Provide a concise narrative that clearly states each of (a)–(e) below.
Response
Current DeFi liquidity models and lending protocols suffer from systemic fragility and high user risk. Market-making is increasingly reliant on active, professional participants; when volatility spikes, this liquidity often exits or moves "out of range," triggering liquidity crunches and negative feedback loops.
Furthermore, traditional lending protocols utilize "full liquidation" models, where a single price breach results in the immediate and total loss of a user's collateral, Curve mitigates this through a novel lending mechanism that replaces total liquidation with a more efficient, risk-managed approach.
Curve’s operational sustainability is driven by the revenue streams from its core product suite: the DEX, crvUSD, and Llamalend. The DAO controls has sole control over this revenue as well as the community fund, and it's treasury. The DAO uses these funds to support continuous protocol development, ecosystem operations, infrastructure maintenance, and proactive risk mitigation.
Curve is a decentralized protocol suite comprising specialized Automated Market Makers (AMMs), lending markets, and stablecoin infrastructure, all managed via on-chain DAO governance. The protocol's architecture is defined by three core components:
The ecosystem is unified by Gauges, which programmatically route CRV incentives to specific liquidity pools based on veCRV voting weight.
The protocol utilizes a dual-token model to separate governance from incentive distribution:
The protocol’s primary control surface is the Curve DAO, which holds absolute authority over all material parameters, including smart contract ownership, gauge/emission directions, and treasury management. While the DAO can alter market parameters for crvUSD, Llamalend, and DEX pools, a significant portion of the protocol's core logic is immutable; specifically, the DAO lacks the authority to access user-provided liquidity or unclaimed LP yield/rewards. An Emergency DAO also exists with highly restricted powers, specifically limited to terminating gauge emissions (CRV incentive streams) and adjusting crvUSD price stability functions in response to acute risk.
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Michael Egorov | Founder/Managing Director | PhD in Physics. Senior software engineer at LinkedIn. Founder/CTO of the Y Combinator startup NuCypher focused on encryption for Big Data. Founder of Curve Finance and YieldBasis |
Maximilian Roszko | Head of Business Development | PhD in Cognitive Science. Lead UX Designer and Cognitive Scientist for Consensus Labs. Ecosystem Advocate for the Ren & the Ren Foundation. Business Development Consultant |
Full Name | Official Title | Prior Experience |
|---|---|---|
No foundation exists | N/A | N/A |
Full Name | Official Title | Prior Experience |
|---|---|---|
The DAO operates solely through veCRV-weighted governance and has no formal leadership structure or employees. | N/A | N/A |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
Response
Swiss Stake AG currently owns and controls all IP.
Curve has no admin/contract powers over any LP assets. Curve's governance system is fully controlled by the onchain DAO on Ethereum, with separate ownership votes (30% quorum and 51% support), and parameter votes (30% quorum and 51% support) (Governance Overview). Wallets need at least 2500 veCRV to create a vote, and execution of passed votes is permissionless (Governance Overview). There is also an emergency DAO which has very limited powers mainly around emergency crvUSD price stability actions and killing gauges (CRV emission streams).
Curve uses a vote-locking system in which CRV can be locked for up to four years (Curve DAO Whitepaper). Through locking CRV to veCRV holders receive governance rights, a share of protocol revenue, influence over where future CRV emissions go, and up to a 2.5x boost on CRV rewards (Five Years of Curve DAO, Curve DAO Whitepaper, Liquidity Gauges Overview). There are no rights or rewards for holding unlocked CRV.
Curve DAO members (veCRV holders) retain full and sole ownership over all treasury funds and revenue streams. Currently they have voted to share revenue between scrvUSD, a treasury fund, with most going directly to veCRV holders.
The only way to end the DAO is for an ownership vote (30% quorum, 51% support) to pass the DAO’s governance process.
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Response
N/A - No foundation exists
N/A - No foundation exists
N/A - No foundation exists
N/A - No foundation exists
N/A - No foundation exists
N/A - No foundation exists
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Response
Swiss Stake AG is the company which created Curve and is still contracted to run development, it is based in Switzerland.
