Executive Summary
Curvature is a dedicated risk team seeking an initial six-month mandate to work exclusively for Curve DAO.
Scope and Operated Services: From the start of the mandate, Curvature will assume responsibility for the two core areas identified in the RFQ:
- LlamaLend isolated markets and related infrastructure; and
- crvUSD mint markets, PegKeepers, and DAO-authorized crvUSD credit lines.
Curvature will use prior materials where useful and independently rebuild any missing or unsuitable processes.
The operated service includes:
- pre-decision risk reviews and parameter recommendations;
- assessment of assets, liquidity, liquidation, oracles, dependencies, failure modes, and value to Curve DAO;
- recommendations on parameters, exposure limits, monetary policy, and market lifecycle actions;
- ongoing monitoring, dashboards, alerts, escalation, and incident response;
- governance recommendations and executable payload support; and
- tracking of unresolved risks and follow-up actions.
Excluded Scope: Standalone gauge strategy, business development, legal or regulatory services, smart-contract development and audits, and production frontend development are excluded. Gauge analysis remains included where incentives materially affect an in-scope risk decision.
KPIs and Reporting: Curvature’s principal commitments are to:
- complete at least 90% of standard risk reviews within seven business days after receiving the required information;
- publish a Risk Parameter Map by Day 10 and launch the initial public monitoring dashboard by Day 30;
- monitor all active in-scope markets and exposures by Day 60, and begin monitoring new markets from the day they activate;
- maintain at least 99% monthly availability for dashboards and alerting systems from Day 61, excluding planned maintenance and documented external outages;
- provide an initial assessment or recommendation within 24 hours of detecting a critical event;
- complete and document post-incident reviews within ten business days of resolving material incidents;
- publish the methodology, assumptions, limitations, and rationale supporting material recommendations;
- publish full portfolio reviews and KPI reports in Months 3 and 6.
Initial core frameworks and methodologies will be published by Day 60. Curvature will submit a proposal for a subsequent 12-month mandate by Day 150 and, if the mandate is not renewed, deliver a continuity and handoff package by Day 180.
DAO Access and Transparency: Curve DAO will receive perpetual access and usage rights to Curve-specific deliverables funded under the mandate, including applicable code, methodologies, models, dashboard code and specifications, alert definitions, risk registers, runbooks, and supporting documentation.
Material assumptions and limitations will be documented, and deliverables will be published or otherwise made accessible to the DAO where disclosure does not create operational, security, or market-integrity risks. Curvature may reuse and commercialize generalized tooling and know-how, provided this does not restrict Curve DAO’s continued use of the Curve-specific deliverables.
Coordination and Responsibility: Swiss Stake will serve as the primary coordination counterpart, with additional coordination involving the backend team and other relevant Curve contributors.
Curvature is responsible for the quality, transparency, reproducibility, and documented limitations of its analysis, models, monitoring outputs, and recommendations. Curve DAO, eDAO, and other authorized actors retain final decision-making and execution authority.
Team: Curvature is a three-person team with direct experience in Curve, LlamaLend, crvUSD, LLAMMA risk modelling, market monitoring, data engineering, and governance support.
Budget and Payment Structure: Curvature requests an initial 6-month mandate budget of 200,000 crvUSD equivalent, based on an annualized operating budget of 400,000 crvUSD equivalent.
| Component | Annualized amount | Ask for 6-month period | 6-month value |
|---|---|---|---|
| crvUSD | 333,333 crvUSD | 166,667 crvUSD | 166,667 crvUSD |
| CRV | 394,000 CRV | 197,000 CRV | 33,333 crvUSD equivalent |
| Total | — | — | 200,000 crvUSD equivalent |
Budget expenditures will be funded proportionally from the approved budget assets, approximately 83% crvUSD and 17% CRV.
Prototype Risk Dashboard: Curvature has developed an initial public prototype, it illustrates the intended direction for market coverage, risk indicators, and governance-facing dashboards; it is not presented as the final production system. View prototype.
Scope and Operated Services
Curvature proposes to provide risk assessment and ongoing monitoring across both core areas identified in the RFQ:
- crvUSD mint markets, PegKeepers, and DAO credit lines; and
- LlamaLend isolated markets and related infrastructure.
Coverage includes active and proposed exposures, as well as deprecated, migrating, or impaired markets that continue to present material risk. New products outside these categories will require separate scoping unless they directly affect an existing in-scope exposure.
