Curve DAO Treasury Dashboard

DAO ownership vote #1456 (created 21 Jul 2026, not yet executed) proposes to accept ownership of a new contract called TreasuryStableDiversification (0x70b3d2c2a508a87f9c18f46fe9ca42307cd021f7, verified on Etherscan) and approve its usage of treasury crvUSD. The contract is initialized with owner=DAO Ownership Agent, treasury=0x6508, asset=crvUSD — a strategy that would deploy treasury crvUSD through a diversification mechanism. Still in voting; 4 votes cast as of 21 Jul, execution pending.

A new 150,000 OP tranche landed at the Curve DAO Optimism agent on 9 Jul 2026; DAO vote #1450 (496.9M veCRV for, 0 against) executed on 16 Jul at 18:39 UTC and forwarded the full balance (150,001 OP) to the Swiss-Stake-controlled multisig one minute later. The multisig immediately began deploying it as Llamalend v2 incentives on Optimism (~85.5k OP still held as of 18 Jul).

Michael Egorov opened a Call for Proposals on the governance forum for a new risk-assessment and market-monitoring mandate to replace LlamaRisk (engagement ended 30 Jun 2026). Scope covers crvUSD mint markets / PegKeepers and Llamalend isolated markets; candidate teams are asked to propose responsibilities, KPIs and the budget they would require — a future treasury/grants spend once a team is selected. The chosen team is expected to start by reviewing LlamaRisk's handoff materials (models, dashboards, repositories) and decide what is reusable. No replies and no vote yet as of 11 Jul 2026.

Curve DAO Vote 1445 (407.1M veCRV for, 0 against) executed on-chain at 16:25 UTC. It un-killed the FORWARD epoch on the Arbitrum and Base FeeCollectors and set the forwarding hook, so crvUSD admin fees collected on those L2s are now bridged to the DAO treasury 0x6508 instead of sitting unclaimed (~$1M of accumulated L2 fees per the proposal rationale).

End date of LlamaRisk's Curve engagement. Per LlamaRisk's exit statement, the CRV vesting cannot be cut early without burning the unvested portion, and the post-30-Jun remainder is expected back in the DAO treasury. Re-verified 27 Jul 2026 on-chain: the escrow keeps vesting normally — on 3 Jul 12:45 UTC LlamaRisk claimed 252,854.8 CRV to its Safe (tx 0xf604c8bc, covering vesting from 27 May through 3 Jul, i.e. mostly the pre-exit accrual plus a few days after); no further claim since — three weeks of no movement. Escrow still holds 1,859,372.23 CRV; no return tx to the treasury and no revoke vote for this CRV escrow exists yet (ownership votes checked through #1461) — return still pending.

Curve DAO Vote 1441 passed unanimously (536.8M veCRV for, 0 against) and executed on-chain at 16:00 UTC. It revoked the unvested remainder of LlamaRisk's crvUSD retainer stream: 270,247 crvUSD were returned from the vesting escrow 0xd0760552 to the crvUSD treasury 0x6508 in the same execution tx; the remaining vested ~18.2k crvUSD was claimed by LlamaRisk on 3 Jul 2026 (tx 0x8a97353b), leaving the stream at zero — the crvUSD leg is now fully settled. This is the crvUSD leg only — the separate CRV grant (escrow 0x9f8a1a29) keeps vesting (1,859,372 CRV left after LlamaRisk's 3 Jul claim) and has not returned as of this pass.

Governance vote to cut LlamaRisk's crvUSD stream and return the unvested remainder to the DAO treasury, following the exit announcement. Started 22 Jun; passed unanimously and executed 30 Jun 2026 (see the execution event). The CRV grant remainder is expected back separately after 30 Jun (still pending as of 6 Jul — see the 30 Jun event).

The full 100k OP balance is transferred from the Curve DAO Optimism vault to a Swiss-Stake-controlled multisig (vote #1433, executed 16 Jun 2026, on-chain transfer same hour) — a DAO L2 asset moved to the core-dev entity.

