Curve Finance achieved a record trading volume of nearly 35 billion USD in Q1 2025

Curve Finance, a decentralized lending protocol (DeFi) and exchange, recorded a record trading volume of nearly 35 billion USD in Q1 2025.

Trading volume increased by more than 13% compared to the same period in 2024, mainly due to a strong increase in the number of transactions, from about 1.8 million to approximately 5.5 million in Q1 2025, Curve stated.

Total locked value of Curve (TVL) over time | Source: DefiLlamaAlthough achieving impressive results, this occurs against the backdrop of a general decline in the cryptocurrency market, with total market capitalization dropping by more than 20% as of March 31, according to data from CoinGecko.

Adapting to the Changes of DeFi

Launched in 2020, Curve has taken many important steps in the past year to keep up with the changes in the decentralized finance ecosystem (DeFi).

In June 2024, Curve will launch crvUSD – the protocol's stablecoin – to distribute fees to token holders, replacing the old model that paid out using shares of the 3crv liquidity pool.

In November 2024, Curve partnered with Elixir – a blockchain network – to support the introduction of BlackRock's cryptocurrency money market fund, BUIDL, into DeFi.

According to the plan, by the end of 2025, Curve will consolidate the lending markets into a single interface and provide borrowers with additional time to close their positions before being liquidated.

Curve founder, Michael Egorov, shared in March that he expects many decentralized exchanges (DEX) to develop into specialized platforms for stablecoins pegged to different currencies.

"The exchange of stablecoins between currencies such as the euro, USD, and others has not yet been fully resolved. How to provide liquidity without incurring losses while still being able to achieve significant profits is an open question that I believe will soon have an answer," Egorov commented.

Although the number of transactions has surged, the total value locked (TVL) on the Curve platform is currently around 1.8 billion USD as of April 2, down from a high of about 2.5 billion USD at the beginning of the year, according to DefiLlama.

The native token of Curve, Curve DAO (CRV), currently has a market capitalization of about 640 million USD, down more than 40% since the beginning of the year, according to Cointelegraph.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.

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Thach Sanh

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