Live · data updated 2026-09-27 06:01 UTC · auto-refresh 10 min · maintained by Chado · sources last verified 2026-09-11iChado is an autonomous AI agent. It pulls everything on-chain (Etherscan V2 + Chainlink/Curve price oracles — no third-party data API), reconstructs the treasury money-map, then curates each movement's purpose & sources from the Curve gov-forum and news — everything tagged 🤖 AI is the agent's curation (figures are raw on-chain). It verifies the sources and regenerates this page every 10 minutes.
Curve DAO treasury — balances, inflows and outflows, all on-chain since the DAO genesis (2020). Protocol fee revenue is distributed mostly to veCRV lockers, with a governance-set share retained by the treasury. The core-team operating grant is paid in CRV from the Community Fund; some other grants and streams are paid in crvUSD from the fee treasury.
DAO-controlled liquid · by sourceiLiquid DAO-controlled assets, split by source wallet: the Community Fund (CRV reserve), the Treasury (everything that address holds — the fee-share crvUSD is now held as the yield-bearing stables it was diversified into, sfrxUSD and sDOLA, plus the CRV moved in from the Grants Multisig, plus dust ETH), and the Grants Multisig (liquid grants distributor — CRV + crvUSD + USDC). The first two are the free reserve. Prices: Chainlink CRV/ETH and the Curve crvUSD aggregator on-chain, the ERC-4626 redemption rate for the yield-bearing stables, and Curve's own price service for the frxUSD and DOLA they redeem into (read on this run: 1.0001 and 0.9974, not a flat $1); balances via Etherscan V2. Left out of the total on purpose: what the treasury holds without an on-chain price source here — disclosed, not valued: 5,789 COW. They are listed only if the same token arrived at least three times, which is what tells a real inbound stream from a stranger's one-off transfer.
$3,956,214
reserves $3,422,410 (Community Fund + Treasury) + Grants Multisig $533,804
Grants Multisig$533,80414%
Community Fund (CRV)$292,4737%
Treasury (stables + CRV)$3,129,93779%
If the chart does not appear, the library did not load — the same figures are in the tables below and in the open JSON.
Monthly inflowiValue received by the Treasury in the last complete month (the current partial month is excluded), read from incoming transfers across every token the address moves — crvUSD, sfrxUSD, sDOLA, CRV — a set discovered from the address's own transfer history on every run, not kept as a list in the code. Two different things land here: the RECURRING 10% fee share routed by the FeeAllocator every week, and EPISODIC transfers — an L2 bridge sweeping months of accumulated fees, or an escrow returning unvested funds. The monthly number shows everything that arrived, including a return from an escrow the treasury itself had funded (June 2026 is mostly that). The annual figure is the revenue actually received over the trailing 12 complete months and DOES exclude such returns — that is the treasury's own money coming back, not income — because multiplying one lumpy month by 12 would invent a number; the month-over-month badge likewise compares fee share to fee share.
$194,802 /mo
≈ $1,514,013/yr of revenue (12 mo, own-money returns excluded) · 2026-08 (last full month) · into the fee treasury ▼ 25% fee share vs prev mo of it $40,776 the recurring fee share · $154,026 one-off transfers
Grant spend rateiMonthly grant spend = the realized vesting RATE of every active grant/stream escrow, in USD: amount released so far ÷ months since first funding (on-chain, no hardcoded schedule). Sums every escrow the DAO funded — Swiss Stake (the core-team grant, and by far the largest), the Curve Grants escrow, the yRisk mandate and the LlamaRisk legs. An escrow that has paid out nothing in the last 60 days counts 0 — this line is money that actually left, and LlamaRisk CRV, Grants escrow, LlamaRisk crvUSD sit at 0 only because nobody has clicked claim, NOT because the obligation ended: they keep vesting into 2027 and their recipients can draw at any time. Measured by how fast the obligation accrues instead of by claims, the rate is $710,767 a month. This is total DAO spend, not just the crvUSD side.
$522,093 /mo
realized vesting of active grants + streams — whole DAO (Community Fund + treasury)
Paid out of the treasuryiTotal value actually paid out of the treasury since it began (grants and streams), across every token it moves — crvUSD, sfrxUSD, sDOLA, CRV, discovered from the address's own transfer history on every run. The yRisk mandate, for example, left in CRV and sfrxUSD — a crvUSD-only read showed those months as zero spending. Moves into the diversification contract and CRV coming from the Grants Multisig are excluded as internal. Etherscan tokentx, outgoing only.
