Curve Finance records $35B in trading volume in Q1 2025

Curve Finance, a decentralised finance (DeFi) protocol, achieved a trading volume milestone of $35 billion in the first quarter of 2025, marking a 13% increase compared to the same period in 2024.

The surge was driven by a rise in transaction activity, which grew from 1.8 million to 5.5 million over the year.

This growth comes amid a challenging environment for the cryptocurrency market, which saw its total market capitalisation decline by over 20% year-to-date as of March 31, according to CoinGecko data.

Despite the broader downturn, Curve has maintained momentum through strategic initiatives aimed at adapting to the evolving DeFi landscape.

In June 2024, Curve launched its stablecoin crvUSD for fee distribution to tokenholders, replacing its previous model tied to the 3crv liquidity pool.

Additionally, in November, Curve partnered with Elixir to integrate BlackRock’s tokenised money market fund, BUIDL, into DeFi systems.

These measures reflect the protocol’s efforts to expand its offerings and enhance user engagement.

Curve founder Michael Egorov commented on the future of decentralised exchanges (DEXs), predicting their transformation into specialised platforms for stablecoins pegged to various currencies.

“Exchanges between stablecoins of different denominations like the euro and US dollar are not yet properly solved,” Egorov stated.

He expressed optimism that solutions for providing liquidity while maximising returns would soon emerge.

Despite rising transaction volumes, Curve’s total value locked (TVL) has declined from $2.5 billion at the start of the year to approximately $1.8 billion as of April 2, according to DefiLlama data.

This drop highlights ongoing challenges in retaining liquidity within DeFi platforms during market volatility.

Curve’s native token, CRV, has also faced setbacks, with its market capitalisation falling by over 40% year-to-date to approximately $640 million.

However, analysts suggest that increasing stablecoin trading volumes could bolster CRV’s performance in the long term.