Curve Finance is once again becoming the core of the Ethereum DeFi ecosystem, but this time not relying on market speculation, but rather stemming from genuine and sustained on-chain trading demand. Recent data shows that Curve has established a significant position in Ethereum DEX trading activity, with a notable increase in transaction fee contributions, highlighting its infrastructural value in stablecoin and mainstream asset trading.
According to DeFiLlama data, the trading fee ratio of Curve DAO has risen to 6.54%, setting a historical high. More notably, in the past 30 days, Curve accounted for about 44% of the total trading fees on Ethereum DEX, a significant increase from approximately 1.6% a year ago, indicating a clear shift in user behavior.
In the highly competitive DeFi market of Ethereum, transaction fees are often seen as a key indicator of “real usage rate.” Unlike the short cycle and high volatility of meme coin trading, Curve primarily caters to high-frequency, low-slippage trading demands for stablecoins, Ether, and Wrapped BTC. Data shows that Curve generated approximately $15.1 million in transaction fees over the past 30 days, ranking just behind Uniswap, but its trading structure is more concentrated and stable, highlighting its appeal among professional funds and institutional traders.
This growth reflects more the increase in protocol usage rather than a direct increase in income for the DAO or liquidity providers. Although transaction fees are not entirely equivalent to distributed earnings, they clearly indicate that the market's dependence on Curve liquidity pools is strengthening.
From the perspective of specific driving factors, the rapid amplification of crvUSD trading volume has become one of the key drivers, making it the most active trading source on Curve. At the same time, with the integration with Yield Basis, Curve has evolved into one of the platforms with the deepest on-chain Bitcoin liquidity in the DeFi space. Currently, its three main Bitcoin liquidity pools rank among the top in terms of liquidity depth and TVL metrics.
At the governance level, the activity of Curve DAO has also increased. Recently, the community vetoed a proposal to allocate approximately 17.4 million CRV (worth about 6.2 million USD) to the DEX development team and pushed for a revised proposal to be resubmitted. In addition, several proposals concerning liquidity metrics for the liquidity pools and incentive mechanisms are still under discussion, indicating that the ecosystem is continuously evolving.
With the advancement of Curve's deployment on networks like X Layer and Plasma, as well as the rising usage of crvUSD, Curve is further solidifying its position as a foundational protocol for stablecoin swaps and yield strategies. Overall, data indicates that users are gradually returning to prioritize stable returns, transparent mechanisms, and deep liquidity in DeFi protocols, with Curve being one of the biggest beneficiaries of this trend.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 16
Gate News message, according to the April 16 update, Bitcoin ETFs recorded a 1-day net inflow of +2,855 BTC (+$209.95M) and a 7-day net inflow of +11,849 BTC (+$871.52M). Ethereum ETFs showed a 1-day net inflow of +15,477 ETH (+$35.44M) and a 7-day net inflow of +90,366 ETH (+$206.94M). Solana ETFs
GateNews35m ago
Ethereum Foundation Announces ETH Rangers Project Results: Over $5.8M in Recovered or Frozen Assets
The Ethereum Foundation's ETH Rangers project has successfully completed, funding 17 researchers to enhance public security in the ecosystem. Achievements include recovering $5.8M in assets, identifying over 785 vulnerabilities, and developing several security tools.
GateNews44m ago
ETH drops 1.23% in 15 minutes: Retail’s concentrated sell-off and amplified ETF fund outflows weigh on the spot order book
2026-04-16 13:45 to 14:00 (UTC), ETH spot prices fell by 1.23% in just 15 minutes. The candlestick price range covered 2291.2 to 2336.98 USDT, with a swing of 1.96%. Market volatility intensified, sell pressure on the board became concentrated, and the trading community’s focus clearly shifted toward changes in capital outflows.
The main driver behind this abnormal move is large-scale, concentrated selling from retail. In the spot market, net outflows in the first 5 minutes reached as high as -$95.57M. Although some lead/major funds attempted to accumulate at lower prices (net inflows of +$18.95M in large orders over 5 minutes), the overall scale was limited and unable to effectively hedge the overall short-term selling pressure. Meanwhile, the ETH futures market did not show extreme liquidations or large-scale position closures, indicating that the core of the abnormal move came from a spot supply-and-demand imbalance rather than leveraged liquidation cascades.
In addition, ETH spot ETF funds have continued to experience net outflows in early April. On April 1, the single-day net outflow was $7.1M. The overall trend in Q1 was bearish, directly reflecting weakening institutional capital allocation intent and further undermining market confidence. Some funds have shifted to on-chain staking and emerging DeFi protocols. It is also worth noting that large holders with holdings in the 100,000-ETH range have continued to reduce their positions since the end of March. Whale capital outflows have persisted, and retail has followed the above signals, leading to a multi-factor selloff resonance effect in the short term. Although both the number of active addresses on the ETH chain and daily trading volume have hit historical highs, network usage and liquidity are overall strong, but capital flow has not formed any substantive spot buy orders, making it difficult to drive a price reversal.
At present, short-term market risk remains significant. Investors should pay attention to the strength of subsequent retail selling, the direction of ETF fund flows, and changes in large-holder positions. If large holders and major funds do not form a strong follow-through/acceptance, the spot market may continue to be affected by the release of structural supply. It is recommended that investors monitor key support zones in real time, track large on-chain fund movements, and watch for macro news developments, in order to reasonably mitigate the risk of short-term price fluctuations and promptly obtain more market information.
GateNews1h ago
ETH falls below 2300 USDT
Gate News bot message, Gate quotes show that ETH has fallen below 2300 USDT, with the current price at 2296.29 USDT.
CryptoRadar1h ago
Charles Schwab Launches Schwab Crypto Spot Trading for Bitcoin and Ethereum
Charles Schwab launched Schwab Crypto on April 16, a spot cryptocurrency trading service for retail customers. It supports direct trading of Bitcoin and Ethereum and offers education and support, integrating with existing financial services.
GateNews1h ago
Ethereum Foundation Funds $1M Audit Program for Smart Contract Developers
The Ethereum Foundation has launched a $1 million subsidy program designed to help Ethereum mainnet builders pay for professional smart contract security audits.
Key Takeaways:
The Ethereum Foundation launched a $1 million audit subsidy program on April 14, 2026, to help builders cover security r
Coinpedia1h ago