$1,201,962
grants & streams out of the fee treasury alone, all tokens (to date)
Community Fund balanceiCRV balance of the Community Fund, the wallet that funds DAO grants. Etherscan tokenbalance.
845k CRV
$292,473 · 151.5M CRV at genesis (2020)
Spent since genesisiTotal CRV paid out of the Community Fund since the 2020 genesis: the sum of its outgoing transfers, on-chain. Not genesis minus balance — those agree only while the fund has a single inbound, and a revoked escrow returning CRV here would read as money un-paid.
150.7M CRV
grants paid from the fund (2020→now)
Monthly inflow / outflow
treasury flow, all tokensiMonthly transfers in (green) and out (red) of the treasury in USD, every token it moves (crvUSD, sfrxUSD, sDOLA, CRV) — the set is discovered from the address's own history, Etherscan tokentx. Hover a bar for counterparties. Line = running total of money put in and not spent.
If the chart does not appear, the library did not load — the same figures are in the tables below and in the open JSON.
Monthly value in (green) and out (red) of the Treasury in USD, across every token the address moves — crvUSD, sfrxUSD, sDOLA, CRV. That set is discovered from the address's own transfer history on every run, not kept as a list in the code. The line is the running total of money put in and not spent. Hover a bar for the exact counterparties and amounts. Two counterparties never count as income or spending: the diversification contract (crvUSD leaves, yield-bearing stables come back to the same address) and the Grants Multisig (the DAO moving its own CRV between its own contracts). Non-crvUSD legs are valued at today's price — they are all 2026 movements. Over the last three months $4,603,245 moved that way in total (both legs of every internal transfer are counted). The part that actually lifted the free reserve is the CRV now sitting in the Treasury, $1,983,572: all of it came from the Grants Multisig on 26 Aug and 3 Sep 2026, so the reserve grew by that much without a dollar being earned — which is why these moves are kept out of both bars.
What this chart is and is not: it is the fee treasury only. Grants are also paid in CRV out of the Community Fund, which was funded once at genesis and exists to be spent on building Curve — a grant reserve, not a balance that is meant to keep growing. The last column is the month still running — it is shown for what has already arrived, not as a month to compare with the full ones. 3 more token(s) crossed this address on this run without an on-chain price here, so they are named rather than counted, with their transfer count: COW (24), 0x5e07…3676 (1), kitties (1). A token that keeps arriving is a real stream the treasury holds; the single-transfer ones are address-poisoning sent here by strangers.
🤖 AIVesting escrow · yRisk CRV stream (#1492): yRisk mandate, CRV leg — 568,181 CRV left the treasury on 2 Sep 2026 (vote #1492, execution tx at 16:31 UTC) into a one-year Simple Vesting Escrow for yrisk.eth. Revocable by DAO vote, so the unvested part stays DAO-controlled; 33,931 CRV released so far. · DAO vote #1492 · Escrow on Etherscan 0xf741…ca13
🤖 AIVesting escrow · yRisk sfrxUSD stream (#1492): yRisk mandate, stablecoin leg — 103,417.95 sfrxUSD (the 125,000 frxUSD principal) left the treasury on 2 Sep 2026 in the same execution tx, into a one-year revocable escrow. All yield the sfrxUSD earns while it vests returns to the Curve treasury. · DAO vote #1492 · Escrow on Etherscan 0x1ecd…6b7e
🤖 AICurve payout proxy (operating payouts since 2021): 520k crvUSD top-up — the crvUSD rider on vote #1381, paid in execution tx 0x4d6ffd. It went to the Curve payout proxy (0xe4f02acc), the contract that has handled Curve operating payouts since 2021; who controls it is not asserted here. The same vote released the second half of the Swiss Stake grant for vesting, but no CRV moved for it — that transaction carried only this 520,000 crvUSD and 3,750,000 CRV to the grants escrow, and the full 17.45M had been in the Swiss Stake escrow since Dec 2025. · DAO vote #1381 (executed) · execution tx
🤖 AIVesting escrow · LlamaRisk crvUSD stream: LlamaRisk risk-management retainer, paid as a crvUSD vesting stream. Vote 1441 (executed 30 Jun 2026 16:00 UTC, 536.8M veCRV for / 0 against) revoked the unvested remainder: 270,247 crvUSD were returned from this escrow to the crvUSD treasury 0x6508 in the same execution tx. The escrow is empty: the ~18.2k crvUSD that had already vested was claimed by LlamaRisk on 3 Jul 2026, and its balance has been 0 since (read on-chain). · LlamaRisk Services Proposal · Return tx: 270,247 crvUSD -> treasury (Etherscan)
Each month's value into / out of the treasury with the actual counterparties (Etherscan-linked), across every token it moves — crvUSD, sfrxUSD, sDOLA, CRV, discovered from the address's own transfer history, not from a list kept in the code. Inflow is the treasury's 10% fee share via FeeAllocator plus occasional L2 bridge sweeps; outflows to date are the LlamaRisk stream, a grant proxy and the yRisk mandate (paid in CRV and sfrxUSD). Sources: DAO vote 10676
Grants Multisig balance since 2020
CRV in/out of the grants distributor, on-chainiRunning CRV balance of the Curve Grants Multisig (0xc420c9d), the DAO's grants distributor, reconstructed on-chain via Etherscan tokentx since its first funding. Gross, not grants: the CRV arrives from the early grants councils (Community Fund -> council proxies -> here), and a large part of both directions is the multisig parking CRV in Silo and Aave and pulling it back, plus CRV sold through CoWSwap — the caption under the chart gives the three shares in CRV. CRV only, the small crvUSD/USDC holdings are not charted.
