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Project overview

Launched in 2020, Curve is a decentralised exchange (DEX) and automated market maker (AMM) that offers a highly efficient way to exchange stablecoins and other crypto assets. It stands out for its specialised liquidity pools designed to mitigate impermanent loss for liquidity providers, as well as stablecoin swaps with low slippage and fees.


Built on the Ethereum network, Curve’s major innovation consists of creating liquidity pools that contain similarly behaving assets, such as various stablecoins or wrapped versions of “like assets”, including wBTC and tBTC. By concentrating liquidity around assets that are price closely together, Curve is able to facilitate far larger trades with less impact on the market price, significantly reduce fees, slippage and impermanent loss compared to other DEXs such as Uniswap.

Curve operates as a decentralised autonomous organisation (DAO), which means its governance is in the hands of CRV tokenholders. By locking their tokens as vote escrowed CRV (veCRV), tokenholders can vote and decide on proposals such as introducing new pools or fee adjustments.

Curve attracts liquidity providers thanks to its incentivised liquidity pools and composability within the Decentralised Finance (DeFi) ecosystem. This allows users to earn rewards in the form of CRV tokens and interest, as well as rewards from other DeFi protocols.

Curve launched its own stablecoin, crvUSD, featuring its own unique liquidation mechanism known as LLAMMA, which acts as a market-making contract to manage the collateralisation of its stablecoin.

Token supply model

Curve adopts a disinflationary token model by reducing the inflation by roughly 15.9 percent each year. Each time the inflation reduces, a new mining epoch starts.

CRV’s supply initially started at 1.273 billion tokens but there will be a maximum supply of 3.03 billion tokens. Inflation rewards are distributed to Curve liquidity providers.

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