CRV · a capped, slowly-decaying mint with nothing burning it back.
CRV is the reward and governance token of Curve, an Ethereum DEX — ~1.53B circulating of a 3.03B hard cap, with new supply paid only to liquidity providers on a schedule that shrinks about 16% every year.
Sell pressure. The protocol mints ~28.5M CRV over 90 days to liquidity providers, easing to ~25.4M next quarter as the yearly rate steps down on Aug 12 2026.
Buy pressure. None. There is no buyback and no burn — fees reward vote-locked holders instead of taking CRV off the market.
Net. About +1.9% to market over 90 days — supply heading up slowly, with the pace set to ease as the mint decays.
- Annual emission step-down~16% lowerAug 12 2026 · removed from market
New CRV is minted every second to Curve's liquidity gauges on a fixed, declining schedule — on-chain the rate is about 316,600 CRV a day, roughly 28.5M over the last 90 days. This gauge emission is the only source of new CRV. The schedule steps down about 16% each year, and the next cut lands Aug 12 2026, inside the coming window, which pulls the next-90-day total lower to about 25.4M.
Every original team, investor, employee and early-liquidity allocation finished vesting on Aug 12 2024, so no cliff reaches the market — all new supply now comes only from the emission schedule above.
No dated discretionary release in the window — monitored. Tracked team-controlled overhang: the governance-controlled community reserve, about 151M CRV or 5% of the max supply, which has no published 90-day release rate and showed no distribution event this window.
No bankruptcy estate or court-ordered distribution applies to CRV.
Curve runs no CRV buyback — protocol fees are paid to vote-locked holders in a stablecoin, not by repurchasing CRV on the open market.
There is no CRV burn. The protocol directs fee value to vote-locked holders rather than destroying tokens, so no supply is removed this way.
No discretionary open-market buying of CRV by the project or DAO is evident in the window — monitored.
Vote-escrow locking removes CRV from the active float — about 45% of circulating is vote-locked — but locked CRV is still circulating supply and the locking is voluntary and roughly steady, so no fixed quantum is booked here.
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