Swiss Stake AG currently owns and controls all Curve IP, including:
Swiss Stake AG has no powers over the DAO, treasury, protocol-controlled resources, or token administration. It only has power over CRV allocated to it by the DAO itself.
N/A - No foundation exists
Swiss Stake AG has no admin/contract powers itself, although some members of Swiss Stake AG may be members of the DAO or Emergency DAO.
Swiss Stake AG has been paid through a combination of 17.45M CRV + 520k crvUSD for a year of development. The 17.45M CRV vests linearly over the year, 520k crvUSD was transferred normally. Vote link.
Response
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRV | 08/13/2020 | Core Team | Insiders | 0.264317180429207 | 800961153 | 0 | 0 | 0 | 0 | 48 | 1 | Yes | Founders/core contributors. Pre-mined at launch into a 4-year linear vesting escrow (13-Aug-2020 to 12-Aug-2024); vesting is now complete. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ | 0xd2d43555134dc575bf7279f4ba18809645db0f1d |
CRV | 08/13/2020 | Investors / Advisors | Private / VC | 0.035682819471793 |
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
Response
One airdrop has been completed, no further airdrops are planned.
Eligibility: All early swappers and liquidity providers who used Curve before the CRV token was announced.
Criteria: There were two simple criteria:
CSV: https://github.com/saint-rat/crv-airdrop/
One airdrop has been completed, no further airdrops are planned.
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table: (a) Market maker's name — the market maker's name; (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply; (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable, (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
Curve has no market market agreements or deals. | N/A | N/A | N/A |
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table: (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair); (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply; (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable, (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership. If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Response
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Curve has no CEX / DEX agreements or deals. | N/A | N/A | N/A |
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide: (a) Series Name; (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.); (c) Date of sale (at least month & year); (d) Number of tokens sold (or % of total supply); (e) Vesting schedule. If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Response
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Investing Round | SAFT | 2020-May | 92,110,532.63702489 | 2 year linear vest through an on-chain ethereum vesting contract: 0x2A7d59E327759acd5d11A8fb652Bf4072d28AC04 |
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
2023-07 - Ethereum - Curve's CRV/ETH pool (primary CRV liquidity pool)
A bug in the Vyper compiler (not Curve code) allowed a hacker to steal user LP funds.
LPs in the CRV/ETH pool had 5919.2226 ETH and 34,733,171.51 CRV stolen.
LPs were fully compensated with 55’544’782.73 CRV vested over 1 year
Resolved and vesting complete.
https://gov.curve.finance/t/proposal-to-recompensate-lps-affected-by-curve-pool-exploit/9825
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Curve is solely responsible for the content, accuracy, and legality of its disclosures.
108129756 |
0 |
0 |
0 |
0 |
24 |
1 |
Yes |
Early investors. Pre-mined into 2-year linear vesting escrows from 13-Aug-2020; vesting complete. Curve groups Core Team + Investors as the 30% 'shareholders' bucket (26.43% + 3.57%). Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
0x2a7d59e327759acd5d11a8fb652bf4072d28ac04, 0xf22995a3ea2c83f6764c711115b23a88411cafdd, 0xf7dbc322d72c1788a1e37eee738e2ea9c7fa875e |
CRV | 08/13/2020 | Employees | Insiders | 0.0300000000231 | 90909091 | 0 | 0 | 0 | 0 | 24 | 1 | Yes | Employee allocation. Pre-mined into 2-year linear vesting escrows from 13-Aug-2020; vesting complete. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ | 0x679fcb9b33fc4ae10ff4f96caef49c1ae3f8fa67, 0x41df5d28c7e801c4df0ab33421e2ed6ce52d2567 |
CRV | 08/13/2020 | Early Users (pre-CRV LPs) | Community | 0.0500000001485 | 151515152 | 0 | 0 | 0 | 0 | 12 | 1 | Yes | Retroactive allocation to liquidity providers before the CRV launch, claimable via the public vesting contract on a 1-year linear vest from 13-Aug-2020. Pre-mined, NOT part of the gauge emissions schedule. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ | 0x575ccd8e2d300e2377b43478339e364000318e2c |
