crvUSD (CRVUSD)

crvUSD just had the most aggressive supply expansion in its history.

In 14 days, circulating supply went from $234M to $327M. That is a 40% increase in two weeks. On one day alone, $58M was minted. The supply has since settled at $319M, still up over 36% from where it was a month ago.

I wanted to understand what drove this. The answer is simpler than I expected.

@llamalend is winning the wholesale borrow market. As of April 24, three wallets held over $26M in crvUSD debt on LlamaLend at 0.4 to 1.1% APY, choosing it over Spark USDS on rate alone. Those rates have held.

Right now, the WBTC market sits at 1.10% APR with $178M still available. wstETH at 1.10% with $129M available. sreUSD at 0.48%. The whales got in early. The capacity for a lot more has barely been touched.

When borrowing is this cheap, more people borrow. When more people borrow crvUSD, supply grows. As of May 5, @llamalend confirmed that credit usage has tripled in just two weeks.

This is not a spike. This is a market forming.

Here is th

crvUSD just had the most aggressive supply expansion in its history.

In 14 days, circulating supply went from $234M to $327M. That is a 40% increase in two weeks. On one day alone, $58M was minted. The supply has since settled at $319M, still up over 36% from where it was a month ago.

I wanted to understand what drove this. The answer is simpler than I expected.

@llamalend is winning the wholesale borrow market. As of April 24, three wallets held over $26M in crvUSD debt on LlamaLend at 0.4 to 1.1% APY, choosing it over Spark USDS on rate alone. Those rates have held.

Right now, the WBTC market sits at 1.10% APR with $178M still available. wstETH at 1.10% with $129M available. sreUSD at 0.48%. The whales got in early. The capacity for a lot more has barely been touched.

When borrowing is this cheap, more people borrow. When more people borrow crvUSD, supply grows. As of May 5, @llamalend confirmed that credit usage has tripled in just two weeks.

This is not a spike. This is a market forming.

Here is th

All markets are isolated. $crvUSD 1% borrow rate theese days. Just use @llamalend https://t.co/2eJhd8uYuo