Quarterly Progress Report: March 2025 - May 2025

Announcements
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Grant Period: March 2025 to May 2025

1. Executive Summary

This report covers the third quarter of the Curve Ecosystem Grant, spanning March to May 2025. During this period, we at Swiss Stake AG focused on finalizing key cross-chain infrastructure related software, advancing new features for Llamalend, and improving cryptoswap efficiency for FX and low-volatility markets.
We completed key deliverables this quarter including the Curve Block Oracle software, which now enables secure cross-chain governance and DAO controlled deployments on other networks. We also implemented oracle propagation using storage proofs, such as the scrvUSD price oracle. Our work on Llamalend continued and now includes features such as LP token collateral support which enables simultaneous trading and lending within the same pool, and fee routing to the DAO.
We improved the cryptoswap contracts to enable external donations to influence liquidity distribution; this is an essential feature for efficient FX markets. Deployments on XDC, Plume, and the Plasma testnet demonstrated a more efficient rollout pipeline.
In parallel, we conducted focused front-end UX sprints, enhanced our internal analytics tooling, and launched the Cyfrin Updraft developer certification program.
We thank the Curve community for its continued trust and support. Your confidence drives us forward. Our team remains committed to building critical software infrastructure and delivering innovation for the Curve ecosystem.

2. Accomplishments and Progress

This quarter, we advanced several key initiatives across the Curve ecosystem. Highlights include:

2.1 Smart Contract Developments

We continued developing and auditing multiple Curve smart contracts focusing on expanding protocol flexibility to better support cryptoswap use cases.
Twocrypto-ng has seen a lot of development:

  • Rebuilt the donation method from scratch to improve pool rebalancing, resolving issues found in prior audits.
  • Established support for twocrypto-ng to use stableswap invariant for tighter liquidity, which works especially well with donations.
  • Conducted numerous rounds of audits across multiple security teams to ensure functionality and security of new code.
    These modifications significantly enhance AMM performance on volatile pairs and, according to preliminary simulations, grant up to an order of magnitude improvements in exchange efficiency for stablecoins pegged to national currencies of different denominations, as well as commodities such as precious metals or tokenized stocks.
    We will soon test external donations in the production environment through new strategic partnerships, where they will be used in combination with the stableswap invariant on forex pairs and low volatility pairs like BTC/USD and ETH/USD. Donations help the pool follow external prices closely, leading to competitive trading rates and higher volumes. For forex pools, which are underrepresented in DeFi, this could attract significant volumes. Overall, it strengthens the DAO by enhancing Curve’s functionality.

2.2 Cross-Chain Software Infrastructure

This quarter, the team finalized the Curve Blockhash Oracle, building on work pending since February 2025. A final revision and reaudit were completed in the spring, addressing minor and informational findings through targeted fixes, including gas optimizations and edge cases.
The system is now production-ready and has been deployed across more than 20 chains where Curve smart contracts have been deployed, supporting secure cross-chain messaging and distribution of Ethereum mainnet blockhashes based on storage proofs. Designed as a public good with no vendor lock-ins or admins, it is accessible on all chains with a deployed Curve instance, enabling permissionless broadcasting—anyone can relay the latest mainnet blockhashes by paying LayerZero fees, with transparent, open-source contracts. For chains with most active Curve deployments, frequent updates are automated via keepers; others receive weekly broadcasts, and projects can self-broadcast as needed.
The Curve Block Oracle enables the following:

  • Oracle propagation and state reads, including:
    • scrvUSD rate oracles (now live on Optimism and Sonic).
    • Ethereum state queries from any L2.
  • Cross-chain governance infrastructure, such as:
    • Reading veCRV balances from mainnet to enable boosts on other chains.
    • Unified voting and parameter control from Ethereum across all Curve deployments.
      Additionally, Curve open-sourced the LayerZero v2 adapters implementation, enabling other projects to use cross-chain messaging natively in Vyper.
      During development, a severe vulnerability was discovered in a library for on-chain verification of Merkle-Patricia-Trie proofs; after responsible disclosure and coordination with other protocols to update their code, this contributed to a safer DeFi ecosystem. [More details here] ( When Empty Means Valid: Exploiting MPT Proof Verification for an Alternative Truth ).

2.3 Llamalend Software

During the last quarter, the Swiss Stake team focused on the following items:

  • Research on LP oracle to support LP tokens as collateral, unlocking the ability to borrow against assets that are also generating trading fees, as well as supporting more exotic collaterals.
  • Work on new type of gauge to enable CRV allocation on LP tokens used in Llamalend.
  • Adding a borrow cap feature to give the DAO control over maximum borrowable amounts per market.
  • Introducing internal balance accounting to mitigate inflation attacks and simplify integration with external protocols.
    The team continued research for Llamalend V2, analyzing existing designs and actively exploring and discussing ideas for improvement.

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 markets across all chains, enabling users to quickly compare opportunities.
  • The crvUSD and Lend smart contracts related front-end elements have been merged into one called Llamalend, opening the way to improve the borrowing and lending experience.
  • Numerous bug fixes and performance improvements on the DEX smart contract related front-end element.