CRV | 08/13/2020 | Community Reserve | Treasury | 0.0500000001485 | 151515152 | 1 | 151515152 | 0 | 0 | 0 | 1 | Conditional | DAO-controlled reserve. Tokens carry no vesting at the contract level (hence 100% TGE unlock), but they only reach the market once the DAO votes to allocate them, which creates a child vesting contract with a minimum 1-year vest. Treated as Conditional because a separate DAO grant/spend is required before these enter circulating supply. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ | 0xe3997288987e6297ad550a69b31439504f513267 |
CRV | 08/13/2020 | Emissions Year 0 | Emissions | 0.0906890433691415 | 274815283 | 0 | 0 | 0 | 0 | 12 | 1 | Yes | Emissions year 0: 13-Aug-2020 to 12-Aug-2021. Linear over the year. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Year 1 | Emissions | 0.0762600913624602 | 231091186 | 0 | 0 | 12 | 0 | 12 | 1 | Yes | Emissions year 1: 13-Aug-2021 to 12-Aug-2022. Linear over the year. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Year 2 | Emissions | 0.0641268374852508 | 194323750 | 0 | 0 | 24 | 0 | 12 | 1 | Yes | Emissions year 2: 13-Aug-2022 to 12-Aug-2023. Linear over the year. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Year 3 | Emissions | 0.0539240278375975 | 163406145 | 0 | 0 | 36 | 0 | 12 | 1 | Yes | Emissions year 3: 13-Aug-2023 to 12-Aug-2024. Linear over the year. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Year 4 | Emissions | 0.0453445218495708 | 137407642 | 0 | 0 | 48 | 0 | 12 | 1 | Yes | Emissions year 4: 13-Aug-2024 to 12-Aug-2025. Linear over the year. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Years 5-8 | Emissions | 0.11982773910244 | 363114361 | 0 | 0 | 60 | 0 | 48 | 1 | Yes | Emissions years 5-8 (2025 to 2029) grouped into one 4-year row to fit the 15-row limit of this template. Modelled as linear across 48 months, which slightly front-loads vs. the true annual step-down within the epoch. Component years: 115,545,593, 97,161,875, 81,703,072, 68,703,821. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Years 9-12 | Emissions | 0.0599138697162198 | 181557181 | 0 | 0 | 108 | 0 | 48 | 1 | Yes | Emissions years 9-12 (2029 to 2033) grouped into one 4-year row to fit the 15-row limit of this template. Modelled as linear across 48 months, which slightly front-loads vs. the true annual step-down within the epoch. Component years: 57,772,797, 48,580,938, 40,851,536, 34,351,910. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Years 13-16 | Emissions | 0.0299569346931099 | 90778590 | 0 | 0 | 156 | 0 | 48 | 1 | Yes | Emissions years 13-16 (2033 to 2037) grouped into one 4-year row to fit the 15-row limit of this template. Modelled as linear across 48 months, which slightly front-loads vs. the true annual step-down within the epoch. Component years: 28,886,398, 24,290,469, 20,425,768, 17,175,955. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Years 17-20 | Emissions | 0.014978467346555 | 45389295 | 0 | 0 | 204 | 0 | 48 | 1 | Yes | Emissions years 17-20 (2037 to 2041) grouped into one 4-year row to fit the 15-row limit of this template. Modelled as linear across 48 months, which slightly front-loads vs. the true annual step-down within the epoch. Component years: 14,443,199, 12,145,234, 10,212,884, 8,587,978. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
CRV | 08/13/2020 | Emissions Years 21+ (tail) | Emissions | 0.014978467016555 | 45389294 | 0 | 0 | 252 | 0 | 2688 | 1 | Yes | Residual gauge emissions from year 21 (Aug-2041) onward. Emissions continue on the same decay curve until the per-second rate rounds to zero in ~2265 (245 years from launch), hence linear months = 2688 (224 years). This row is a plug: it also absorbs the ~2 token rounding difference between Curve's published per-cohort figures and the 3,030,303,031 max supply. It is 2.6% of emissions and by year 21 annual emissions are under 8M CRV. Community gauge emissions (CRV inflation) minted to liquidity providers via the GaugeController/Minter. Yearly emissions = 274,815,283 / 2^(year/4), i.e. -15.9% per year, halving every 4 years, starting 13-Aug-2020. Emissions are continuous (per-second rate) so each year is modelled as a linear vest. Source: Curve Resources, Supply & Distribution. https://resources.curve.fi/crv-token/supply-distribution/ |
Response
Impact of Regulatory Change on TGE and Listings:
CRV’s token generation event and initial distribution are complete, so regulatory changes cannot prevent those events from occurring. However, changes in law or regulatory treatment could affect the transfer, custody, promotion, trading, or continued listing of CRV in particular jurisdictions.
