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Potencial máximo
1x
Retorno potencial
Probabilidad
0%
Probabilidad de éxito
Nivel de riesgo
3/10
Riesgo bajo
Cap. de mercado
$332.70M
Volumen
$3.72M
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Resumen del análisis
Resumen del análisis
crvUSD is Curve Finance's native USD-pegged stablecoin launched in May 2023, featuring the innovative LLAMMA (Lending-Liquidating AMM Algorithm) soft liquidation mechanism. Unlike traditional stablecoins that liquidate positions instantly when collateral value drops, LLAMMA gradually converts collateral to crvUSD across price bands, allowing positions to "de-liquidate" if prices recover. As of December 18, 2025, crvUSD maintains its peg at $0.9918-$1.001 with a market cap of $293.85M-$337.77M and circulating supply of 296.3M-339.7M tokens (varies by source due to dynamic minting/redemption), operating within the broader $310.117B stablecoin market dominated by USDT ($150B+, 48% share) and USDC ($70-75B, 24% share). The stablecoin supports multiple collateral types with WBTC and wstETH as the largest backing assets, plus sfrxETH, tBTC, cbBTC, weETH, LBTC, and ETH across Curve's $2.34B TVL ecosystem (Q3 2025, growing from $2.1B Q2). The protocol offers zero minting fees with variable interest rates that adjust dynamically based on peg stability through automated PegKeeper contracts. The circulating supply reached an all-time high of $179.8M on May 8, 2025, and has continued expanding throughout 2025, demonstrating growing DeFi adoption and borrower demand.
Posición competitiva
crvUSD competes in the rapidly expanding stablecoin market which reached $310.117B market cap on December 13, 2025 (up from $204B in H1 2025), with USDT ($150B+, 48% dominance) and USDC ($70-75B, 24% share) maintaining combined 72% market control. At $293.85M-$337.77M market cap (296.3M-339.7M circulating supply as of December 18, 2025), crvUSD represents 0.095-0.109% of total stablecoin market, operating in a specialized DeFi niche rather than competing for mass-market dominance. Against centralized giants USDT/USDC, crvUSD offers full decentralization, censorship resistance, and transparent on-chain collateral backing, but sacrifices liquidity depth (limited CEX presence after OKX June 2025 delisting) and lacks fiat on/off-ramp infrastructure. Compared to MakerDAO's DAI ($5B+ market cap, established 2017), crvUSD provides superior liquidation mechanics through LLAMMA soft liquidation versus instant hard liquidations, though DAI benefits from longer battle-testing and broader ecosystem adoption. Versus Aave's GHO and Frax, crvUSD's soft liquidation mechanism is more borrower-friendly during volatility, preventing catastrophic instant losses while allowing de-liquidation during price recoveries. Against Ethena's USDe (delta-neutral stablecoin), crvUSD offers simpler overcollateralized design without funding rate dependencies, though USDe provides higher native yields. The competitive advantages are: (1) LLAMMA technology with 50-band configurations losing only small percentages over months in soft-liquidation, (2) deep Curve ecosystem integration ($2.34B TVL in Q3-Q4 2025, user base doubled from 30,000 to 60,000 in 2024 105% YoY growth, 40,000+ monthly users August 2025, $11B October DEX volume), (3) scrvUSD yield-bearing wrapper ($51.37M market cap at $1.08 ATH December 13, 2025) creating positive flywheel where deposits stabilize peg and generate sustainable yields from borrower fees (1-3% APR stabilized rates after 20% initial launch), (4) Resupply protocol launched March 20, 2025 enabling leveraged yield farming that drove Llamalend TVL from $38M to $84M in days and reUSD circulation to $100M+, with October 2025 proposal for additional 5M crvUSD mint to sreUSD market enhancing liquidity, (5) zero minting fees versus competitors charging 0.5-1% origination fees, (6) reliable peg stability at $0.9918-$1.001 despite June 2024 stress test. Revenue performance shows strong trajectory with Q3 2025 fees doubling from $3.9M to $7.3M (fully redistributed to veCRV holders), fee generation rising 32% QoQ, and trading volume hitting $29B (up 13.7% from $25.5B Q2). However, critical vulnerabilities emerged during June 10-12, 2024 upward depeg when UwU Lend exploiter deposited 23.6M CRV (part of $23M exploit) to borrow 8.1M crvUSD, triggering liquidation cascade that exposed PegKeeper's hardcoded 15-minute ACTION_DELAY limitation preventing real-time response. This incident revealed unexpected cross-market contagion where supposedly isolated sUSDe markets experienced inadvertent liquidations, highlighting systemic risks in novel LLAMMA design. The strategic positioning focuses on serving Curve ecosystem power users seeking capital-efficient overcollateralized borrowing with superior liquidation protection, generating DAO revenue (September 2025 $60M credit line to Yield Basis), and expanding utility through multi-chain deployment (Plasma, Etherlink, Optimism, Sonic), rather than pursuing USDT/USDC mass-market scale.
