ZUG, Switzerland, Dec. 19, 2025 /PRNewswire/ — Ethereum’s market is one of the most competitive corners of DeFi, and it has virtually no “meme”-driven trading activity. This makes it easier to measure the more organic market volumes, where low fees and the trading of core assets such as ETH, BTC (wrapped), and stablecoins are predominant.
This week, Curve Finance delivered one of the clearest signals that it stands among the top players in this scene.
The top Ethereum DEXs by fees (30-day view, DeFiLlama)
DeFiLlama’s research shows that Curve is currently one of the best Ethereum DEXs when it comes to fees during the past 30 days, beating out other long-time leaders in the field.
One thing that stands out here is how much the scale has changed. About a year ago, Curve made up about 1.6% of all DEX fees on Ethereum. Its share is now roughly 44%, which is the biggest change in fee domination that DeFi has witnessed in 2025.
These numbers show that more traders are using Curve and paying more fees. But keep in mind that this doesn’t show how much profit or yield is shared among the liquidity providers or the protocol itself.
There were a number of things that led to this growth. Trading in Curve’s native crvUSD stablecoin has skyrocketed, which has raised volumes and solidified the protocol’s status as a key place for on-chain stablecoin liquidity. In terms of trading volume over the last 24 hours, crvUSD is now one of the top five stablecoins, behind only USDT and USDC. This shows how quickly it has been adopted and how important it is becoming for on-chain liquidity.
Top stablecoins by trading volume (24H)
Integration with Yield Basis has also brought the most on-chain Bitcoin liquidity to DeFi on Curve. The protocol currently has three of the deepest on-chain BTC liquidity pools that the Yield Basis protocol uses. The pools are at the absolute top in terms of both TVL and depth, far ahead of BTC pools on other DEXs.
Michael Egorov, the founder of Curve Finance, said this about the change: “DeFi users are putting more and more value on long-term revenue models over short-term speculation.” There is a definite shift away from trading based on excitement and toward processes with clear economics and genuine yield. This change in long-term behavior is changing where liquidity and volume will eventually land.
Some information on Curve Finance
Curve Finance is one of the biggest DeFi protocols. It focuses on trading stablecoins with low costs and little slippage. Launched in 2020, it has evolved into a comprehensive ecosystem with liquidity pools, lending markets, its own stablecoin (crvUSD), and DAO governance. It is now an important part of the infrastructure for Ethereum and other EVM networks.
