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 Revenue Methodology

## 1. Overview

Curve revenue represents the total income earned by the Curve protocol across its decentralized exchange (DEX) operations, crvUSD stablecoin, and voting incentive services. The metric combines three revenue streams: supply-side fees from DEX trading (calculated from pool performance metrics), direct fee collections from crvUSD operations, and fees from voting incentive deposits. Revenue is calculated by taking total fees generated and applying protocol fee sharing rules to determine the protocol's portion.

## 2. Data sources

- **Curve pool state data**: Daily snapshots of pool virtual prices and profit metrics (`xcp_profit`, `xcp_profit_a`) used to calculate trading performance
- **Pool balance data**: Daily snapshots of token balances in each Curve pool for TVL calculations  
- **Protocol fee tier data**: Daily snapshots of protocol fee sharing percentages for each pool
- **Ethereum event logs**: `Controller_CollectFees` events from crvUSD controller contract capturing direct fee collections
- **Ethereum transaction traces**: `deposit_reward_token` function calls to registered Curve gauge contracts for voting incentives
- **Lido Oracle events**: `PostTotalShares` (v1) and `TokenRebased` (v2) events for calculating stETH rebase rates
- **Token metadata**: Token symbols, decimals, and contract addresses for standardization
- **End-of-day token price feeds**: USD price data for currency conversion
- **Curve registry data**: Pool configurations, gauge registrations, and token mappings

## 3. Step-by-step calculation

### Component A: DEX trading fees calculation
- **Purpose**: Estimates fees generated from DEX trading activity based on pool performance metrics
- **Logic**: Calculate daily APRs for each pool using different methodologies by pool type. For stable pools, use virtual price appreciation between consecutive days as `(current_virtual_price / previous_virtual_price) - 1`. For volatile pools, combine `xcp_profit` and `xcp_profit_a` metrics to calculate profit-based returns as `(current_profit - previous_profit) / previous_profit`. Apply outlier filtering to remove APR values above 0.0005 threshold. For pools containing stETH, subtract the underlying stETH rebase APR to isolate trading-specific returns. Join APR data with previous day's pool balances to estimate fees as `APR × previous_TVL ÷ protocol_fee_tier`. Calculate supply-side revenue by applying protocol fee sharing as `fees × (1 - protocol_fee_tier)`
- **Key fields**: `virtual_price` from pool state, `xcp_profit` and `xcp_profit_a` profit metrics, `net_deposits` for TVL, `protocol_fee_tier` for fee sharing, calculated `apr` and `fees`

### Component B: crvUSD direct fee collections  
- **Purpose**: Captures fees directly collected by the crvUSD stablecoin controller
- **Logic**: Extract `CollectFees` events from Ethereum event logs for the crvUSD controller contract. Sum daily fee amounts by aggregating `amount` field from all events per day. Convert amounts to USD using end-of-day price feeds and correct for token decimals. These represent actual fee collections rather than estimated fees
- **Key fields**: `amount` from controller events, `block_timestamp` for daily aggregation

### Component C: Voting incentive fees
- **Purpose**: Captures fees from voting incentive deposits to Curve gauges  
- **Logic**: Extract `deposit_reward_token` function calls from Ethereum transaction traces to registered Curve gauge contracts. Filter for successful transactions only. Sum daily deposit amounts by aggregating `amount` field from all function calls per day. Convert token amounts to USD using end-of-day price feeds and correct for token decimals. Only include gauges that are registered in the official Curve gauge controller
- **Key fields**: `amount` from function calls, `token_address` for reward tokens, `account_address` for gauge identification

### Final aggregation
- **Combining components**: Union all three revenue components using `UNION ALL`, with each component tagged by market sector (`exchanges` for DEX, `stablecoin_issuers` for crvUSD, `exchanges` for voting incentives) and business segment classifications
- **Currency conversion**: Apply USD conversion using end-of-day token prices and decimal correction for all monetary values
- **Time aggregation**: Aggregate all data to daily boundaries using `timestamp_trunc(timestamp, day)` and apply `fill_zeros` strategy to ensure continuous time series
- **Final calculation**: Sum all revenue components by day to produce total protocol revenue, with proper handling of missing data through zero-filling and chain availability filtering

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

CurveCRV

Revenue

Revenue

Competitive landscape

Chain breakdown