If the chart does not appear, the library did not load — the same figures are in the tables below and in the open JSON.
On-chain CRV history of the Grants Multisig (0xc420c9d): 41.6M CRV in, 40.0M CRV out across 40 counterparties since 2020-12-19, 1.5M CRV remaining. Funded mainly by the early Curve Grants councils (Community Fund → council proxies → here); of the 40.0M that left, 12.5M went to parking venues that gave all of it back (2 of them, Silo and Aave), 2.1M was sold through CoWSwap for stables, and 25.4M was actually paid out to 37 recipients — hover any point for the counterparty + Etherscan link. Step line = balance after each transfer; CRV only, the minor crvUSD/USDC riders are not shown.
History table: Grants Multisig balance since 2020 · 116
5 zero-value transfers naming this address as the sender left out: none of those transactions touched it — third parties emitted the log (address poisoning).
Community Fund since genesis (2020)
every CRV movement, on-chainiEvery CRV transfer in/out of the Community Fund since the 2020 genesis allocation, read on-chain via Etherscan tokentx. Outflows are grant vesting escrows (Vyper). Balance is the running total after each transfer.
If the chart does not appear, the library did not load — the same figures are in the tables below and in the open JSON.
Full Community Fund (CRV) history since the DAO genesis on 2020-08-13: one genesis inflow, then grant vesting-escrow outflows. Step line = balance after each movement. Every recipient links to Etherscan.
History table: Community Fund since genesis (2020) · 13
🤖 AI Curve Grants escrow — 3,750,000 CRV vested to the grants programme as a rider on vote #1381, funded 19 Apr 2026. Nothing has been claimed from it yet, so the full amount still sits in the escrow — but it vests linearly to 19 Apr 2027 and the part that has already vested can be claimed at any moment. Only the part still locked is revocable by the DAO, and that is what the escrow line counts. · DAO vote #1381 (executed) · Escrow on Etherscan 0xa94b…7e2c
🤖 AI LlamaRisk CRV grant (2.5M, Mar 2026), paid into a Vyper vesting escrow. LlamaRisk concluded its Curve engagement on 30 Jun 2026 (exclusive Aave mandate); per its exit statement the post-30-Jun vesting is expected back in the DAO treasury. On-chain as of 12 Sep 2026: the escrow keeps vesting — 640,628 CRV released to LlamaRisk's Safe (last claim 252,854.8 on 3 Jul, tx 0xf604c8bc; no further claim since), 1,859,372 CRV remain; no return tx to the treasury and no revoke vote for this CRV escrow exists yet (ownership votes checked through #1496 on 12 Sep 2026). The separate crvUSD stream's unvested part was revoked by Vote 1441. · LlamaRisk: Concluding our Curve engagement
🤖 AI Swiss Stake 2026 operating grant — software research and development, infrastructure, security, ecosystem support — the four purposes the proposal names; 25-member team. Roadmap incl. Llamalend V2, FXSwap, crvUSD. · Funding proposal (gov forum) · crypto.news writeup
🤖 AI LlamaRisk's first CRV grant — 2,000,000 CRV vested over a year by vote #990 (4 Mar 2025, executed), for risk and growth services April 2025-26. The escrow paid out in tranches and was empty by 11 Mar 2026; the 2026 renewal is the separate 2.5M CRV escrow 0x9f8a1a29 (vote #1363). · DAO vote #990 (executed) · Escrow on Etherscan 0x53c6…8de0
🤖 AI JPEG'd hack-loss recovery (vote #593): 4.6M CRV vested over 1 year to the JPEG'd DAO multisig (0x51C2cEF9) — reimbursement for losses JPEG'd, a Curve-ecosystem protocol, incurred in the July-2023 Curve pool exploit, paid to its multisig treasury. · DAO vote #593 — reimburse JPEG'd · JPEG'd DAO on gov forum
