Liquidity providers deposit funds into Curve and receive trading fees from traders (supply-side fees).

Curve is a non-custodial exchange protocol built originally on Ethereum. Curve was founded by Michael Egorov and launched in 2020.

CRV tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). 

governance

github

twitter

discord

etherscan

website

Exchanges (DEX)

Curve

# Curve Outstanding supply Methodology

## 1. Overview

The outstanding supply metric for Curve measures the total amount of crvUSD stablecoin tokens in circulation at any given time. This metric tracks the aggregate debt positions within the Curve stablecoin protocol, representing the total supply of crvUSD tokens that have been minted and are currently outstanding. The calculation uses debt records from the Curve stablecoin protocol to determine the circulating supply, which is then converted to USD values for standardized reporting.

## 2. Data sources

- **Curve protocol debt records**: Debt position data from the Curve stablecoin protocol, specifically tracking crvUSD debt amounts and positions
- **End-of-day price feeds**: Token price data used for USD conversion of outstanding supply values
- **Token metadata**: Information about the crvUSD token including its contract address (`0xf939e0a03fb07f59a73314e73794be0e57ac1b4e`) and decimal precision (18 decimals)

## 3. Step-by-step calculation

### Component A: Raw debt data extraction
- **Purpose**: Extract total debt amounts from the Curve stablecoin protocol for crvUSD tokens
- **Logic**: The calculation retrieves debt records from the Curve stablecoin protocol data, filtering specifically for the crvUSD token using its contract address `0xf939e0a03fb07f59a73314e73794be0e57ac1b4e`. Each record contains timestamp, chain information, token address, and raw debt amount values stored as JSON. The raw `amount` values are extracted from JSON format and converted from the token's native decimal precision (18 decimals) to human-readable format by dividing by 10^18.
- **Key fields**: `timestamp` for timing, `chain` for blockchain identifier, `token_address` for token identification, `amount` for debt value (converted from 18-decimal precision)

### Component B: Daily aggregation and gap filling
- **Purpose**: Aggregate debt amounts by day and ensure complete time series without gaps
- **Logic**: The extracted debt data is grouped by timestamp (daily grain), chain, and token address. For each day-chain-token combination, the average of all debt amounts is calculated to produce a single daily outstanding supply value. A forward-filling process is then applied to ensure there are no missing days in the time series - if data is missing for any particular day, the most recent previous value is carried forward to fill the gap.
- **Key fields**: `timestamp` (daily), `timestamp_grain` (set to 'day'), `chain_id`, `token_address`, `outstanding_supply` (daily averaged amount)

### Final aggregation
- **Combining components**: The daily outstanding supply values flow directly from the aggregation component without additional joining
- **Currency conversion**: Outstanding supply amounts are converted to USD using end-of-day price feeds through a standardized conversion macro that applies current market prices to the token amounts
- **Time aggregation**: Data is aggregated at daily boundaries with forward-filling applied to maintain complete time series
- **Final calculation**: The final metric represents the USD value of total outstanding crvUSD tokens in circulation, calculated as the daily average of all debt positions multiplied by the token's USD price, with any gaps filled using a zero-filling strategy and filtered based on chain data availability

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

CurveCRV

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown