Curve: score, security record and what it is for

81/100SCORE · BMixed record Grade B, very good

Curve is built for swapping between assets that should hold the same value, and it does that better and cheaper than anything else at size. In 2023 around 70 million dollars was drained from several pools through a reentrancy bug in specific Vyper compiler versions rather than in Curve's own contracts, and most of it was eventually returned. The interface assumes you already know what you are doing.

The facts

LIVE SINCE: 2020
TYPE: AMM, stablecoin specialist
CHAINS: Ethereum, Arbitrum, Optimism, Polygon, Base and more
SWAP FEE: Typically 0.04 percent on stablecoin pools, which is the cheapest way to swap between stablecoins at size.
AUDITS: Heavily audited. The 2023 incident was not a flaw in Curve's own code.
WHO CAN CHANGE IT: veCRV vote escrowed governance, one of the more genuinely decentralised structures in DeFi.

How the score breaks down

security19/30

liquidity22/25

chains13/15

costs14/15

decentralisation13/15

Where it is strong and where it is not

✓ Strengths

By far the cheapest venue for large stablecoin swaps
Deep liquidity in pegged assets
Genuinely decentralised governance
Most of the 2023 loss was returned

✗ Weaknesses

The 2023 compiler exploit cost users real money even though it was not Curve's bug
The interface is dense and unfriendly to newcomers
Pool mechanics are genuinely complex

Exploit history

2023

Around 70 million dollars was drained from several pools because of a reentrancy bug in specific versions of the Vyper compiler, not in Curve's own contracts. The majority was ultimately returned.

Our read

The best tool in the industry for swapping between stablecoins at size, and priced accordingly. Security is marked down for the 2023 incident even though the root cause was a compiler flaw rather than Curve code, because the money left users either way. Most of it came back.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.