Score STRICT
Potentiel max
1x
Rendement potentiel
Probabilité
0%
Chance de succès
Niveau de risque
3/10
Risque faible
Capitalisation
$331.06M
Volume
$8.71M
Détail du score STRICT
Notre système de notation propriétaire évalue les projets selon 6 dimensions clés.
Aperçu de l'analyse
Aperçu de l'analyse
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.
Position concurrentielle
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.
Conclusion
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.
Points forts
- 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)
Risques
- 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
Score STRICT
Score: 75/100 | Potentiel: 1x
Avertissement: Cette analyse est fournie à titre informatif uniquement et ne doit pas être considérée comme un conseil financier. Faites toujours vos propres recherches avant de prendre des décisions d'investissement. Les investissements en cryptomonnaies sont volatils et comportent des risques significatifs.