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). 

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Exchanges (DEX)

Curve

# Curve Total value locked Methodology

## 1. Overview

Curve TVL represents the total value locked across all Curve protocol products, measured in USD. This metric aggregates deposits from three main business lines: decentralized exchange (DEX) AMM pools, crvUSD stablecoin collateral, and LlamaLend lending protocol. The calculation combines pool reserves, collateral balances, and lending deposits while avoiding double-counting of LP tokens.

## 2. Data sources

The metric relies on several data sources:
- **Pool balance data**: Daily snapshots of token reserves held in Curve AMM pools across multiple chains
- **Ethereum events**: Parsed `AddMarket` events from the Curve ControllerFactory contract to identify crvUSD collateral accounts
- **Token balance tracking**: Balance change events for specific accounts monitored through blockchain event processing
- **LlamaLend state data**: Total assets held in LlamaLend lending markets
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal corrections

## 3. Step-by-step calculation

### Component A: DEX pool reserves
- **Purpose**: Calculate the total value of tokens held in Curve AMM pool reserves across all supported chains
- **Logic**: Extract daily pool balance snapshots from Curve's state tracking system, focusing on end-of-day data points. For each pool, retrieve the balance of each constituent token. Handle native ETH by converting addresses to WETH equivalents for consistent pricing. Exclude known compromised pools from the calculation. Apply decimal correction based on token metadata and convert amounts to USD using end-of-day price feeds
- **Key fields**: Pool addresses (`account_address`), token addresses (`token_address`), raw token balances (`net_deposits`), chain identifiers, and timestamps

### Component B: crvUSD collateral tracking  
- **Purpose**: Monitor the value of collateral backing crvUSD stablecoin issuance
- **Logic**: First identify all collateral AMM addresses by parsing `AddMarket` events from the Ethereum ControllerFactory contract. These events establish which AMM contracts serve as collateral for crvUSD. Then track token balance changes for these specific accounts using blockchain event processing. Calculate cumulative balances over time and fill forward any missing daily values to ensure complete time series coverage. Convert final balances to USD using price feeds
- **Key fields**: Collateral account addresses (`account_address`), token balances (`balance`), cumulative amounts, and timestamps

### Component C: LlamaLend deposits
- **Purpose**: Capture the total assets deposited in Curve's LlamaLend lending protocol
- **Logic**: Extract total assets data from LlamaLend state tracking, parsing JSON-formatted amount values into numeric format. Filter out any null or invalid amounts. Apply decimal correction and USD conversion using the hardcoded crvUSD token address, as LlamaLend primarily operates with crvUSD deposits
- **Key fields**: Account addresses (`account_address`), asset amounts (`amount`), and the fixed crvUSD token address

### Final aggregation
- **Combining components**: Union all three component datasets, maintaining their respective business line classifications (exchanges for DEX, stablecoin_issuer for crvUSD, lending for LlamaLend)
- **Double-counting prevention**: Exclude LP tokens identified in the DEX trading pairs dimension from the DEX component to prevent counting the same underlying assets twice
- **Currency conversion**: All components convert to USD using end-of-day price feeds matched by timestamp, chain, and token address
- **Time aggregation**: Data is aggregated to daily granularity with timestamp truncation to day boundaries
- **Final calculation**: Sum all net deposits across the three components, applying chain availability filters and finalization logic for metadata population and zero-filling where appropriate

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

CurveCRV

Total value locked

Total value locked

Competitive landscape

Chain breakdown