🤖 AI Vyper hack-victim recovery (vote #521): part of the 71.8M CRV the Community Fund paid out on 2023-12-21 to compensate LPs hit by the July-2023 Vyper-reentrancy exploit (pETH/alETH/msETH/CRV-ETH pools). Funded in the vote's execution tx 0x690f143b and claimed into VestSplitters that fan out to ~73 affected-LP wallets; the Ownership Agent topped up the same splitter with 92,696 CRV + WETH/ETH. This is the single largest Community-Fund outflow to date. · DAO vote #521 — hack-victim recovery · curvefi/vest-split (distribution) · execution tx 0x690f143b
🤖 AI Early DAO grant (May 2021) — 24,000,000 CRV vested through this escrow and released in full to the grants multisig 0xc420c9d on 2 Dec 2022; the escrow is empty. The vote that created it predates readable vote metadata, so it is identified by the flow, not by a proposal text. · Escrow on Etherscan 0xa445…da08
owned by the DAO, redirectable by vote🤖 AIiEverything the DAO owns and can redirect by governance vote (incl. into the treasury) — the four rows below, in order: the free reserve; the Grants Multisig, the liquid grants distributor (a multisig, so the DAO redirects it by instruction rather than by contract call); the unvested grant escrows the DAO can revoke/redirect; and the YB allocation. NOT the same as the free reserve. veCRV fee income and external pools are not counted (not the DAO's). All on-chain.
Free reserve (Community Fund + Treasury)$3,422,410
Grants Multisig — liquid (CRV+crvUSD+USDC) 6 of 13 signers must sign — the DAO asks, it cannot force$533,804
Grant escrows — committed to recipients, unvested part revocable by vote Swiss Stake $1,545,291 · Grants escrow $727,350 · yRisk $298,506 · LlamaRisk $440,281$3,011,428
YB allocation (Curve's stake in YieldBasis) entitlement, not a holding — 12.7M YB delivered so far and all of it spent on vote incentives; marked at the price of a pool holding 6.3M YB$7,046,738
🤖 AI Free reserve = the two reserve contracts. The vesting and YB lines are DAO-owned but earmarked or already deployed. The escrow line counts only what is still LOCKED on-chain — that is all a revoke vote can take back. A further $825,192 has already vested inside those escrows and stays claimable by the recipients whatever the DAO decides. LlamaRisk's ~$440,281 is the locked remainder of its CRV escrow: no return tx and no revoke vote for it yet. The crvUSD leg is settled — Vote 1441 executed on 30 Jun 2026 returned 270,247 crvUSD to the treasury.
Current spending
grants currently vestingiThe Swiss Stake grant (17.45M CRV, about CHF 5.3M, vested over 12 months) funds the 25-member team at Swiss Stake across the four purposes stated in the proposal: software research and development, infrastructure, security, and ecosystem support. Unused funds roll over to the next year; anything that cannot be used per the project description returns to the Curve DAO.
Mid-term review (Q1 2026): Swiss Stake reports a lean cost base and efficiency steps - five functional Team Leads now in place; Business Development cut from 3 to 2 FTEs. Security audit spend projected down from CHF 1.4M to CHF 0.9-1.0M for 2026, with a proposal to fund audits from the Curve DAO directly. The Dec 2025 grant runs in two phases of 8,725,000 CRV each (Phase 1 H1, Phase 2 H2); the CRV price decline cut the effective runway from about 6 to about 4 months. Phase 2 ask: 8,725,000 CRV + 520,000 crvUSD by veCRV vote, plus 2,500,000 CRV from the Grants Multisig and a 3,750,000 CRV replenishment vest from the DAO to that multisig. Sustainability roadmap: a higher DAO protocol-fee share, a Swiss Association legal restructuring, and four revenue initiatives under assessment.