1. Transition and Continuity
Curvature will review available materials from the prior provider and determine what can be reused, updated, replaced, or retired.
This includes methodologies, models, dashboards, monitoring systems, documentation, and outstanding governance or risk work.
Curvature will:
- catalogue available materials and dependencies;
- identify missing, outdated, or unusable components;
- confirm which markets and parameters require ongoing coverage; and
- convert unresolved issues into prioritized workstreams.
Delivery will not depend on receiving prior materials. Where materials are unavailable or unsuitable, Curvature will independently develop the required processes and tools.
2. Product Risk Coverage
2.1 LlamaLend
Curvature will provide risk coverage for active and proposed LlamaLend markets, including onboarding, parameter changes, migration, impairment, and deprecation.
This includes:
- assessing collateral and borrowed-asset suitability;
- evaluating liquidity, liquidation assumptions, oracle design, dependencies, and market-specific failure modes;
- recommending parameters and exposure limits;
- recommending changes where market conditions or risks deteriorate; and
- assessing the expected value to Curve DAO relative to the risks assumed.
2.2 crvUSD Mint Markets
Curvature will provide risk coverage for active and proposed crvUSD mint markets.
This includes:
- assessing collateral suitability, liquidity, market structure, oracle design, dependencies, and failure modes;
- recommending market parameters, debt ceilings, and monetary-policy settings;
- recommending parameter, exposure, or lifecycle changes where needed; and
- assessing the expected value to Curve DAO relative to the risks assumed.
2.3 PegKeepers
Curvature will provide risk coverage for active and proposed PegKeepers and their associated pools.
This includes:
- assessing asset and pool suitability;
- evaluating liquidity, dependencies, and behaviour under imbalance or depeg conditions;
- recommending exposure limits and other controls;
- assessing effects on crvUSD liquidity and price stability; and
- recommending parameter changes, restrictions, or offboarding where needed.
2.4 DAO Credit Lines
Curvature will provide risk coverage for existing and proposed DAO-authorized crvUSD credit lines.
This includes:
- assessing each credit line using a risk-adjusted cost-benefit framework;
- evaluating value to Curve DAO, concentration, liquidity, counterparty, protocol, and governance risks;
- reviewing usage and effects on crvUSD liquidity and price stability;
- assessing repayment, reduction, recall, and termination mechanisms;
- recommending changes to limits, terms, controls, or monitoring requirements; and
- maintaining emergency-response recommendations for material credit-line events.
3. Operated Services
The following services apply across all in-scope markets and exposures.
3.1 Risk Reviews and Parameter Recommendations
For each proposal accepted for review, Curvature will provide a risk assessment and parameter recommendation before the relevant DAO decision, subject to the timelines defined in the KPI section.
Each review will:
- assess asset quality, liquidity, market structure, oracle dependencies, and material failure modes;
- evaluate expected value to Curve DAO relative to risk;
- recommend approval, modification, deferral, or rejection;
- propose parameters, exposure limits, and required controls;
- define monitoring requirements and conditions for reassessment; and
- document material assumptions, limitations, and unresolved risks.
Where reliable quantitative analysis is not feasible, Curvature will provide a qualitative assessment and state the relevant limitations.
3.2 Monitoring and Risk Tooling
Curvature will operate the monitoring infrastructure required for all in-scope markets and exposures.
This includes:
- defining relevant indicators, thresholds, and severity levels;
- running static analysis on all new market and oracle contracts;
- monitoring active markets on an ongoing basis;
- maintaining alerts, escalation procedures, and incident runbooks;
- maintaining dashboards and reporting surfaces; and
- documenting models, assumptions, data sources, dependencies, and limitations.
Monitoring design and frequency will reflect the materiality and rate of change of each risk.
3.3 Governance and Emergency Support
Curvature will:
- review and comment on in-scope governance proposals;
- publish risk assessments and recommendations;
- prepare governance memos and executable payloads where required;
- provide risk analysis during market stress, depegs, oracle failures, impaired markets, or other material incidents;
- recommend immediate actions and escalation paths; and
- support major transitions, including LlamaLend migration and deprecation.
Curvature may prepare or validate governance payloads but will not execute transactions or control protocol funds.
