Curve’s weekly protocol update highlighted a governance proposal that would halt future CRV emissions to two older gauges while also showing softer borrowing activity in the crvUSD mint markets.

Ownership vote 1499 would end incentives for the old CRV/cvxCRV pool and the old sfrxUSD/crvUSD v1 vault, according to Curve’s update. The change would affect future rewards but would not, based on the proposal description cited in the update, imply closure of the pool or existing loans.

Top yields were led by stablecoin pairs

Among selected USD-denominated opportunities on Ethereum, the sUSDx/USDx pool posted a modeled 11.0% APR, the highest figure in this week’s list. Curve said that estimate was driven by LP growth rather than CRV rewards.

The frxUSD/USG pool followed at 8.5%, and Curve noted that this return depends mostly on CRV incentives. USDC/USG also showed 8.5%, while USG/sDOLA and frxUSD/sUSDai were each listed at 7.7%. The scrvUSD/sUSDe market was shown at 5.7%.

For lending, Curve highlighted supplying crvUSD against sfrxUSD at 4.8% and against wstETH at 9.3%. The protocol added that lending APR can include both borrower interest and CRV rewards, while withdrawal liquidity can vary with utilization.

ETH and multi-asset pools stayed in mid-single digits

In ETH and BTC-focused markets, the ETH/ETHx pool from Stader was listed at 6.3% for ETH exposure, ahead of ETH+/ETH at 4.4%. On the Bitcoin side, WBTC/cbBTC/hemiBTC was shown at 2.5%, while tETH/weETH and stETH/frxETH came in at 2.4% and 1.8%, respectively.

Curve also highlighted several other pools outside standard stablecoin pairs. The crvUSD/WETH/CRV tricrypto pool was listed at 6.2%, crvUSD/ZCHF at 5.1%, and GHO/cbBTC/WETH at 4.6%. USDC/WBTC/WETH and USDT/WBTC/WETH were lower at 3.0% and 2.1%.

crvUSD debt and DAO payout metrics moved lower

The protocol activity snapshot showed crvUSD mint-market debt at $74.0 million, down 4.4% on the week. At the same time, the scrvUSD yield slipped to 3.2%, a decline of 0.1 percentage points, while scrvUSD assets as a share of mint debt rose to 22.0%, up 1.3 percentage points.

Curve’s update put the crvUSD oracle price at $0.9999 and average borrow APY at 3.7%. PegKeeper debt stood at 33.75 million crvUSD, and mint borrowing fees collected rose 3.2% to $53.9 million in the source extract’s reporting format.

Within Llamalend, total value locked was listed at $271 million, down 0.6%. Supplied assets increased 2.0% to $96 million, borrowed value fell 0.6% to $147 million, collateral dipped 0.4% to $247 million, and the number of loans rose by 22 to 1,200.

Governance proposal and product changes are the next points to watch

On the DAO side, veCRV distribution fell 19.1% to $94,000, while veCRV APR dropped 0.729 percentage points to 1.628%. Weekly gauge allocation rose 1.56% to 1.86 million CRV, valued in the update at about $721,600, and annual CRV inflation edged down to 4.011%.

Beyond vote 1499, Curve said its app now places veCRV fee claiming on the CRV locker page. It also said Llamalend leverage routes now use market-specific slippage defaults and include external-router fees. The immediate confirmed next step is the governance process around the ownership vote, which would determine whether the two legacy gauges continue receiving CRV emissions.

Source: news.curve.finance