Data Decoded: Curve

Our latest Dune Dashboard covers Curve Finance, the largest DEX by TVL. The dashboard tracks Curve’s key performance indicators, allowing investors to monitor the health of the protocol. This document complements the dashboard and explains the statistics in each section, guiding investors to make data-driven decisions about Curve. The chart titles within the dashboard match the section titles listed in this document.

Following a short introduction, the dashboard is divided into five sections that analyze different aspects of Curve, from a high-level view of Curve’s position in the DEX sector to in-depth metrics on CRV tokenomics.

Introduction

For a more in-depth explanation of Curve and how it operates, refer to our asset profile on Blockworks Research. The Dashboard features a brief intro alongside the current CRV price, market cap, and circulating supply.

You may notice the circulating supply and market cap differ from what is displayed by other data providers. 43% of CRV was minted at genesis and allocated to the core team, employees, investors, early users, and the community reserve. These tokens were sent to vesting contracts with 1-4 year unlock terms. As tokens unlock over time, eligible wallets can claim CRV from the vesting contracts, but the user must do so manually. Tokens that have unlocked but remain unclaimed in the vesting contract should be considered part of the circulating supply as they can be moved freely by the rightful owner. Only the core team allocation is still vesting today. Thus, the current circulating is properly calculated as:

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