Conclusión
crvUSD represents a significant technical innovation in DeFi stablecoins through its LLAMMA soft liquidation mechanism, addressing catastrophic instant liquidation risks in traditional CDP systems. Built by Curve Finance, one of DeFi's most battle-tested protocols with $2.34B TVL (Q3-Q4 2025, up from $2.1B Q2) and user base that doubled from 30,000 to 60,000 in 2024 (105% YoY growth), it maintains reliable peg stability at $0.9918-$1.001 (December 18, 2025) while offering superior borrower protection through gradual collateral conversion across price bands. The protocol demonstrated strong 2025 momentum with circulating supply reaching 296.3M-339.7M tokens ($293.85M-$337.77M market cap range) by December 18 after hitting $179.8M ATH on May 8, Q3 trading volume hitting $29B (up 13.7% from $25.5B Q2) with October alone reaching $11B in DEX volume, and revenue doubling from $3.9M to $7.3M fully redistributed to veCRV holders, operating within the $310.117B total stablecoin market (December 13, 2025). The late 2024 introduction of scrvUSD in partnership with Yearn Finance proved transformational, reaching $51.37M market cap at $1.08 ATH (December 13, 2025) and creating a positive flywheel where deposits stabilize the peg while generating autocompounding yields (5-50% dynamic revenue share, stabilized at 1-3% APR by early 2025 after 20% initial launch rates) from borrower fees with zero re-hypothecation risk. The March 20, 2025 Resupply protocol launch enabled leveraged yield farming by allowing users to borrow reUSD against scrvUSD, driving Llamalend TVL from $38M to $84M in days and reUSD circulation beyond $100M while preserving underlying yields, with October 2025 DAO proposal for additional 5M crvUSD mint to sreUSD market. Fee generation from crvUSD loans rose 32% QoQ with 40,000+ monthly users in August 2025, and September 2025 DAO approval of $60M credit line to Yield Basis expanded ecosystem utility. However, the June 10-12, 2024 upward depeg incident exposed critical design limitations when UwU Lend exploiter deposited 23.6M CRV (part of $23M exploit) to borrow 8.1M crvUSD, triggering liquidation cascade that revealed PegKeeper's hardcoded 15-minute ACTION_DELAY prevents real-time peg stabilization, causing unexpected cross-market contagion where supposedly isolated sUSDe market users were inadvertently liquidated. OKX delisting of crvUSD perpetuals in June 2025 citing low volume concentrated 95%+ liquidity on Curve-native pools, amplifying manipulation and slippage risks. The LLAMMA soft liquidation mechanism trades catastrophic instant loss for gradual collateral erosion (typically <0.1% daily during volatility, compounding over extended periods), locks collateral preventing withdrawals or additions during soft-liquidation, and still results in irreversible hard liquidation when health reaches zero. At $293.85M-$337.77M market cap within the $310.117B stablecoin market dominated by USDT ($150B+, 48% share) and USDC ($70-75B, 24% share), crvUSD represents just 0.095-0.109% of the market, serving a specialized niche rather than pursuing mass adoption. Whale concentration persists with 94% of supply controlled by large holders, and collateral concentration in WBTC and wstETH as dominant assets creates correlated risk exposure. For sophisticated DeFi users within the Curve ecosystem seeking capital-efficient overcollateralized borrowing with zero minting fees, innovative liquidation protection allowing de-liquidation during recoveries, and yield opportunities through scrvUSD leveraged via Resupply, crvUSD offers compelling technical advantages backed by Curve's proven $2.34B infrastructure. However, the protocol faces significant limitations including limited CEX liquidity, PegKeeper response delays during stress events, potential recursive leverage through scrvUSD→reUSD→crvUSD loops, and scaling challenges that restrict broader adoption beyond its specialized use case as a Curve ecosystem utility token.