Collected by AI from the Curve gov forum · 2026-09-11
of it still locked — that is all a revoke vote could take: $1,545,290 · already vested and claimable by the recipient: $47,318
🤖 AI Core-team operating grant — funds the 25-member Swiss Stake team across the four purposes the proposal names: software research and development, infrastructure, security, and ecosystem support; vests linearly over 12 months. Sources: gov forum thread 10953
of it still locked — that is all a revoke vote could take: $440,281 · already vested and claimable by the recipient: $203,179
🤖 AI Curve's risk-management provider — it ended its Curve engagement on 30 Jun 2026 (moving to an exclusive Aave mandate). The crvUSD stream is settled: Vote 1441 executed on 30 Jun 2026 revoked the unvested part and returned 270,247 crvUSD to the treasury. The CRV leg was never touched: its escrow has not been revoked and keeps vesting linearly until 1 Apr 2027 — LlamaRisk drew from it again on 3 Jul 2026, after the engagement had ended. A revoke vote can only take back what is still locked; whatever has already vested stays claimable by LlamaRisk. Sources: gov forum thread 11090
still in the escrow534k CRV + 97k sfrxUSD $302,815
of it still locked — that is all a revoke vote could take: $298,506 · already vested and claimable by the recipient: $4,309
🤖 AI Curve's new risk provider — vote #1492 executed on 2 Sep 2026 funded two one-year vesting escrows, both revocable by the DAO at any time. The sfrxUSD leg keeps earning while it vests, and that yield returns to the treasury. Sources: DAO vote 1492
DAO votes open right now
No DAO vote is open at the moment.
Every vote currently open in the Curve DAO — read live each run: the proposals API for the text, the Voting contract on-chain for the open flag. Treasury-affecting ones show up here the moment they open.
How the money moves
three separate circuitsiFee path on-chain: FeeCollector → FeeAllocator → Fee Distributor (veCRV) + crvUSD Treasury. Spend path: Community Fund → vesting escrows → multiple grants & recoveries (the 2023 Vyper hack-victim recovery is the largest; Swiss Stake, LlamaRisk and others follow). External grants: foundation → DAO wallet → deployed per DAO governance. The two steps print different KINDS of number: the veCRV step is a BALANCE — crvUSD sitting in the Fee Distributor at this moment — while the treasury step is a RATE per week. The two weekly figures on the treasury step are in turn not the same thing: the first is the FeeAllocator's own share averaged over the last 12 complete months, the second adds the crvUSD bridged in from the Arbitrum and Base fee collectors — those arrived as two backlog sweeps after vote 1445, so the higher number is what was received, not a weekly rate to project forward.
Fee revenue circuit
Trading + crvUSD market feesprotocol income
↓ FeeCollector burns to crvUSD, FeeAllocator splits
External sourcesYieldBasis · Optimism · Arbitrum · Sonic
↓ grant or token allocation
DAO walletsinboundoff the headline KPIs
≈0
2 of 3 programmes read live, plus the YB allocation
↓ used per DAO governance
Used by the DAOat the DAO's discretion
Three separate circuits, plus YieldBasis. (1) Protocol fee revenue is converted to crvUSD and distributed mostly to veCRV lockers, with 10% retained by the treasury — that share is a governance parameter read live from the FeeSplitter on every run, not a constant. (2) The Community Fund (CRV) pays in CRV. Its single largest outflow to date was the 2023 Vyper hack-victim recovery (vote #521, 71.8M CRV to affected pool LPs); it also funds the Swiss Stake (core dev) operating grants, LlamaRisk's CRV grant, the JPEG'd hack-loss recovery and the early operating grants. LlamaRisk's crvUSD stream is paid from the fee treasury. (3) External sources fund the DAO with inbound value: L2 foundations (Optimism, Arbitrum, Sonic) grant incentive tokens into DAO wallets, and YieldBasis allocated 80M YB to the DAO. The DAO deploys these per governance, and they sit outside the headline treasury KPIs. The circuits are independent.
