Curve Finance’s Week 43 operational snapshot shows selected stablecoin yields moving higher while lending activity recovered from the previous week’s contraction. According to the official Curve Week 43 report, sUSG/reUSD led the selected USD liquidity pools with a modeled 13.4% APR as of October 22, followed by frxUSD/sUSDai at 10.0% and USDC/USG at 8.7%. The estimates model a new $100,000 deposit using seven-day LP growth and current unboosted incentives, so they remain variable rather than guaranteed returns.
The ranking marks a notable change from the Week 42 yield snapshot, when USDC/USG led selected USD pools at 9.1%. Week-to-week leadership shifted toward sUSG/reUSD while several other stablecoin pools remained above 8%, reflecting changing fee generation, liquidity and CRV incentives rather than a permanent repricing of Curve yields.
Llamalend TVL Recovers as Leveraged Yields Rise
Llamalend reversed part of its previous weekly decline. TVL increased 3.5% to $257 million, collateral rose 4.1% to $232 million and borrowed assets reached $145 million, up 1.8%. Supplied assets increased more modestly to $100 million. The rebound follows Week 42, when Llamalend TVL had fallen 7.7% and collateral dropped 9.7%, making the latest figures a partial recovery rather than uninterrupted expansion.
The highest modeled returns appeared in leveraged Llamalend v2 strategies. Curve calculated a 37.1% 20x looped APR for syrupUSDC, 35.0% for sDOLA and 26.5% for sfrxUSD. Those figures assume extensive leverage and should not be compared directly with ordinary LP or supply yields, because the calculation combines collateral return with repeated crvUSD borrowing and exposes users to borrowing costs, utilization and liquidation dynamics. Curve’s LLAMMA architecture can keep stressed positions inside soft-liquidation bands rather than closing them immediately.
The sDOLA market also received more borrowing capacity after Vote 1505 was executed. Its Llamalend v2 cap increased from 12.4 million to 25 million crvUSD, with around 9.4 million borrowed at the report’s snapshot. The larger cap expands available borrowing capacity but does not itself mean an additional 12.6 million crvUSD has been borrowed or supplied.
crvUSD Holds Peg as DAO Distributions Increase
Curve reported crvUSD near its dollar target at $0.9998, while mint-market debt reached $68.2 million, up 1.9% from Week 42. scrvUSD yield increased by one percentage point to 3.3% APY, although scrvUSD assets relative to mint debt declined to 21.2%. The metrics show a stable peg alongside shifting borrowing and savings balances rather than a uniform increase across every part of the crvUSD system.
DAO metrics moved more sharply. Weekly CRV gauge allocations remained unchanged at 1.86 million tokens, but veCRV distributions climbed 48.7% to $152,400 and reported veCRV APR increased to 2.762%. The 1.86 million CRV figure represents scheduled gauge allocation rather than tokens already claimed by liquidity providers, making emissions and realized LP rewards separate metrics.
Governance activity extended beyond routine emissions. Gauges for alUSD/avUSD and avUSD/savUSD were activated, while Vote 1510 proposed moving the Emergency DAO to new proxy contracts across Ethereum, Arbitrum, Optimism, Sonic and Taiko and extending its scope to Llamalend v2. Curve’s expanding deployment footprint already includes stablecoin and FX infrastructure on Circle’s Arc network. Week 43 therefore combined higher selected yields, recovering lending balances and active governance changes rather than representing a simple continuation of the previous week’s operating conditions.