Curve Finance
Leading DEX for stablecoin swaps with minimal slippage.
Curve Finance is a decentralized exchange (DEX) specialized for stablecoin swaps and similar assets with minimal slippage and impermanent loss.
Specialized AMM:
•Standard AMM (Uniswap): x*y=k formula
•Curve AMM: optimized for same-value assets (stablecoins, stETH/ETH, WBTC/renBTC)
•Minimal slippage even for huge swaps
Main pools:
•3pool — USDT+USDC+DAI (most liquid)
•stETH pool — stETH+ETH (Lido liquid staking)
•tricrypto — USDT+WBTC+ETH
CRV token:
•Governance + yield token
•veCRV — locked CRV for voting and boosted rewards
•Curve wars: protocols compete for veCRV votes
Curve Wars:
•Convex Finance (CVX) aggregates veCRV power
•Who controls Curve emissions controls DeFi liquidity
•Bribes — protocols pay veCRV holders for votes
CrvUSD:
•Curve native stablecoin (2023)
•Algorithmic, overcollateralized
•LLAMMA system with "soft liquidation"
When to use Curve:
•Swapping large amounts of stablecoins
•Liquid staking token swaps (stETH/ETH)