Curve used its October update to highlight a beta launch on Stellar, its first deployment built for a blockchain outside the Ethereum Virtual Machine ecosystem. The move opens Curve's stablecoin-focused trading model to Stellar users, while keeping the same fee-sharing structure for veCRV holders that applies across Curve's other deployments.

The monthly recap also pointed to new lending features around Curve LP positions, stronger fee income for veCRV holders, and a busy trading day late in the month when crvUSD stayed near its $1 target. Across the update, the DAO framed October as a month of expansion in both infrastructure and utility.

Stellar launch marks first non-EVM rollout

Curve said its app is now live in beta on Stellar at stellar.curve.finance, allowing users on the network to swap stablecoins at close to one-for-one and to earn a share of trading fees by depositing into pools.

According to the update, this is Curve's first deployment built for a chain outside the EVM, the framework behind Ethereum and the other networks where Curve had previously launched. Curve said it rebuilt its pools for Stellar with support from the Stellar Development Foundation.

The protocol described Stellar as a venue for regulated stablecoins and tokenized funds that need liquid trading markets against one another. It added that swaps on Stellar, like swaps on other Curve deployments, generate fees for veCRV holders.

DAO opens lending against LP positions

On Ethereum, Curve said the DAO opened the first Llamalend V2 market that accepts a Curve LP position as collateral, starting with the reUSD/sfrxUSD pair. The structure allows liquidity providers to borrow crvUSD without removing their liquidity, while the underlying position continues to earn trading fees.

The DAO also approved a gauge for that collateral, meaning LP tokens used in the lending market can earn CRV rewards, although Curve noted there is no boost for collateral in the gauge. With leverage available in the app for this market, the update said LPs can loop against their position and token issuers can concentrate incentives in a single venue intended to support both liquidity and utility.

Curve added that other lenders are also using its LP positions as collateral. Tangent, for example, now allows borrowing of its USG stablecoin against CVX/ETH and crvUSD/frxUSD Curve LP positions.

Fee payouts rise as crvUSD stays near peg

veCRV holders received a total of $551,000 over October's five weekly payouts, according to the recap. Curve attributed that to higher trading fee income for the DAO than in September.

The protocol also singled out 29 October as the busiest trading day of the month, when pool volume was more than ten times a typical October day. Even during that session, Curve said crvUSD remained close to $1 across its main pools.

Curve said its monetary policy increased the average crvUSD borrow rate to 5.7% from 3.7% during October in an effort to keep the stablecoin at $1. The higher rate also lifts returns for scrvUSD savers. On the same high-volume day, the protocol said Liquidation Protection kept 48 of the 49 covered loans open.

Yield-bearing collateral and issuer activity expand

Curve said savings and lending tokens in Llamalend V2 continue to earn their underlying yield while backing a crvUSD loan. Borrowing against those assets on Ethereum rose 10% in October to $30 million, with Maple's syrupUSDC accounting for most of the growth, according to the update.

The DAO also doubled the amount of crvUSD supplied to the market for Resupply's sreUSD savings token, increasing it to 60 million. Elsewhere, Curve highlighted activity from issuers using its liquidity and lending infrastructure, including fxUSD trading against USDC in one of Ethereum's five busiest Curve pools in October and a larger borrow cap for the sDOLA lending market.

Additional pools also gained incentives, with the new avUSD/savUSD and frxUSD/sVUSD pools becoming eligible for CRV rewards. Curve further noted that traders in Yield Basis's WETH/crvUSD pool should now receive pricing closer to the market after a DAO vote allowed the pool to use live market data for pricing.

Interface updates and next steps on Stellar

Curve said Llamalend market pages are now out of beta and now foreground borrowing costs and supply yields, while linking directly to the underlying collateral or deposit pool. Pool pages were also updated to show liquidity at different price levels, token balances and net APR, with many features available even without a connected wallet.

Other interface changes are aimed at returning users, including a pool list that hides empty pools, network switching that keeps users on the same page, and a tab for locating unclaimed rewards in pools that have already been exited.

Looking ahead, Curve said pool creation on Stellar is coming to the interface next. It also said FXSwap, its pool design for assets such as a dollar stablecoin and a euro stablecoin, is expected to follow after its audit.

Source: news.curve.finance