DEX · CRV · $1.2B TVL. Screen grades as of November 12, 2026: Solvency BBB, Legitimacy A, Growth B. 2023 reentrancy handled; founder loan overhang resolved; veCRV concentration.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $2B | $1.2B |
| 12-month TVL change | -30% | -46% |
| Worst 90-day drawdown | 30% | 18% |
| Drawdown scored | 30% (90-day only, v1.0) | 46% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 68 | BBB · 61.8 |
| Growth | B · 40.8 | B · 40.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BBB (61.8 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 18% and 12-month TVL change is -46%. TVL stability is scored on the 12-month decline of 46%, because it is worse than the latest 90 days. Sustainability ratio (1x), unlock pressure (2%) and risk quality (7 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (71.5 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (40.8 / 100), unchanged from the July 27, 2026 screen. TVL is $1.2B, -46% over twelve months (it was -30% at the previous screen). Category share (16%) and momentum (4 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BBB. Legitimacy is A and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Curve survive stress and pay its users back. Legitimacy (A) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Curve (this page) | BBB | A | B |
| Uniswap | AA | AA | BB |
| PancakeSwap | A | BBB | BB |
| Raydium | BBB | BBB | B |
| Aerodrome | BBB | BBB | B |
| Balancer | BB | A | CCC |
| SushiSwap | BB | BB | CCC |
Curve remains the stable-asset liquidity backbone of Ethereum DeFi, its veCRV gauge system still directing meaningful liquidity flows a full cycle after the 'Curve wars.' The protocol has survived its two defining stress events — the 2023 Vyper reentrancy exploit and the founder-loan liquidation overhang — with both now resolved.
Solvency screens at BBB. Unlock pressure is minimal and drawdown moderate, but the sustainability ratio (~1x) is the tightest among mature DEXs — fee revenue roughly matches emissions, leaving little cushion. The risk score credits the post-2023 remediation while remembering that the exploit reached core pools.
Legitimacy screens at A. Audit posture was rebuilt seriously after 2023, the protocol's crisis handling was transparent, and crvUSD shipped as promised. Deductions: veCRV concentration keeps governance oligarchic, and the founder's financial entanglements with the protocol's own token remain a governance-culture caveat.
Growth screens at B. TVL is down ~30%, share has eroded to ~16% as stable-swap competition fragmented, and momentum is weak. crvUSD and lending products generate real but modest new fee surface.
Composite B. Infrastructure-grade importance, tightening economics. A full rating would weigh how durable the veCRV liquidity moat is in a market that increasingly routes around it.