Fortalezas
- Innovative LLAMMA soft liquidation mechanism prevents catastrophic instant liquidations and allows positions to recover through automatic de-liquidation when collateral prices rebound, with positions in 50-band max configuration remaining in liquidation mode for months while losing only small percentages
- Built by Curve Finance, one of DeFi's most established protocols with proven track record since 2020 and $2.34B TVL (Q3-Q4 2025, up from $2.1B Q2), demonstrating consistent ecosystem growth and user base expansion from 30,000 to 60,000 users (105% year-over-year increase in 2024)
- Strong Q3 2025 performance: $29B trading volume (up 13.7% from $25.5B Q2), revenue doubled from $3.9M to $7.3M fully redistributed to veCRV holders, with October 2025 alone hitting $11B in DEX trading volume
- Circulating supply reached 296.3M-339.7M tokens ($293.85M-$337.77M market cap range across sources) by December 18, 2025, with all-time high of $179.8M circulating supply achieved May 8, 2025, demonstrating significant expansion throughout 2025 with accelerating DeFi adoption and growing borrower demand
- Exceptional peg stability maintaining price at $0.9918 (December 18, 2025), making it a reliable store of value for DeFi operations despite June 2024 upward depeg stress test
- Zero minting fees and no minimum borrow amount make it accessible and capital-efficient for borrowers compared to competitors with 0.5-1% origination fees
- Savings crvUSD (scrvUSD) developed with Yearn Finance reached $51.37M market cap at $1.08 (December 13, 2025 ATH), offering low-risk autocompounding yields (5-50% dynamic revenue share, stabilized at 1-3% by early 2025 after initial 20% APR launch in late 2024) with no re-hypothecation and fully on-chain collateral through audited Yearn V3 Vaults
- scrvUSD creates positive flywheel effect: deposits stabilize peg → lower borrow rates → more borrowers → higher TVL → sustainable yields, with interest accruing passively and constantly increasing underlying token value
- Resupply protocol launched March 20, 2025 enabling leveraged yield farming (borrow reUSD against scrvUSD for 100M+ reUSD), driving Llamalend TVL from $38M to $84M in days while maintaining user yields on collateral
- Diversified collateral backing with WBTC and wstETH as largest assets, plus sfrxETH, tBTC, cbBTC, weETH, LBTC, and ETH providing resilience against single-asset concentration within Curve's $2.34B ecosystem TVL (Q3-Q4 2025)
Riesgos
- June 10-12, 2024 upward depeg incident exposed critical PegKeeper limitations - UwU Lend exploiter deposited 23.6M CRV to borrow 8.1M crvUSD on Curve Lend, creating inorganic dynamics that triggered liquidation cascade where crvUSD temporarily spiked upward from $1.00 peg due to unexpected liquidation demand
- PegKeeper failed to respond rapidly enough during June 2024 incident - hardcoded 15-minute ACTION_DELAY prevents real-time peg stabilization during volatile events, allowing temporary upward depeg that inadvertently liquidated users in supposedly isolated sUSDe markets, demonstrating unexpected cross-market contagion
- LLAMMA soft liquidation locks collateral - borrowers cannot withdraw or add collateral once in soft-liquidation mode, removing flexibility to defend positions during volatile periods or take profits during favorable price movements
- Hard liquidation occurs irreversibly when loan health drops to zero, causing total collateral loss with no possibility of recovery or de-liquidation regardless of subsequent price recovery
- Gradual collateral erosion during prolonged soft liquidation as LLAMMA continuously rebalances across price bands, incurring trading fees and slippage through extensive buying and selling during market chop (typically <0.1% daily losses, but compounds over extended volatile periods)
- Smart contract complexity with LLAMMA liquidation engine introduces technical risk despite audits from Chainsecurity, Statemind, and Peckshield - novel mechanism with limited battle-testing increases probability of undiscovered vulnerabilities compared to simpler CDP designs
- Market cap of $293.85M represents only 0.095% of $310B total stablecoin market (December 2025), dwarfed by USDT ($150B+, 60% dominance) and USDC ($70-75B), severely limiting liquidity depth and creating vulnerability to large holder movements
- Whale concentration with 94% of circulating supply controlled by large holders indicates centralized distribution rather than organic retail adoption, creating single-point-of-failure risks if major holders rapidly exit positions
- Collateral concentration in wstETH and WBTC as dominant backing assets creates correlated risk exposure - simultaneous stress in liquid staking derivatives or Bitcoin wrapping protocols could trigger cascading liquidations across these collateral types
- Difficult to trace total system leverage since crvUSD can be used as collateral for itself through derivatives (scrvUSD → reUSD → crvUSD loops), potentially creating hidden recursive leverage that amplifies downside during stress events
Puntuación STRICT
Puntuación: 75/100 | Potencial: 1x
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Aviso legal: Este análisis es solo para fines informativos y no debe considerarse asesoramiento financiero. Siempre haz tu propia investigación antes de tomar decisiones de inversión. Las inversiones en criptomonedas son volátiles y conllevan un riesgo significativo.