3.4 Coordination and Risk Tracking
Curvature will coordinate with Swiss Stake and other relevant Curve contributors on:
- prioritizing reviews and monitoring work;
- coordinating proposal and deployment timelines;
- defining escalation and incident-response responsibilities;
- coordinating monitoring dependencies with relevant infrastructure teams; and
- tracking unresolved risks, dependencies, and follow-up actions.
Curvature will maintain an open risk and action tracker for the retained scope.
4. Role Boundaries and Exclusions
Curvature is responsible for the quality, transparency, and documented limitations of its analysis, models, monitoring outputs, and recommendations.
Final decisions and execution remain with Curve DAO, eDAO, and other authorized protocol actors. Curvature’s role is advisory and analytical.
The following activities are excluded unless separately approved:
- standalone gauge review or emissions optimization;
- business development, issuer outreach, or integration management;
- legal, regulatory, compliance, or audit services;
- smart-contract development or security audits; and
- production frontend development beyond risk definitions, data, and specifications.
Gauge-related analysis remains in scope where incentives or liquidity conditions materially affect an in-scope risk decision.
Note: In the Appendix A. Scope Reduction Versus Prior Mandate, we compare proposed scope relative to the prior risk provider mandate.
Risk Operating Stack
Curvature’s operating stack is designed as a practical risk-management loop: Identify → Measure → Classify → Recommend → Monitor → Learn. Each stage informs the next, while outcomes and new evidence are fed back into the methodology to strengthen future risk management.
Tooling and Models
Curvature will use and maintain a focused set of models and workflows for the main risk surfaces under the mandate:
| Operating layer | Main control surfaces | Current readiness | Governance use |
|---|---|---|---|
| Asset and market review frameworks | Collateral onboarding, PegKeeper asset suitability, credit-line review, dependency and oracle-risk review | Risk review ready / framework upgrade in progress | Market approval, deferral, monitoring requirements, lifecycle decisions |
| LLAMMA and liquidation-risk methods | A, fee, loan discount, liquidation discount, liquidation path, tail-loss profile | Parameter recommendation ready | Market onboarding, parameter updates, migrations, recurring review |
| Exposure-limit methods | Borrow caps, debt ceilings, PegKeeper exposure limits, credit-line limits | Parameter recommendation ready / methodology extension in progress | Cap increases, ceiling reductions, exposure constraints, emergency reductions |
| Oracle and manipulation-risk analysis | Oracle selection, chaining, smoothing, latency, divergence, feasible manipulation paths | Risk review ready / replay framework in development | Oracle approval, MA-time changes, exposure limits, market freeze/deprecation |
| Interest-rate and monetary-policy review | LlamaLend rate settings, crvUSD monetary-policy parameters, utilization targets, peer-rate benchmarks | Risk review ready / bounded recommendation ready | Rate updates, utilization management, liquidity-risk review |
| Monitoring and escalation infrastructure | Exposure, utilization, liquidity, oracle behavior, PegKeeper state, crvUSD peg conditions, bad debt, parameter drift | Productisation in progress | Alerts, risk-state classification, governance memos, emergency escalation |
A linked Risk Parameter Map provides more method-level detail on inputs, outputs, governance use, readiness, and remaining gaps.
Operational Infrastructure and Dependencies
Curvature will operate its own infrastructure for data collection, analysis, monitoring, alerting, and public reporting.
Core infrastructure will include:
- Curvature-operated servers for data collection, storage, monitoring, and public services;
- PostgreSQL for market data, monitoring results, and historical observations;
- FastAPI or similar open-source software for internal and public data interfaces;
- Prometheus and Grafana for system monitoring, alerting, and dashboards; and
- GitHub for version-controlled code, methodologies, documentation, and risk tracking.
Data Collection and RPC Access
Routine monitoring will collect on-chain data directly from relevant contracts and will not depend on Curve APIs, frontends, or backend services.
Curvature will:
- operate its own Ethereum RPC node;
- maintain paid dRPC access for other supported networks;
- query in-scope contracts and relevant dependencies directly;
- store required monitoring data in Curvature-operated databases; and
- use alternative RPC sources where practical if a provider becomes unreliable.
RPC access will be the primary external dependency for routine data collection and monitoring.
Monitoring and Alerting
For each monitored parameter, Curvature will document:
- the relevant contract and data source;
- the monitoring frequency;
- the expected value, range, or threshold;
- the severity assigned to a breach;
- the alert destination; and
- the required escalation or follow-up procedure.