Curve DAO's YB allocation
YieldBasis incentive flow — not a held reserve🤖 AI
YieldBasis (YB)· 8% of YB supply allocated to Curve DAO80M YB
Curve Licensing + Curve Governance75M + 5M YB
YB price (Curve pool)$0.0881
Allocation value$7,046,738
Held in DAO wallets now~0 YB
Per YieldBasis tokenomics, Curve DAO is allocated 80M YB (8% of the 1B cap): 75M Curve Licensing (claimable pro-rata as YieldBasis's 300M LP-emission reserve mints) + 5M Curve Governance (unlocked at TGE). Curve does NOT keep this as a reserve — by governance (vote #1267) it deploys its YB as vote incentives, 55% Votium / 45% Votemarket, to steer YieldBasis gauge emissions toward Curve's crvUSD/YB pools and boost crvUSD liquidity. So DAO wallets hold ~0 YB directly (it flows out as incentives via 0x0997f89c). YB price is read live from the YB/crvUSD Curve pool; the allocation value marks the 80M at that price (NOT part of the liquid treasury total). Read the book with the price: that pool holds 565,873 crvUSD against 6,337,626 YB, so the 80M allocation is about 13x the entire YB side of the market that prices it — this line is a mark at spot, not an amount anyone could realise. The canonical YB is 0x01791f72 (locked in veYB, traded on Curve).
External incentive grants
earmarked, inbound — off the treasury🤖 AI
ArbitrumARBexhausted
Received3,476,796 ARB (measured)
DistributedStreamed to Arbitrum LPs (2pool, crvUSD pools, TriCRV-ARB, MIM co-incentive) in tranches over 2024
Remaining now● live~0 ARB
Measured on Arbitrum, not taken from the votes: the Curve DAO vault 0x25877b9413cc7832a6d142891b50bd53935fef82 received 3,476,796 ARB in total and has paid out exactly the same amount — net zero, last movement 15 May 2024. The vault address was recovered from the on-chain script of DAO vote #716 and confirmed by that flow. Distribution ran in tranches through 2024 to Arbitrum LPs (2pool, crvUSD pools, TriCRV-ARB, and an 85k ARB co-incentive with the MIM team per vote #631). The balance is read live on every run.
DistributedTricrypto/TriCRV gauge incentives, Llamalend bootstrap, and Llamalend v2 incentives via a Swiss Stake multisig
Remaining now● live1.0 OP
Measured on Optimism, not taken from the votes: the DAO vault 0xd166…185d5 received 664,830 OP in total (504,828 on 26 Dec 2023 per #522, 60,000 in Jun 2024 per #761, 100,000 in Jan 2026 per #1305) and has paid out 664,829 — 1 OP left. The #1450 tranche never passed through that vault: 150,001 OP went straight from the DAO's Optimism-side agent 0x28c4A1Fa to the Swiss Stake multisig 0xc82a…6DD1 on 16 Jul 2026, which also received 33,060 OP from an outside address on 8 Jul. The multisig has since spent all of it on Llamalend v2 incentives and holds 0. Vault and multisig balances are read live on every run.
DistributedRouted to the crvUSD/USDC.e pool on Sonic
Remaining now · checked once, not re-read each run~0 S
Sonic incentive-program season-1 rewards, claimed by the DAO under vote #1182 and routed to the crvUSD/USDC.e pool on Sonic (the pool contract reports that name; the gauge is still labelled crvUSDUSDC). Checked on Sonic 12 Sep 2026: the DAO itself holds nothing there — the remainder sits in the pool's gauge 0x36ba…5fdb ("Curve.fi crvUSDUSDC Gauge Deposit"), 1,373 wS, and is streaming to LPs by construction, which is where the grant was meant to end up. That gauge balance is LP money, not a DAO holding, so it is not counted as remaining. The size of the season-1 claim is not read live; the addresses were recovered from the vote's on-chain script.
Grants the DAO received from external organisations into DAO-controlled wallets — to date the L2 ecosystem programs of Optimism, Arbitrum and Sonic, but the category is not limited to L2 (any partner/foundation grant belongs here). These are inbound incentive tokens the DAO received and then deployed; they are kept OUT of the headline KPIs; what is still held is re-read on every run and is shown on the right — together with how many of the programmes that figure actually covers. The three entries were built from the governance votes that funded them, and the wallets behind Arbitrum and Optimism are re-read on every run. This list is not a proof that no other chain ever granted the DAO anything: it covers the grants we traced to a vote, and it has not been re-swept since it was assembled.
51,038 crvUSD out to the diversification contract, back the same day as 31,632 sfrxUSD and 9,040 sDOLA. On 11 Sep 2026 the treasury holds 647,806 sfrxUSD and 215,244 sDOLA — about $1.09M of stables at their on-chain redemption rate — plus 5,731,819 CRV.
TreasuryyRisk mandate funded — two revocable escrows leave the treasuryExecuted
Vote 1492 executed at 16:31 UTC. The treasury funded two Simple Vesting Escrows for yrisk.eth (0xc0de0000…72c9): 568,181 CRV into 0xf74123f2 and 103,417.95 sfrxUSD (the 125,000 frxUSD principal) into 0x1ecd05c1. Both vest over one year and both are revocable by DAO vote, so the unvested part remains DAO-controlled. First claims landed on 2 and 7 Sep. This is Curve's new risk provider after LlamaRisk concluded its engagement on 30 Jun 2026.
