Grant Period: June 2025 - August 2025
1. Executive Summary
Covering the period from June to August 2025, the fourth quarter of the Curve Ecosystem Grant marked steady progress across core initiatives. Over the past few months, Swiss Stake AG focused on advancing several core protocol developments, strengthening cross-chain capabilities, and supporting Curve’s broader ecosystem growth.
Major technical progress was achieved with the continued development of Llamalend V2 and FXSwap. Llamalend V2 introduced broader asset support and improved risk and integration mechanisms. FXSwap, a new pool type designed for low-volatility and foreign exchange markets, moved from testing into early pilot use following internal simulations and audits.
Cross-chain work also advanced, allowing new features such as boost delegation and cross-chain voting to more networks. Additional research focused on improving interoperability for crvUSD, including mechanisms to support faster movement and coordination across chains.
Backend and analytics infrastructure were further improved to increase reliability and expand coverage to additional chains. These upgrades enhanced data accuracy, monitoring, and performance across Curve’s growing deployment base.
Curve also expanded to several new networks this quarter, including TAC, Etherlink, and Hyperliquid, continuing to broaden access to its stablecoin and liquidity infrastructure. Alongside technical work, the team maintained a consistent presence at key community and industry events, contributing to knowledge sharing and ecosystem collaboration.
We thank the Curve community for its continued collaboration and engagement. The work this quarter strengthens Curve’s foundation and extends its reach across new networks and markets.
2. Accomplishments and Progress
2.1 Smart Contract Developments
During this quarter, significant progress was made across several Curve smart contract systems, focusing on FXSwap and Llamalend V2.
Llamalend V2 Software
Llamalend underwent an extensive refactoring and feature expansion, marking the most substantial update to the protocol since its original deployment. Core improvements include:
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Increased flexibility: markets are no longer limited to crvUSD, opening the door to new lending/borrowing opportunities across diverse tokens (for non-crvUSD markets, the DAO can now charge an admin fee).
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Improved risk management: each market now includes a DAO-controlled borrow cap, defaulting to zero. This ensures that no market becomes active without explicit governance approval.
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Enhanced ease of integration: rewritten accounting mechanisms for the ERC4626 lending vaults, which prevent inflation vulnerabilities and simplify integration with external protocols, improving composability and safety.
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Settable price oracle: the protocol now allows DAO-governed updates of market price sources without requiring proxy redeployments, simplifying oracle management and minimizing upgrade risk.
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Broader assets support: a new LP Price Oracle was implemented, allowing stableswap-ng LP tokens to serve as collateral. This expands the scope of assets available for borrowing and enhances capital efficiency. Furthermore a new type of gauge was also introduced, enabling CRV emissions on Llamalend LP-as-collateral tokens.
FXSwap
Building on the Twocrypto-ng framework, FXSwap introduces a new pool type optimized for foreign exchange and low-volatility asset pairs. Development this quarter focused on simulations, audits, and early pilot deployments.
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A new C++ -based simulator (available here) was developed to stress test FXSwap pools’ behavior under varying volatility conditions.
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The new pool type underwent several audits and is currently being used both internally for some pilot projects with forex pairs (Brazilian Real, Swiss Franc) and also by third parties such as Yield Basis for their BTC/crvUSD pools.
2.2 Cross-Chain Software Infrastructure
Following the successful production rollout of the Curve Blockhash Oracle in the previous quarter, development efforts this term focused on harmonizing cross-chain functionalities across Curve’s ecosystem.
- Boost delegation is already available on Sonic and OP Stack-based chains and will become available on all chains where Curve is deployed.
- Similarly, cross-chain voting will also be available on all chains where Curve is deployed.
Research and Development efforts were also directed towards enhancing cross-chain liquidity and arbitrage capabilities:
- A new bridge mechanism, “Fast Bridge” for crvUSD to facilitate cross-chain arbitrage and UX.
- Enable cross-chain flashloans for crvUSD.
- Enable cross-chain redemptions for scrvUSD (currently only possible through secondary markets).
2.3 Backend & Analytics
During the past quarter, the backend team continued to enhance Curve’s data infrastructure, focusing on performance optimization, expanding chain coverage, and improving monitoring capabilities.
- Key activities and achievements include: New Chain Integrations: Completed full backend integration for BSC and Taiko, encompassing trading volumes, price graph generation, and comprehensive pool metrics. These additions expand Curve’s multi-chain data coverage and support the protocol’s growing cross-chain presence.
- Backend Optimization: Implemented significant performance improvements, including Kubernetes worker adjustments, enhanced caching for resource-intensive endpoints, and optimization of router algorithms and SQL queries. These upgrades reduced database load, accelerated indexing processes, and improved overall system responsiveness.
- Monitoring and Alerting Infrastructure: Deployed enhanced monitoring tools to track chain indexing lag, identify RPC issues, and monitor fee collection across networks. Upgraded logging infrastructure using the Grafana/Loki/Promtail stack and implemented historical Cloudflare data storage for comprehensive website usage analytics.
- Contract Support and Integration: Added backend support for new contract types, including FXSwap pools, along with specialized metrics tracking their impact on Curve’s ecosystem performance.
- Enhanced Backend Features: Improved cross-chain gauge data tracking, implemented rebasing token yield tracking for lending markets, and enhanced dynamic fee monitoring capabilities. These features provide more granular insights into protocol mechanics and user activity.
- Ad Hoc Analytics: Provided analytical support for third-party integrators, quarterly reporting, and strategic research questions. Notable analyses included tracking Curve’s volume share among aggregators relative to competitors, and evaluating performance on newly integrated chains such as Plasma.
