Curve, the leading stablecoin exchange, has bounced off lows of $0.33 to hit as high as $2.77. While not perfect by any means and trading at a ‘rich’ fully-diluted valuation, Curve is one of the few projects that can claim clear product-market fit, as well as underappreciated token economics. Combine that with entrenched integrations with other protocols and a team that consistently executes, and you have yourself a DeFi “blue-chip.” 

In our Yearn and Curve report (please read this for an overview on Curve’s design), we postured the question, “Curve has done over $14bn in volume YTD. You would do yourself a disservice to sneer at that. Can Curve generate so much volume and trading fees that people stake CRV faster than it’s released? With 22.5% of issued CRV already locked for 3.62 years on average, it’s not unreasonable.”

As of writing, Curve has locked ~89M CRV and minted ~93M CRV since September 19th (admin fee switch date), coming to about 94% of minted sup

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