Alerts will be routed through designated public or private channels. Material incident procedures will be documented in reusable runbooks.
Review and Coordination Dependencies
Ongoing monitoring will not require regular input from Curve contributors. Reviews of new markets, assets, or parameter changes may additionally require:
- proposed contract addresses and configurations;
- asset, oracle, and market documentation;
- relevant liquidity and dependency information;
- planned governance or deployment timelines; and
- clarification from Swiss Stake, the backend team, or other relevant contributors where implementation details are not publicly available.
Where required information is unavailable, Curvature will document the limitation and state whether the review can proceed with caveats or requires further information.
Dashboard Prototype
An initial LlamaLend market risk dashboard prototype is available at curvature.gwei.domains. It brings together:
- market configuration and current state;
- interactive mapping of each market’s oracle contracts, price sources, and dependencies;
- LLAMMA liquidity, band composition, and active-loan data; and
- planned risk tooling, including oracle monitoring and alerts, interest-rate modelling, simulation reports, and recurring qualitative assessments.
During the mandate, Curvature will define and validate market-specific monitoring checks, calibrate Good, Warning, and Critical thresholds, and operationalize alerting and recurring assessment workflows.
Open Methods and DAO Continuity
Curvature believes that transparency, reproducibility, and resilience are essential operating principles for effective DAO risk management.
DAO Access and Usage Rights
For work funded under this mandate, Curve DAO will receive perpetual access and usage rights to the Curve-specific risk deliverables produced for the mandate. This includes, where applicable:
- Curve-specific risk frameworks and review templates;
- parameter recommendation methodologies used for Curve markets;
- Curve-specific model outputs, assumptions, and calibration notes;
- dashboard views and monitoring specifications for in-scope Curve markets;
- alert definitions and escalation logic for in-scope Curve markets;
- governance memo templates, risk registers, and runbooks;
- documentation needed to understand, audit, and continue the relevant workflows.
Where disclosure does not create operational or security risk, these materials will be published or made DAO-accessible.
Curvature may retain authorship, maintainership, and the right to reuse generalized methodologies, tooling, code, templates, infrastructure patterns, and know-how for other DAOs, provided this does not restrict Curve DAO’s continued use of the Curve-specific deliverables produced under the mandate.
The mandate does not require Curvature to transfer private credentials, third-party service accounts, security-sensitive infrastructure configuration, or generalized tooling that is not specific to Curve. Where such dependencies are relevant, Curvature will document them sufficiently for Curve DAO or a future provider to understand the operational requirements.
Documentation and Handoff
At the end of the mandate, Curvature will provide Curve DAO or designated Curve contributors with access to the mandate-specific documentation needed to understand and continue the work performed. This will include:
- a summary of completed reviews and open risk items;
- the status of active dashboards or monitoring views;
- material assumptions behind parameter recommendations;
- known data, tooling, or infrastructure dependencies;
- unresolved methodology gaps; and
- recommended next steps.
The objective is to ensure that Curve DAO can review the work completed under the mandate and transition the risk function if the mandate is not renewed.
Expected Coordination Needs
Curvature expects Swiss Stake to act as the primary coordination counterpart for operational risk matters within the retained scope.
Coordination is expected to include:
- Weekly prioritization and coordination: regular weekly coordination, where needed, to align on active workstreams, set near-term priorities, and identify areas where Swiss Stake would like Curvature to focus.
- Peer review of key methods: review and feedback on material methodologies, parameter frameworks, and significant recommendations to ensure practical relevance, technical alignment, and consistency with Curve’s operational needs.
- Incident feedback: post-incident feedback on risk analysis, escalation quality, communication, and whether monitoring or methodology updates are required.
- Emergency coverage coordination: collaboration on emergency-risk coverage, including defining escalation paths, clarifying responsibilities, and coordinating recommendations where time-sensitive governance or contributor action may be required.
Curvature will also maintain an open risk/action tracker covering active reviews, unresolved risks, monitoring gaps, dependencies, and follow-up items.
KPIs and Reporting
Curvature will be assessed against the following commitments.
