Taiko, and Fraxtal. Its primary mechanism is the LLAMMA (Lending-Liquidating AMM Algorithm) soft-liquidation model, which continuously converts collateral into stablecoins and back as prices fluctuate to mitigate standard liquidation penalties.
The stablecoin operates within decentralized finance infrastructure via native Curve liquidity pools, LlamaLend lending markets, and savings vaults like scrvUSD. Supported collateral types include assets such as WBTC, cbBTC, weETH, and LBTC. Protocol development has included controller upgrades spanning V1 through V3, with security audits performed by MixBytes. crvUSD maintains a substantial portion of its liquidity and daily trading velocity within native Curve ecosystem rails.
While crvUSD's primary smart contracts have not been directly exploited, the asset has experienced peg dislocations stemming from adjacent protocol incidents. In August 2023, a Vyper compiler vulnerability affected several Curve liquidity pools. In June 2024, an oracle manipulation exploit on UwU Lend involving approximately $20 million led to roughly 8 million crvUSD being borrowed via LlamaLend; the resulting CRV price decline liquidated positions associated with Curve's founder, created approximately $10 million in bad debt that was repaid within days, and caused a temporary upward peg dislocation above $1 for roughly 45 minutes. In June 2025, an ERC-4626 donation attack on a Resupply market collateralized by a crvUSD vault share led to a brief ~3.2% peg deviation. Additional risk factors include reliance on custodial collateral assets like WBTC and cbBTC, as well as liquidity concentration within Curve's native platform.