Two months after renewing, LlamaRisk announces it is concluding its Curve engagement effective 30 Jun 2026 — it took an exclusive sole-risk-provider mandate at Aave. A successor risk provider is left to the DAO. The on-chain follow-through (pending): Vote #1441 to cut its crvUSD stream, and the CRV vesting after 30 Jun to return to the treasury — not yet executed.

3.75M CRV vested to the Curve Grants multisig (escrow 0xa94bec73) to fund the grants program — authorized as a rider on vote #1381 alongside the Swiss Stake second tranche, and paid in its execution tx 0x4d6ffd.

520k crvUSD top-up to the Swiss Stake operating proxy 0xe4f02acc — authorized on vote #1381 (the crvUSD rider alongside the Swiss Stake CRV second tranche) and paid in its execution tx 0x4d6ffd.

DAO renews LlamaRisk for risk management + crvUSD growth: 2.5M CRV (1-yr vest) + 360k crvUSD stream, April 2026-2027. Vote 1363 passed 100% (415M veCRV).

360k crvUSD streamed from the fee treasury into a Simple Vesting Escrow (0xd076) in tx 0xab4b67e5 — the crvUSD half of LlamaRisk's April 2026-27 package (vote #1363). ~71.6k was released before the exit; the unvested 270,247 crvUSD was returned to the treasury on 30 Jun 2026 when Vote 1441 executed.

DAO approves up to 400,000 crvUSD from the treasury for potential future emergency use by the eDAO (vote #1344). An earmark — not necessarily drawn; track on-chain if/when it leaves the treasury.

17.45M CRV (~CHF 5.3M) to Swiss Stake, vesting Jan 2026 -> Jan 2027, funding a 25+ person team (R&D, infra, security & audits, ecosystem). Enacted by vote #1297 (executed 29 Dec 2025). Paid in two tranches — first half Dec 2025, second half (8.725M) released Apr 2026 via vote #1381 (executed). Unused rolls over; unusable returns to the DAO.

Curve DAO extends a crvUSD credit line to YieldBasis, scaled 60M (#1206) → 300M (#1222) → 1B crvUSD (#1279). This is crvUSD minting capacity granted to YB's vaults (collateralised), not a treasury outflow — it underpins the crvUSD↔YieldBasis flywheel that the YB allocation incentivises.

Curve DAO decides how to use its YB: deploy it as vote incentives split 55% Votium / 45% Votemarket (vote #1267, executed) to steer YieldBasis (veYB) gauge emissions toward Curve's crvUSD/YB pools. YB-emissions recipient set to 0x0997f89c (#1238). Rationale (#1241): 'utilizing YB for boosting crvUSD liquidity'. YB(+CRV) later added as rewards to all PegKeeper pools (#1353). So Curve's YB is an active flywheel spend, not a passive reserve.

Per YieldBasis tokenomics (total YB cap 1B), Curve DAO is allocated 80,000,000 YB (8%): 75M 'Curve Licensing' (claimable by the DAO proportionally as the 300M LP-emission reserve mints) + 5M 'Curve Governance' (fully unlocked at TGE). YB (token 0x01791f72, deployed 2025-09-15) is the YieldBasis governance token, locked in veYB and traded on Curve. The allocation sits in YieldBasis vesting/escrow; Curve DAO wallets hold ~0 directly because the YB is deployed as incentives (see usage vote).

DAO redirected a fixed 10% of protocol fee revenue (admin fees auto-converted to crvUSD) to the crvUSD Treasury via the FeeAllocator; the other ~90% goes to veCRV lockers. Enacted by ownership vote #1123 (executed 27 Jun 2025). First treasury inflow lands Jul 2025.

2M CRV vested to LlamaRisk for risk & growth services Apr 2025-Apr 2026 (vote #990) — the year BEFORE the 2026-27 renewal. Identifies the previously-unmatched 2025-03 Community Fund outflow.

Fee receiver set to the FeeSplitter, laying the foundation for routing part of crvUSD controller (borrow-interest) fees to future products — later feeds scrvUSD savers and veCRV (vote #856, corrected #867).

