Curve Finance’s Week 44 snapshot shows selected stablecoin liquidity yields moving sharply higher even as balances across its Llamalend markets declined. According to the official Curve Week 44 report, sUSG/reUSD led the selected USD pools with a modeled 19.7% APR as of October 29, followed by reUSD/sUSDe at 7.6%, frxUSD/USG at 7.3% and sUSDx/USDx at 7.2%.
The 19.7% reading represents a substantial increase from the 13.4% modeled APR recorded for sUSG/reUSD in Week 43, while Week 42 had been led by USDC/USG at 9.1%. The changing rankings illustrate how quickly Curve LP yields can move as trading fees, pool balances and incentive allocations change. Curve models these rates for a new $100,000 deposit using seven-day LP growth and current unboosted rewards, so they are variable snapshots rather than guaranteed returns.
sDOLA Leads Leveraged Llamalend Strategies
The highest modeled rate in the report appeared outside ordinary liquidity provision. Curve calculated a 37.1% 20x looped APR for sDOLA, ahead of syrupUSDC at 23.4% and sfrxUSD at 16.6%. The calculation assumes $10,000 is repeatedly leveraged into $200,000 of collateral while $190,000 of crvUSD is borrowed. As a result, the figure combines collateral yield and borrowing costs and carries materially different risk from an unleveraged LP position.
Llamalend’s broader balances moved in the opposite direction. TVL fell 3.7% week over week to $247 million, supplied assets dropped 4.0% to $96 million and collateral declined 2.5% to $226 million. Borrowed assets increased slightly, however, rising 0.8% to $146 million. The data shows higher selected yields alongside contracting lending liquidity rather than a uniform expansion across Curve. The protocol’s LLAMMA design can keep stressed positions in soft-liquidation ranges for extended periods, a mechanism previously visible in Curve’s first-half lending data.
crvUSD remained close to its dollar target at $0.9994, while mint-market debt increased 2.1% to $69.7 million. scrvUSD yield rose to 3.7% APY, up 0.4 percentage points from Week 43. PegKeeper debt dropped sharply by 21.97 million crvUSD to 11.78 million, while mint borrowing fees increased 5.1% to $45,800. These figures describe separate parts of the crvUSD system and should not be interpreted as a single measure of protocol liquidity.
CRV Emissions Stay Flat as Curve Expands to Stellar
DAO incentive metrics also shifted during the week. Scheduled gauge allocations remained unchanged at 1.86 million CRV, worth approximately $609,600 at the snapshot, while veCRV distributions fell 40.8% to $90,200. Base veCRV APR declined to 1.851%, although Curve calculated a 9.454% APR when eligible vote incentives were included. The 1.86 million CRV figure represents scheduled gauge allocation, not tokens already claimed by liquidity providers.
Week 44 also marked Curve’s launch on Stellar, where StableSwap entered mainnet beta after being rebuilt for Soroban rather than the EVM. The rollout extends a multichain strategy that already includes Curve’s stablecoin-focused deployment on Circle’s Arc network. Network expansion increases the environments where Curve infrastructure is available, but it does not establish equivalent liquidity or trading adoption on each chain.
The Week 44 report consequently shows several competing trends: higher modeled yields in selected stablecoin markets, declining Llamalend TVL, stable CRV emissions and continued protocol expansion. The 19.7% LP rate and 37.1% leveraged sDOLA figure are point-in-time modeled returns whose persistence will depend on fees, incentives, borrowing costs and liquidity conditions in subsequent weeks.