Curve Finance revenue doubles in strong Q3, volume hit $29b

Decentralized finance protocol Curve Finance saw a notable increase in platform revenue in the third quarter of 2025, with trading volume also surging among other core metrics.
Summary

• Curve Finance revenue rose in strong Q3, with trading volume hitting $29 billion.
• Revenue rose from $3.9 million to $7.3 million, and was fully redistributed to veCRV holders.
• Data shows the protocol’s DEX trading volume hit $11 billion in October.

Curve Finance announced its third-quarter (Q3) 2025 growth report on Tuesday, November 11, highlighting a more than double increase in protocol revenue over the quarter. With a strong second half of the year to build on, Curve DAO (CRV) saw its three-month revenue jump to $7.3 million.

The platform, which redistributed a share of the generated revenue to veCRV holders, had ended Q2 with $3.9 million.

Meanwhile, momentum across stablecoin trading, helped by deeper liquidity, saw trading volume spike to $29 billion. Curve reported $25.5 billion in cumulative trading volume for the quarter ending June 30, 2025. In Q3, the DeFi protocol’s total value locked rose from $2.1 billion to $2.3 billion.

DEX trading volume jumped $11 billion in October, reaching a six-month high and signalling fresh DeFi momentum. Curve founder Michael Egorov reposted the metric below.

Curve Finance is heating up again

DEX volume hit $11B in Oct, the highest in 6 months, while TVL stays at $2.34B.

Liquidity is flowing back into stablecoin & LSD pools, early signs of a new DeFi cycle? 👀 pic.twitter.com/2hSjCYZkxf

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— Karl Marx OnChain (@KM_crypto1) November 3, 2025

What drove Curve Finance’s Q3 gains?

According to the Curve Finance team, stablecoin demand is behind the momentum that drove the protocol’s Q3 outperformance.

Notably, the platform’s native stablecoin, crvUSD, remains steady, with volume hovering around $124 million and a market cap of $278 million. Volume on the day was up 25%, with this suggesting consistent usage as Curve prepares for Yield Basis integration.

Yield Basis is a new protocol by Curve Finance founder Egorov.

The project also documented key milestones, including multi-chain expansion across Plasma and Etherlink. Meanwhile, a PYUSD/USDS liquidity pool launched via a Spark partnership has swiftly surpassed $90 million in TVL.

CRV, the native Curve DAO token, is listed on Robinhood, which provides broader access and adoption in the U.S. market. The token traded around $0.48, about 18% up over the past week.