These updates collectively strengthen Curve’s data infrastructure, enabling more reliable, performant, and comprehensive analytics across the protocol’s expanding multi-chain ecosystem.
2.4 Front-End Software Improvements
The front-end development team focused on performance, usability, and delivering open-source updates that improve the user experience for interfaces across the Curve ecosystem. Currently we are working on the following points:
- Refactoring and reduction of the technical debt. Dependencies have been removed, and legacy code refactored or purged.
- Numerous performance improvements to make the front-end software faster. This work is still ongoing and is a priority.
- Llamalend has an aggregated view of all users positions across all chains.
- Tooltips were improved across the board giving more details on borrow and lending metrics.
- Leverage support in beta mode for new minting markets.
- Numerous bug fixes and performance improvements on the DEX smart contract related front-end element.
- Improved consistency of components across the app. This ongoing work also improves UX and reduces errors.
2.5 Integrations
Curve expanded across several new networks this quarter, reflecting ongoing demand for stablecoin infrastructure and the continued evolution of the Curve-Lite deployment framework.
Deployments went live on TAC and Etherlink, extending Curve’s reach to the TON and Tezos ecosystems respectively. TAC’s launch also introduced the Curve Telegram Mini-App, making it possible to access Curve directly within Telegram, a first for Curve. We also completed the full DEX deployment for Hyperliquid, to support native stablecoin markets on HyperEVM.
The cross-chain boost system also gained broader adoption thanks to the work done on the Curve Block Oracle, improving reward coordination and efficiency across networks.
2.6 Business Development
Business development activity intensified this quarter, focusing on expanding Curve’s presence on new chains and supporting ecosystem adoption on current deployments. The team continued outreach to asset issuers and stablecoin projects to create new pools on Curve, while also advancing opportunities for Llamalend integrations and exploring new market types, such as using LP tokens and PTs as collateral ahead of the Llamalend V2 launch.
Preparation also began for FXSwap, with early partner discussions and piloting starting towards the end of the quarter. In parallel, work continued around crvUSD, with growth remaining stable while groundwork was laid for integrations expected to expand usage in the next quarter such as Yield Basis. Business development efforts stayed focused on identifying partners and market structures that can reinforce crvUSD’s role within DeFi.
2.7 Education & Communications
The team expanded Curve’s educational and communication efforts this quarter, maintaining an active presence across major industry events and media channels.
At ETH Belgrade, Curve hosted a full day of ecosystem presentations covering the Curve Block Oracle, and the State of Vyper, showcasing ongoing protocol innovation and collaboration. Curve was also present at Stable Summit and ETHCC in Cannes, as well as at the Mar-a-Lago Crypto Summit in Palm Beach, Bloomberg’s Stablecoin Payment Revolution roundtable in Hong Kong, and the Rare Evo conference in Las Vegas. These appearances reinforced ecosystem visibility and supporting BD efforts through panels and community engagement.
Communications output increased significantly, with regular blog updates and ecosystem news highlighting key developments across crvUSD, Llamalend, new chain deployments, and infrastructure upgrades. These efforts strengthened Curve’s public transparency and helped align the broader DeFi community around the protocol’s long-term roadmap.
3. Financial Overview
3.1 Fund Allocation Overview – Current Quarter and Cumulative
The overview below outlines the allocation of grant funds for the fourth 3-month period, as well as on a cumulative basis for the entire 12 months grant period:
| Category | Amount Spent – Current Quarter | Amount Spent – Cumulative | % of Total Funds Allocated |
|---|---|---|---|
| Security Audits | 265 | 1,401 | 26% |
| Software Development | 283 | 1,148 | 22% |
| Community & Tech Support | 272 | 1,192 | 22% |
| Front End Development | 312 | 900 | 17% |
| Infrastructure | 109 | 359 | 7% |
| Research & Analytics | 66 | 298 | 6% |
| Total | 1,307 | 5,298 | 100% |
All numbers expressed in CHF in '000
3.2 Focus and Alignment
Swiss Stake AG continues to align its workstreams with the objectives of the DAO-granted mandate, focusing on high-impact protocol development. crvUSD has become a key contributor to DAO revenue, now accounting for roughly half, which reinforces the priority placed on its stability and continued growth.
Work on Llamalend V2 will introduce an admin fee feature for non-crvUSD markets, creating an additional revenue stream for the DAO. At the same time, FXSwap extends the DEX into the foreign exchange segment, a nascent area with strong potential for expansion that Curve is well positioned to capture. Prioritization remains centered on sustainability and long-term value growth, ensuring development directly supports the DAO’s strategic direction.
3.3 Grant Fund Management and Financial Outlook
As outlined in the initial grant proposal, Swiss Stake AG has managed the funds received from the DAO responsibly and with a focus on long-term sustainability. The CRV tokens granted, to the extent not immediately required for operational expenses, have been staked through major liquid locker projects such as Convex, StakeDAO, and Yearn. While we acknowledge that this strategy did not materially extend the lifespan of the grant or our operations, it ensured that unused funds continued to generate value for the DAO ecosystem.
Based on current market and projections, the remaining grant funds are expected to support operations for another three to five months. Swiss Stake AG will review the situation at the beginning of 2026 and may prepare a follow-up proposal for continued software research and development, consistent with the original purpose of the grant.
4. Sustainability & Outlook
Swiss Stake AG remains focused on sustainable operations and long-term alignment with the DAO. In parallel with core software development, the company continues to pursue complementary revenue streams such as Curve-Lite deployments and ecosystem-specific grants. These activities strengthen operational continuity and support further investment in protocol infrastructure.
Looking ahead, Swiss Stake AG will focus on maintaining delivery capacity, expanding technical partnerships, and positioning the company to serve new networks as adoption of Curve’s technology grows.