dex protocol review
Curve
Liquidity and stable-swap markets that define exit depth for major stablecoins, LSTs, LRTs, and crvUSD.
partialhigh
TVL
$2.70B
Protocol reported or analyst-entered value.
Exposure
$2.30B
Mapped collateral and market exposure.
Dependencies
19
1 critical dependencies.
Markets
2
3 monitor signals configured.
Protocol facts
Static fields from the typed research record.
ProductsStable pools, Crypto pools, crvUSD, LLAMMA
ChainsEthereum, Arbitrum One, Base, OP Mainnet, Polygon PoS
Categorydex
Review statuspartial
Markets
Collateral, oracle, cap, and liquidation parameters by market.
Risk findings
Findings separate the observed evidence from the analyst outcome.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| high | liquidity liquidation | Exit depth is shared collateral infrastructure | Liquidations can fail. | Lending markets often rely on Curve depth for stablecoin and LST exits during stress. |
Dependency edges
Inbound and outbound trust assumptions touching this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | inbound | depends on | Aave V3 -> Curve | Aave liquidation assumptions depend on Curve liquidity for stablecoins and LSTs |
| medium | outbound | accepts collateral | Curve -> USDC | Curve Stablecoin pools accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> USDT | Curve Stablecoin pools accepts USDT as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> stETH | Curve ETH LST pools accepts stETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> wstETH | Curve ETH LST pools accepts wstETH as collateral or core liquidity |
| medium | inbound | depends on | crvUSD -> Curve | crvUSD depends on Curve liquidation and liquidity infrastructure |
| low | outbound | settles on | Curve -> Ethereum | Curve deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Curve -> DAI | Curve Stablecoin pools accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> USDS | Curve Stablecoin pools accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> FRAX | Curve Stablecoin pools accepts FRAX as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> crvUSD | Curve Stablecoin pools accepts crvUSD as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> WETH | Curve ETH LST pools accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> rETH | Curve ETH LST pools accepts rETH as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> cbETH | Curve ETH LST pools accepts cbETH as collateral or core liquidity |
Blast radius
Highest-severity paths that could transmit risk into or out of this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | inbound | depends on | Aave V3 -> Curve | Aave liquidation assumptions depend on Curve liquidity for stablecoins and LSTs |
| medium | outbound | accepts collateral | Curve -> USDC | Curve Stablecoin pools accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> USDT | Curve Stablecoin pools accepts USDT as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> stETH | Curve ETH LST pools accepts stETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Curve -> wstETH | Curve ETH LST pools accepts wstETH as collateral or core liquidity |
| medium | inbound | depends on | crvUSD -> Curve | crvUSD depends on Curve liquidation and liquidity infrastructure |
| low | outbound | settles on | Curve -> Ethereum | Curve deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Curve -> DAI | Curve Stablecoin pools accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> USDS | Curve Stablecoin pools accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> FRAX | Curve Stablecoin pools accepts FRAX as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> crvUSD | Curve Stablecoin pools accepts crvUSD as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> WETH | Curve ETH LST pools accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> rETH | Curve ETH LST pools accepts rETH as collateral or core liquidity |
| low | outbound | accepts collateral | Curve -> cbETH | Curve ETH LST pools accepts cbETH as collateral or core liquidity |