1. Service Delivery
| KPI | Commitment |
|---|---|
| Request classification | Classify 100% of in-scope requests within two business days of receiving sufficient information as standard, reviewable with caveats, or requiring methodology development; record the classification in the risk/action tracker. |
| Review turnaround | Complete at least 90% of accepted standard reviews within seven business days of becoming reviewable. Record delays caused by missing information or material scope changes separately. |
| Non-standard reviews | For all accepted requests requiring new methodology, record a review plan within five business days of classification, outlining scope, inputs, dependencies, approach, and target delivery date. Document any changes due to missing information or material scope changes. |
| Asset reviews | Review 100% of active in-scope assets in Months 3 and 6, providing an updated assessment of their underlying characteristics or a reason no change is required. |
2. Monitoring and Response
| KPI | Commitment |
|---|---|
| New-market indexing | Index and begin monitoring 100% of new in-scope markets day one of activation. |
| Monitoring coverage | By Day 60, establish documented monitoring for 100% of active in-scope markets and exposures, including relevant indicators, data sources, monitoring intervals, thresholds, and escalation rules. |
| Monitoring availability | From Day 61, maintain at least 99% monthly availability for dashboards and alerting systems. Report planned maintenance and documented outages caused by external dependencies separately. |
| Monitoring frequency | By Day 60, publicly document all monitored parameters and their monitoring intervals. |
| Alerts | Route 100% of confirmed threshold breaches through designated channels within one scheduled monitoring interval. |
| Critical response | Within 24 hours of detecting a critical in-scope event, provide an initial assessment or recommendation stating the issue, affected exposures, preliminary severity, immediate recommendation, and uncertainties. |
| Post-incident review | Within ten business days of resolving a material incident, document the review and add any resulting monitoring, methodology, or escalation actions to the operating flow. |
3. Transparency and Reporting
| KPI | Commitment |
|---|---|
| Governance Recommendation transparency | For 100% of material recommendations, publish the assumptions, methodology, relevant inputs and outputs, limitations, and rationale where disclosure is safe. |
| Quarterly reporting | Within five business days after Months 3 and 6, publish portfolio reviews covering completed work, KPI performance, recommendations, incidents, material changes, unresolved risks, methodology progress, monitoring reliability, delays, and next priorities. |
| Methodologies | Publish initial core frameworks and methodologies by Day 60 and document material revisions within ten business days of adoption. |
| Reproducibility | Publish documentation or code sufficient to reproduce material quantitative recommendations, where legally and operationally permissible, with the recommendation or within ten business days. |
4. Coordination and Methodological Review
| KPI | Commitment |
|---|---|
| Swiss Stake coordination | Attend at least 90% of scheduled weekly risk meetings through at least one Curvature member, excluding meetings cancelled or rescheduled by the counterparty. |
| Peer review | Submit 100% of material risk-critical methodologies to Swiss Stake for peer review before adoption and document the review outcome and any resulting changes. |
| Emergency coverage | Maintain documented primary and backup contacts, channels, roles, and escalation protocols throughout the mandate to reduce response time to below 24h and ensure full timezone coverage; establish them by Day 10 and review them in Months 3 and 6. |
5. Implementation Milestones
| Deadline | Commitment |
|---|---|
| Day 10 | Publish the initial Risk Parameter Map covering all known active in-scope markets, material parameters, available reference values, monitoring frequencies, methodology status, and coverage gaps. |
| Day 30 | Launch the public dashboard covering at least 80% of active in-scope debt exposure, all active PegKeepers, and material crvUSD credit-line exposures with sufficient data. |
| Day 60 | Establish baseline monitoring across all active in-scope markets and exposures, including indicators, intervals, data sources, applicable thresholds, and escalation rules. |
| Day 60 | Publish the initial core frameworks and methodologies for the mandate’s material risk and parameter domains, documenting remaining gaps. |
| Day 90 | Complete quarterly reporting. |
| Day 150 | Submit a proposal for a subsequent 12-month mandate, including the proposed scope, KPIs, deliverables, and budget |
| Day 180 | Complete the quarterly report and, if the mandate is not renewed, deliver the final handover package to preserve risk continuity for the DAO. |
Team
Curvature is organized as a lean dedicated full-time risk team. The team is designed to cover the core functions required under this mandate.