21M CRV to Swiss Stake AG — the company building Curve — for a year of core development. Concluded Aug 2025.

4,601,410 CRV vested over 1 year to JPEG'd DAO's multisig — reimbursement for losses JPEG'd (a Curve-ecosystem protocol) incurred in the July-2023 Curve pool exploit (vote #593).

Over 2024-2026 the DAO received earmarked ecosystem grants from three L2 foundations into DAO-controlled vaults and distributed them to LPs/LlamaLend as incentives (earmarked, kept off the headline treasury KPIs), and now essentially exhausted: Arbitrum ~3.5M ARB distributed in tranches (#563/#649/#716, all executed), vault empty since Aug 2024; Optimism ~660k OP across 3 claims (#522/#761/#1305), distributed (#688/#1025/#1053) with the final 100k moved to a Swiss Stake multisig (#1433, now ~29 OP on-chain); Sonic season-1 rewards claimed and routed to crvUSD/USDC (#1182). These L2 assets sit OUTSIDE the mainnet CRV/crvUSD/ETH balances the dashboard tracks — see the L2 grants block. Verified via a sweep of all DAO votes; no DAO-vault grants found on other chains.

DAO compensation for LPs hit by the July-2023 Vyper-reentrancy exploit (pETH/alETH/msETH/CRV-ETH pools). Executed 2023-12-21 in tx 0x690f143b: 71.8M CRV paid OUT OF THE COMMUNITY FUND across 4 vesting escrows, plus 92,696 CRV + WETH/ETH from the Ownership Agent, all claimed into VestSplitters that fan out to ~73 affected-LP wallets (vote #521; see curvefi/vest-split). This 71.8M is the single largest Community-Fund outflow to date.

Curve's 2022 grants ran through the Curve Grants Multisig — Community grants (streamed via LlamaPay from Aug 2022), a Research team (curveresearch), and analytics (Llama.airforce). The Risk Team — LlamaRisk, formerly CryptoRisk Assessments — began as a 2-person team and in June 2022 became a Curve-funded bounty program paying analysts from the Curve community; it became Curve's first risk client and its longest continuous engagement. Its founder later sat on the Curve Grant Council and Michael Egorov was the team's first advisor; early funding came from the Grants program before later direct DAO grants (#990, #1363).

27.6M CRV (2020-12 + 2021-05) vested via escrows to the grants-council proxy — the DAO's first operating outlays.

The Grant Council DAO multisig (0xc420c9d), established by CIP#42 / DAO ownership vote #30 (Dec 2020, follow-up to signaling SCIP-3): the DAO began VESTING a grants budget (~$150k/month for a year, unused rolling to the next year) to a multisig controlled by all 6 Curve team members + 4 community signers (Julien T, Quentin Milne, Amadeo Brands, Adam S; Andre Cronje reviewing applications). The council awards grants at its DISCRETION by category — Ecosystem / Community / Security / Governance (in 2022: Community grants, Risk Team = LlamaRisk, Research team, llama.airforce; community grants streamed via LlamaPay) — NOT per-grant DAO votes. So the governance basis is one budget vote, then off-chain council allocation with public transparency reports. On-chain trace: the Community Fund sent CRV to grant-council proxies (0xa445…, 0x50b5…), which forwarded ~27.6M CRV here (the direct continuation of the Community Fund grant chain). Gross flow since Dec 2020 is ~41.3M CRV in / ~33.3M out across 42 counterparties, but that gross includes ~12M CRV round-tripped through Silo/Aave treasury parking (deposit then withdraw); net of parking, ~19M CRV was paid to grant-recipient multisigs and Vyper vesting escrows and ~1.9M CRV was sold via CoWSwap for stables. ~7.9M CRV (≈$1.56M, plus small crvUSD + USDC) remains. wavey's crv.lol balance sheet counts this wallet as the 'Grants Multisig' — shown here as a DAO-controlled liquid line with a balance-over-time chart whose points are labeled by real counterparty.

Community Fund seeded at Curve launch with 151,515,152 CRV (~5% of supply) as the DAO's reserve to fund grants and ecosystem work.