Curve（CRV）代币经济学

The Curve DAO Token (CRV) is the native governance and utility token of Curve Finance, a decentralized exchange (DEX) optimized for stablecoin and pegged-asset trading. The tokenomics are designed to align the long-term interests of liquidity providers, developers, and governance participants through a unique vote-escrowed (veCRV) model.

Issuance Mechanism

CRV was launched in August 2020 with a maximum supply capped at approximately 3.03 billion tokens. The issuance is governed by a continuous emission schedule that reduces over time to manage inflation.

• Initial Supply: Approximately 1.3 billion CRV (43% of the total supply) was issued at launch.
• Inflation Reduction: The protocol undergoes scheduled reductions in token emissions. For instance, on its fourth anniversary in 2024, the inflation rate was significantly reduced, followed by another scheduled reduction on August 14, 2025.
• Minting Control: The minting of additional ERC-20 CRV is controlled by the Curve DAO through the "Token Minter" and "Gauge Controller" smart contracts.

Allocation Mechanism

The total supply of 3.03 billion CRV is distributed across several key stakeholder groups to ensure ecosystem sustainability and decentralized governance.

Usage and Incentive Mechanism

CRV serves three primary functions within the Curve ecosystem: voting, staking, and boosting. These functions are activated by converting CRV into veCRV (vote-escrowed CRV).

• Governance (Voting): veCRV holders can propose and vote on protocol parameters, such as fee structures, the addition of new liquidity pools, and "gauge weights" (which determine how CRV emissions are distributed among pools). Creating a formal DAO proposal requires a minimum of 2,500 veCRV.
• Value Accrual (Staking): By locking CRV for veCRV, users receive a share of the protocol's trading fees. Currently, 50% of all trading fees generated by the protocol are distributed to veCRV holders in the form of 3CRV (the LP token for the DAI/USDC/USDT pool).
• Yield Boosting: Liquidity providers who also hold veCRV can receive a boost of up to 2.5x on their CRV rewards for the liquidity they provide to the platform.
• Ecosystem Utility: CRV is also used as collateral for the crvUSD stablecoin and within the Curve Lend platform.

Locking Mechanism

The locking mechanism is the core of Curve's "ve-tokenomics." To gain utility beyond simple trading, holders must "vote-lock" their CRV.

• veCRV Conversion: Users lock their ERC-20 CRV into a non-transferable VotingEscrow contract. In return, they receive veCRV.
• Time-Weighting: The amount of veCRV received is proportional to the length of the lock. Locking 1 CRV for the maximum period of 4 years yields 1 veCRV, while shorter periods yield proportionally less (e.g., locking for 1 year yields 0.25 veCRV).
• Weight Decay: The voting power and weight of veCRV gradually decrease as the lock approaches its expiry date. Users must extend their lock or add more CRV to maintain their voting power and rewards boost.

Unlocking Time and Vesting

The Curve DAO follows a structured release schedule for its various allocations, primarily utilizing linear vesting to prevent supply shocks.

• Core Team: Distributed tokens were subject to a linear four-year vesting schedule that began on August 13, 2020.
• Investors and Employees: These allocations were subject to a linear two-year vesting schedule starting from the same date in August 2020.
• Pre-CRV Liquidity Providers: These tokens had a one-year vesting period.
• Current Status: As of early 2026, the original vesting schedules for the core team, investors, and employees have largely concluded, meaning these portions are fully unlocked. However, the full emission schedule for liquidity providers (the largest portion of the supply) is designed to extend until approximately 2030.
• Locking Limits: For individual users participating in the DAO, the minimum locking time is one week, and the maximum is 4 years. Once locked, tokens cannot be moved or traded until the selected time has elapsed.