TreasuryGrants Multisig moves 4.7M CRV into the TreasuryExecuted
The Curve Grants Multisig (0xc420c9d) transferred 4,700,000 CRV to the crvUSD Treasury address 0x6508 (tx 0x95d1f78c, 12:23 UTC). The CRV stays DAO-owned; it moves the balance from the grants distributor into the treasury contract itself. A second transfer of 1,600,000 CRV followed on 3 Sep 2026 (tx 0xcff191fe), bringing the treasury's CRV holding to 5,731,819 CRV after the yRisk funding.
GovernanceVote 1492 opened — funding the yRisk risk-provider mandateExecuted
After the nine preference votes, the DAO put the yRisk mandate to a binding funding vote: two revocable one-year vesting streams to yrisk.eth — 125,000 frxUSD of principal held as sfrxUSD, and 568,181 CRV. All yield earned by the sfrxUSD returns to the Curve treasury. The vote passed and executed on 2 Sep 2026.
102,921 crvUSD went out to the diversification contract 0x70b3 and came back to the treasury the same day as 63,893 sfrxUSD and 18,266 sDOLA. The money never leaves the treasury — it changes token, so the dashboard counts these moves as internal, not as spending.
GovernanceTreasury diversification, third roundDone
The TreasuryStableDiversification contract (0x70b3d2c2a508a87f9c18f46fe9ca42307cd021f7) ran a third time on 14 Aug 2026 at 00:26 UTC, again in a single batch and again with no new vote: it pulled 34,828.38 crvUSD from the treasury (0x6508) and returned 21,642.36 sfrxUSD and 6,191.67 sDOLA. The allowance granted by vote #1456 is open-ended, so the contract keeps converting on its own schedule. Running total since 28 Jul: 1,053,594.66 crvUSD converted into 655,698.40 sfrxUSD and 187,938.40 sDOLA. Read on-chain from the treasury's token transfers on 15 Aug 2026.
GovernanceNine non-binding preference votes on the risk-provider bids — closedDone
On 10 Aug 2026 between 16:21 and 16:40 UTC the DAO opened nine parallel non-binding TEMP CHECK votes (#1477 to #1485), one per bid. Voters could support more than one; the bid with the highest weight in favor is treated as the DAO's preferred option, and no quorum applied. All nine closed on 17 Aug 2026 around 16:30 UTC (vote_time 168h). Final tallies, read on-chain via getVote on 12 Sep 2026: yRisk 536,968,661 veCRV in favor and 0 against — the clear winner; CrossWorlds collateral-review add-on 401,376,261 for and 235,995,067 against; Manifold 329,616,564 for and 303,827,982 against; Tulipa Capital 69,351,080 for and 467,544,320 against; Curvature 59,198,723 for and 477,625,358 against; BA Labs 37,877,180 for and 498,965,094 against; Blockworks Advisory, Xerberus and Pharos Watch each under 300 veCRV in favor against roughly 537,000,000 against. These votes only identified a preference; the mandate and its funding came separately in vote 1492.
GovernanceTreasury diversification, second roundDone
The TreasuryStableDiversification contract (0x70b3d2c2a508a87f9c18f46fe9ca42307cd021f7) ran again on 5 Aug 2026 at 15:10 UTC, in a single batch: it pulled 57,075.26 crvUSD from the treasury (0x6508) and returned 35,501.82 sfrxUSD and 10,164.18 sDOLA. No new vote was needed, the allowance granted by vote #1456 is open-ended. Running total since 28 Jul: 1,018,766.26 crvUSD converted into 634,056.05 sfrxUSD and 181,746.74 sDOLA. Read on-chain from the treasury's token transfers on 8 Aug 2026.
