Curve Finance, a DAO-DEX, says that trading volume rose slightly in 2025 from the prior year. According to the platform, the protocol recorded $122.3 billion in trading volume, up from $119.3 billion in 2024.
Total value locked (TVL) started the year at approximately $2.44B, reached a yearly peak of around $2.86B in August 2025, and closed the year at roughly $2.22B.
In Q4 2025, Curve Finance reported 51.8K active users, compared to 20.5K in Q4 2024, reflecting a 152% year-over-year increase.
The platform notes that since 2021, the number of unique active users interacting with the protocol has increased more than fourfold.
The protocol is said to have accounted for approximately 44% of Ethereum DEX fees in December 2025, up from around 1.6% at the start of the year, placing it among the largest contributors to on-chain trading fee generation.
In 2025, Curve Finance reported distributing $13.6 million in fees to veCRV (vote-escrowed CRV, a non-transferable token representing locked CRV on Curve Finance) governance participants.
In 2025, 1,758 new pools were launched, slightly above 2024 levels.
Pools exceeding $100,000 in size grew by 17% year-over-year, while pools above $1 million increased by 41%.
Michael Egorov, Founder of Curve Finance, said that over the next decade, they expect “liquidity, risk management, and market structure to move increasingly on-chain, with neutral protocols like Curve providing the rails that connect issuers, applications, and users across currencies and jurisdictions”. This will be boosted by the rise of stablecoins.