| Contributor | Role | Coverage | Background |
|---|---|---|---|
| xm3van | Qualitative / quantitative Risk analyst | Research, Framework and method development across LlamaLend and crvUSD. Asset review and parameterisation of markets. | Former Senior Quantitative Analyst on the Curve scope within LlamaRisk, with 2+ years of direct experience across Curve risk workstreams. Contributed to LLAMMA parameterization, LlamaLend and crvUSD market analysis, PegKeeper and collateral reviews, debt-ceiling methodology, interest-rate model optimization, oracle-risk analysis, and public risk reports including GHO and frxUSD PegKeeper reviews. Brings 4+ years of DeFi risk experience, with a focus on quantitative methodology, market-risk assessment, and governance-facing recommendations. |
| Saint Rat | Curve ecosystem / protocol analyst / dev | Curve ecosystem monitoring, crvUSD and PegKeeper context, governance review, market notes, public reporting support, data pipelines, public and internal dashboards. | Long-standing Curve contributor with an engineering background, previously funded for 2 years through CurveDocs grants to co-author docs.curve.finance. Extensive knowledge of the Curve ecosystem, including smart contracts, APIs, governance, and protocol mechanics, gained through years of writing technical documentation and explaining complex topics in accessible ways. Rat has authored numerous Curve News articles and the ongoing weekly yields newsletter. He also published DeFiScan’s risk analysis of Curve and has been an active participant in governance discussions, particularly around YieldBasis and crvUSD. He has also developed profitable algorithmic trading bots and previously interned as a software developer at a professional trading firm. |
| strohy__ | Quantitative / Risk Analysis | Method development, quantitative validation, risk analysis support, market-structure research, data pipelines, and risk reporting across LlamaLend and crvUSD workstreams. | Quant Analyst engineer with experience spanning DeFi risk analytics, market microstructure research, and blockchain infrastructure. Built automated risk analysis systems for Morpho Blue pools using on-chain data and stress testing methodologies for liquidation and bad debt analysis. Developed low-latency trading and monitoring systems for ETH options markets and implemented high-frequency forecasting pipelines using statistical and ML techniques. Strong background in Rust, Python, concurrency, derivatives, and blockchain internals, with additional experience in zero-knowledge proof systems and cryptographic engineering. |
Budget
The budget request is based on a model that maximizes value to the DAO while minimizing costs by funding the minimum viable risk team required for Curve to fulfill all responsibilities and deliverables.
| Component | Annualized amount | Ask for 6-month period | 6-month value |
|---|---|---|---|
| crvUSD | 333,333 crvUSD | 166,667 crvUSD | 166,667 crvUSD |
| CRV | 394,000 CRV | 197,000 CRV | 33,333 crvUSD equivalent |
| Total | — | — | 200,000 crvUSD equivalent |
This budget represents a reduction in spending of more than 50% compared to the prior mandate, while maintaining all core risk functions required by the DAO. It covers:
- quantitative modeling and LLAMMA simulation;
- protocol, data, and monitoring engineering;
- risk operations and analyst support;
- infrastructure, RPC, data, hosting, and alerting;
- full-time work by the three key listed team members.
Budget Allocation
| Allocation | Description | Annualized value | 6-month value |
|---|---|---|---|
| Team compensation | Compensation for the core team delivering the risk mandate. | 346,667 crvUSD | 173,333 crvUSD |
| Operations & Infrastructure | Infrastructure, data services, hosting, monitoring, software, and operating expenses. | 13,333 crvUSD | 6,667 crvUSD |
| Operational Buffer | Contingency for unexpected operational costs, specialist support, and additional infrastructure requirements. | 40,000 crvUSD | 20,000 crvUSD |
| Total | — | 400,000 crvUSD | 200,000 crvUSD |
Budget expenditures will be funded proportionally from the approved budget assets (approximately 83% crvUSD and 17% CRV). Any unallocated or unspent funds at the end of the six-month mandate may either be rolled forward into a renewed mandate, subject to DAO approval, or returned to the DAO.
Note: To account for potential price volatility during the six-month vesting period, CRV tokens are valued at a 20% discount.
Disclaimer: Curvature is independent and operates on its own behalf. It is not affiliated with, controlled by, sponsored by, or a successor to LlamaRisk; no corporate transaction, transfer, license, or handover exists or is contemplated between them, and references to contributors’ prior experience describe individual background only. This proposal has not been reviewed, approved, or endorsed by LlamaRisk and is not issued under any LlamaRisk mandate or authority. LlamaRisk has no role in selecting, supervising, or directing Curvature’s work. Curvature asserts no rights in any methodology, software, data, or other work product of LlamaRisk and will not represent any such material as its own. Individuals previously affiliated with LlamaRisk participate in a personal capacity, and their prior roles do not bind or implicate LlamaRisk. Any advisor whose primary role lies with another organization participates personally. LlamaRisk assumes no responsibility, liability, or duty of care for Curvature’s services, deliverables, performance, or any outcome of this engagement.