2.5 Research & Analytics

During the past quarter, the Backend team has continued to support the frontend infrastructure by gathering and processing data on pool statistics, trading volumes, price graphs, minting markets and lending position history, as well as DAO and veCRV-related statistics. Key activities and achievements include:

  • Ongoing Curve-Lite Support: Continued backend support for Curve-Lite, including infrastructure for new chain deployments integrated with the user interface.
  • HyperEVM Chain Integration: Completed full backend integration for the HyperEVM chain, encompassing trading volumes, price graph generation, and other metrics. This effort also involved a major internal upgrade to enhance processing capacity, enabling robust support for data ingestion and handling across all 10 currently supported chains.
  • DAO Data Enhancements: Improved data quality and coverage on DAO-related pages through better indexing of gauge data and native emissions across supported sidechains.
  • Minting Market Price Graphs: Introduced support for price graphs in minting markets, supplementing the existing oracle price data with additional visualization capabilities.
  • Multichain Endpoints: Supporting the front-end’s transition towards a UI that is multi-chain by default and displays all metrics without requiring a wallet connection for a smoother and faster experience. This is done by creating endpoints to provide data that was previously obtained via calls to the user’s wallet’s RPC. We’ve also worked on optimizing various aspects of the indexer, databases and API queries to enable shorter loading time on the front end and allow more granular, user-specific metrics.
  • Metabase: Deployed an instance of Metabase, an open source business intelligence platform, connected to a read-only replica of the backend’s database to allow the BD team, risk team, and other partners to quickly run and share analytics against comprehensive Curve data.
    These updates collectively contribute to a more scalable, data-rich, and responsive backend platform for all frontend services.

2.6 Integrations

We continued Curve’s expansion across three additional EVM-compatible networks this quarter, driven by demand for stablecoin infrastructure and the growing maturity of the Curve-Lite deployment pipeline.

  • Plume
  • XDC
  • Plasma (testnet phase)
    Hyperliquid’s deployment was additionally turned into a full DEX deployment to support the fast expansion of different stablecoins on HyperEVM and the numerous projects building there.

2.7 Business Development

A new team member was added to scale business development, with a focus on expanded Curve deployment across new chains, deepening engagement with asset issuers, and reinforcing Curve’s role as the infrastructure layer for stablecoins and DeFi.
Planning also began for a series of major industry events taking place over the summer, including EthCC, Stable Summit, and a Curve-focused day at ETH Belgrade, aimed at highlighting crvUSD, Llamalend and Curve’s broader role in the growing global adoption of stablecoins. Earlier in the quarter we also co-hosted the Stablecoin Farmers Market at ETH Denver, bringing together builders and community members across the DeFi ecosystem.

2.8 Education & Communications

  • Sponsored developer education through a new Cyfrin Updraft developer certification program, funding scholarships tailored to Curve’s ecosystem and launching a pilot for integrating certified developers into ecosystem hiring.
  • Efforts to improve ecosystem transparency and communication continued this quarter, with regular updates and ecosystem news being shared through blog posts and community channels, highlighting protocol developments and network expansions.
  • Established a process for producing and publishing monthly ecosystem reports (news.curve.finance), providing a consolidated overview of Curve’s activity across deployments, governance, and integrations.

3. Financial Overview

3.1 Fund Allocation Overview – Current Quarter and Cumulative

The overview below outlines the allocation of grant funds for the third 3-month period, as well as on a cumulative basis:

Category Amount Spent – Current Quarter Amount Spent – Cumulative % of Total Funds Allocated
Security Audits 392 1,136 28%
Software Development 277 865 22%
Community & Tech Support 302 920 23%
Front End Development 204 588 15%
Research & Analytics 57 232 6%
Infrastructure 61 250 6%
Total 1,293 3,991 100%
All numbers expressed in CHF in ‘000

Financial allocation remains flexible, allowing for dynamic adjustments based on project requirements. While some categories have seen expected expenditures, others have been adjusted due to shifting priorities.

3.2 Focus and Alignment

Swiss Stake AG continues to align its workstreams with the objectives of its DAO-granted mandate, focusing on high-impact protocol development. This quarter, resources were directed toward cross-chain tooling, oracle deployments, and DEX contract upgrades designed to support future use cases such as FX markets and external integrations. Prioritization remains driven by long-term protocol value and coordination with DAO-level goals.

4. Sustainability & Outlook

This quarter, Swiss Stake AG advanced foundational infrastructure while aligning operations with long-term sustainability goals. We prioritized high-impact work and continued to explore opportunities for ecosystem collaboration. Notably, new revenue from ecosystem-specific grants tied to Curve-Lite deployments marks a positive step toward diversified funding.
Looking ahead, we remain committed to delivering critical public infrastructure, supporting protocol resilience, and evolving alongside the DAO’s long-term vision. We thank the Curve community for its ongoing trust and support.
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