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 Token incentives Methodology

## 1. Overview

The Curve token incentives metric measures the daily value of CRV tokens distributed as liquidity mining rewards. This metric captures newly minted CRV tokens by identifying transfers from the null address, which represents token creation events in Ethereum. The calculation aggregates these incentive distributions by day and converts them to USD value for standardized reporting.

## 2. Data sources

- **Ethereum ERC-20 token transfer events**: Parsed `Transfer` events from the Ethereum blockchain, specifically filtering for CRV token transfers from the null address
- **End-of-day token price feeds**: USD price data for CRV tokens used for currency conversion
- **Token metadata**: Decimal precision information for accurate amount calculations
- **Account dimension data**: Mapping of incentive distribution addresses to human-readable names

## 3. Step-by-step calculation

### Component A: Liquidity incentive identification
- **Purpose**: Identifies CRV token minting events that represent liquidity incentives
- **Logic**: Extracts `Transfer` events from Ethereum blockchain where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`), indicating new token creation. Filters specifically for the CRV token address (`0xd533a949740bb3306d119cc777fa900ba034cd52`) and only includes transfers occurring after August 12, 2020. Each transfer represents newly minted CRV tokens distributed as liquidity mining rewards.
- **Key fields**: `block_timestamp` for timing, `from_address` (null address), `token_address` (CRV), `value` (token amount), and transaction identifiers (`transaction_hash`, `log_index`)

### Component B: Account dimension enrichment
- **Purpose**: Adds human-readable names to incentive recipient addresses
- **Logic**: Joins the liquidity incentive events with a dimension table that maps account addresses to descriptive names. Currently includes mapping for the null address to "Null address" on Ethereum chain. This component also adds business classification metadata including business line ("Exchange AMM"), market sector ("exchanges"), business segment ("dex"), and version ("v1").
- **Key fields**: `account_address`, `account_name`, `chain` for joining, plus business classification fields

### Component C: Time aggregation and metadata addition
- **Purpose**: Standardizes data to daily grain and adds required metadata fields
- **Logic**: Truncates `block_timestamp` to daily boundaries using day-level granularity. Adds timestamp grain identifier as "day" and includes all business classification metadata (business line, market sector, business segment, product ID, and version information).
- **Key fields**: `timestamp` (truncated to day), `timestamp_grain`, business classification fields

### Component D: Currency conversion and decimal correction
- **Purpose**: Converts token amounts to USD values with proper decimal handling
- **Logic**: Applies the convert_to_usd_and_correct_decimals macro to transform raw token amounts into USD values. Uses end-of-day price feeds for CRV tokens and corrects for token decimal precision (CRV has 18 decimals). This ensures amounts are properly scaled and expressed in USD for consistent reporting.
- **Key fields**: `token_incentives` converted to USD-denominated values

### Final aggregation
- **Combining components**: All components flow sequentially through CTEs, with each building upon the previous transformations
- **Currency conversion**: USD conversion uses end-of-day CRV token prices with automatic decimal correction for the 18-decimal CRV token
- **Time aggregation**: Data is aggregated to daily boundaries with forward-fill logic applied for any missing days using a "fill_zeros" strategy
- **Final calculation**: The metric represents the total USD value of CRV tokens minted and distributed as liquidity incentives on each day, with proper business classification and chain availability filtering applied

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

Value of native tokens distributed as incentives.

CurveCRV

Token incentives

Token incentives

Competitive landscape

Chain breakdown