Appendix
A. Scope Reduction Versus Prior Mandate
This proposal narrows the scope to the core risk-provider responsibilities. Additional responsibilities can be considered in a future term if requested by Curve DAO. For clarity we compare how the proposed mandate differs from the prior mandate.| Responsibility domain | Description for governance | Treatment in this proposal |
|---|---|---|
| LlamaLend | Support safe market deployment by reviewing collateral, recommending parameters, assessing oracle design, monitoring market health, and supporting lifecycle decisions such as onboarding, migration, or deprecation. | Retained. |
| crvUSD | Risk coverage for crvUSD mint markets and PegKeepers, including collateral suitability, debt ceilings, LLAMMA parameters, monetary-policy behavior, oracle design, and market-level stress. | Retained. |
| Monitoring and risk tooling | Maintain the monitoring, alerts, dashboards or reporting surfaces needed to track market health, oracle issues, exposure limits, liquidation risk, and parameter drift. | Retained. |
| Governance and emergency-risk support | Provide risk-linked governance memos, explain recommendations, support payload specifications, and assist during market stress, oracle incidents, depegs, or impaired-market situations. | Retained - focus on core parameter risk-related aspects only. |
| Swiss Stake and contributor coordination | Coordinate with Curve contributors on deployment sequencing, operational dependencies, and risk input for market deployment processes. | Retained. |
| Growth, integrations, and BD | Broader issuer outreach, demand generation, ecosystem development, integrations, and protocol-growth work. | Excluded. |
| Grants and incentives | Ecosystem grants, co-incentive programs, foundation grants, and incentive administration. | Excluded. |
| Legal / regulatory work | Legal opinions, regulatory monitoring, compliance guidance, and legal-risk advisory. | Excluded. |
| Public outreach and conferences | Conferences, broad community engagement, marketing-style outreach, and non-risk publications. | Excluded. |
| Smart-contract development support | Smart-contract implementation, audit work, or ownership of contract changes. | Excluded. |
| Gauge screening/ pool optimization | Gauges, pools, emissions efficiency, stale-gauge reviews, revenue optimisation. | Included, only where directly relevant to LlamaLend/crvUSD. |
| Custom research | Standalone research programmes for novel asset classes or oracle designs. | Excluded. |
B. Risk Programme Operating Model
Curvature’s risk programme is designed as a continuous operating cycle: Identify → Measure → Classify → Recommend → Monitor → Learn. The objective is to make Curve’s risk function repeatable, transparent, and governance-actionable across LlamaLend markets, crvUSD mint markets, PegKeepers, and related crvUSD credit-line exposures.- Identify: Curvature will maintain structured frameworks for collateral assets, PegKeeper assets, oracle designs, market parameters, liquidity conditions, credit-line exposures, and lifecycle controls. These frameworks identify material risks before deployment and during ongoing operation.
- Measure: Identified risks will be assessed through quantitative or qualitative methods where appropriate, including LLAMMA parameter analysis, borrow-cap and debt-ceiling methodology, PegKeeper exposure limits, oracle-risk review, interest-rate benchmarking, and crvUSD peg monitoring.
- Classify: Markets and exposures will be classified by current risk state, methodology readiness, and required governance attention. Where relevant, Curvature will distinguish between normal operation, watch status, elevated risk, and critical risk requiring escalation.
- Recommend: Risk assessments will be translated into governance-facing recommendations, including approval or deferral, parameter settings, cap or ceiling changes, PegKeeper exposure changes, oracle caveats, monitoring requirements, emergency actions, or market deprecation.
- Monitor: After deployment, Curvature will monitor active markets and exposures for changes in utilization, liquidity, oracle behavior, cap usage, PegKeeper imbalance, crvUSD peg conditions, bad debt, and parameter drift. Material changes will be recorded in the risk/action tracker and escalated where appropriate.
- Learn: After material incidents, market stress, or methodology gaps, Curvature will review the relevant framework, model, alert definition, or runbook and update the risk programme where needed.