Curve DAO Token

CRV is the token of Curve Finance, an exchange for swapping stablecoins and other assets of similar value, which also runs crvUSD and lending markets.

Curve Finance is an automated market maker: users swap tokens against pools of liquidity instead of an order book. It specialises in assets meant to have the same value, such as dollar stablecoins or wrapped ether, and since 2026 also runs foreign-exchange pools between currencies. In 2025 it handled $126 billion of trades.

CRV is the governance token. Holders lock it as veCRV to vote on pools and on where new CRV rewards go, and veCRV receives a weekly share of protocol fees in crvUSD. Most of those fees come from swaps; a smaller part comes from interest paid by crvUSD borrowers.

Curve also issues crvUSD, a stablecoin that users mint by borrowing against collateral and pay interest on, and runs LlamaLend lending markets. CRV supply is capped at about 3.03 billion; new CRV is minted to liquidity providers at a rate that falls about 15.9% each year.