Curve does not control third-party trading venues, which may list, restrict, suspend, or delist CRV based on their own legal and compliance assessments. Permissionless onchain markets may also be created independently, although access to them may still be affected by local law or restrictions imposed by frontends, wallets, RPC providers, custodians, and other service providers.
Entity-Level Regulatory Impact:
Regulatory or legal changes could affect Swiss Stake AG and other independent entities or service providers contributing to the Curve ecosystem. These changes could result in investigations or enforcement actions, licensing or registration requirements, additional compliance obligations, geographic restrictions, or changes to their structure and operations.
Swiss Stake AG may restrict or suspend access to the official Curve Website where required by applicable law. The underlying Curve smart contracts are not operated or controlled by Swiss Stake AG, but entities and individuals providing interfaces, development, infrastructure, governance support, or other services remain subject to the laws applicable to them.
Tokenholder Tax Treatment:
The tax treatment of CRV, veCRV, incentives, fees, and other Curve-related transactions varies between jurisdictions and may be uncertain or subject to change.
Depending on the applicable law, acquiring, transferring, selling, or locking CRV, receiving fees or incentives, or interacting with Curve smart contracts may result in income, capital gains, disposal, reporting, withholding, or other tax obligations. For example, some jurisdictions may treat locking CRV for veCRV as a taxable disposal or asset conversion.
Tokenholders are solely responsible for understanding and complying with their own tax obligations and should seek advice from a suitably qualified tax professional.
Jurisdictional and User Access Restrictions:
Access to the official Curve Website is subject to the sanctions, eligibility, and restricted-jurisdiction provisions in its Terms. Swiss Stake AG may use geoblocking or other technical measures to restrict access to the Website.
These restrictions apply to the Website and do not necessarily prevent users from interacting directly with publicly deployed Curve smart contracts through other interfaces. Users remain responsible for complying with applicable law, and wallets, RPC providers, exchanges, custodians, and other third parties may impose their own restrictions.
These restrictions may reduce access to CRV or Curve functionality in affected jurisdictions and may create legal, compliance, operational, or reputational risks for entities and service providers contributing to the Curve ecosystem.
Bugs and dependency risks:
Curve contracts may contain math, accounting, precision, reentrancy, access-control, oracle, or configuration errors; tokens, Vyper, LayerZero/native bridges, and L2 sequencers add further dependencies. Failures could drain or lock funds, misprice trades or collateral, cause liquidations, bad debt or depegging, or interrupt withdrawals and cross-chain operations.
Security measures and limitations:
Curve publishes component-specific audits from firms including Trail of Bits, MixBytes, ChainSecurity, Quantstamp and StateMind (https://docs.curve.finance/user/security/audits), and offers a bug bounty of up to $250,000 (https://docs.curve.finance/user/security/bug-bounty). Audits are time-, scope-, and version-limited, bounties are reactive and conditional. No formal verification has been completed as of July-2026.
Critical Economic Assumptions:
CRV has a maximum supply of approximately 3.03 billion, with liquidity-provider emissions declining about 16% annually; its utility assumes those incentives attract liquidity and generate revenue that encourages long-term veCRV locking. If revenue or incentive demand declines below emission-driven selling pressure, holders may experience dilution and price pressure, while liquidity, participation, and governance decentralization may weaken.
Governance Control over Monetary Policy & Rewards:
The existing CRV contract hard-codes the CRV emission schedule. veCRV voters and the DAO can approve gauges, redirect weekly emissions, and change many fee, market, treasury, and revenue-distribution parameters. Poorly designed or captured votes could divert rewards, reduce holder returns, move liquidity away from affected markets, or increase protocol and governance concentration risks.