GovernanceSwiss Stake publishes its comparative review of all nine risk-provider bidsDone
Swiss Stake reviewed the nine submissions to the Call for Proposals, sent each team proposal-specific follow-up questions (methodology, readiness, staffing, market-launch capacity, incident coverage, scope, pricing) and published a qualitative assessment of each on 3 Aug 2026 at 21:10 UTC, with costs annualized for comparison: yRisk $250k for both scopes; BA Labs $200k without dashboard maintenance or $250k with it; Blockworks Advisory $240k; Curvature $400k annualized, offered as $200k for an initial six months; Xerberus $100k for scope 2, paid in CRV and max-locked as veCRV; Pharos Watch $350k for scope 1 with an $87.5k three-month trial; Tulipa $630k for its discounted core offer or $750k with risk tooling; CrossWorlds $480k for the two core scopes; Manifold $300k annualized, offered as $150k for a six-month trial. Swiss Stake recommends an initial limited mandate with a public review checkpoint before the DAO decides whether to continue or expand, and states the final appointment and funding decision remains with the DAO. Prices moved right after: CrossWorlds withdrew its $480k full-scope bid on 4 Aug and re-bid as a narrow collateral-review add-on meant to sit alongside another provider, and that add-on is what went to the preference vote.
GovernanceVote 1456 executed — first treasury diversification out of crvUSDDone
DAO ownership vote #1456 (443.5M veCRV for, 0 against) executed on 28 Jul 2026 at 06:25 UTC: the DAO accepted ownership of TreasuryStableDiversification (0x70b3d2c2a508a87f9c18f46fe9ca42307cd021f7) and granted it an unlimited crvUSD allowance on the treasury (0x6508). Ten minutes later the contract began converting: over 13 batches between 28 Jul 06:35 and 29 Jul 20:56 UTC it pulled 961,691 crvUSD from the treasury and returned 171,582.56 sDOLA and 598,554.23 sfrxUSD to it. That was the treasury's whole holding of both tokens at the time; four further rounds (5 Aug, 14 Aug, 26 Aug, 10 Sep) added to it, and the live balance is in the reserve block above. At the ERC-4626 rates of 29 Jul 2026 (1.4055 DOLA per sDOLA, 1.2043 frxUSD per sfrxUSD) this first batch was backed by ~241,165 DOLA and ~720,818 frxUSD, i.e. ~961,983 units of underlying against the 961,691 crvUSD spent. The contract itself holds nothing: it converts and hands back. This is the treasury's first move out of pure crvUSD exposure into non-crvUSD yield-bearing stables.
GovernanceVote 1456 created — TreasuryStableDiversification strategyDone
DAO ownership vote #1456 was created on 21 Jul 2026 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. It passed 443.5M veCRV for, 0 against, and was executed on 28 Jul 2026 — see the 28 Jul entry for what it actually moved.
GovernanceVote 1450 executed — new 150k OP tranche to Swiss Stake multisigDone
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 deployed it as Llamalend v2 incentives on Optimism and holds 0 OP today (balance read live on every run, see the L2 grants section).
GovernanceCall for Proposals opened for LlamaRisk's successorDone
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. Nine teams bid by 21 Jul; Swiss Stake published a comparative review on 3 Aug; nine non-binding preference votes ran 10-17 Aug; yRisk won and its mandate was funded by vote 1492 on 2 Sep 2026 (see those events).
Fee mechanismVote 1445 executed — Arbitrum & Base crvUSD fees flow to the treasuryExecuted
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 — no movement for over two months. Escrow still holds 1,859,372 CRV; no return tx to the treasury and no revoke vote for this CRV escrow exists yet (ownership votes read on-chain through #1496 on 12 Sep 2026) — return still pending, and the escrow keeps vesting to 1 Apr 2027.
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 was expected back separately after 30 Jun; it has not come back — the 30 Jun event carries the current state, re-read on every audit.
Governance100k OP moved to Swiss Stake multisigDone
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.
Risk providerLlamaRisk announces exit from CurveDone
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. What had to happen on-chain, and what since did: Vote #1441 to cut the crvUSD stream was still unexecuted on the day of this announcement — it passed and executed on 30 Jun 2026 (see that event). The CRV vesting escrow has NOT come back: it is still paying out and still holds its remainder.
GrantGrants Multisig pays out 2.5M CRV of the Swiss Stake phase-2 packageExecuted
The Curve Grants Multisig sent 2,500,000 CRV to the Curve payout proxy 0xe4f02acc — the tranche the Swiss Stake mid-term review asked for alongside the veCRV vote. It is the multisig's largest grant payout of 2026 — only its internal moves of DAO-owned CRV into the treasury were bigger (4.7M on 26 Aug, 1.6M on 3 Sep). Same address that received the 520k crvUSD top-up from vote #1381.
Grant3.75M CRV vested to Curve Grants multisigActive
3.75M CRV vested to the Curve Grants multisig (escrow 0xa94bec73) to fund the grants program — authorized as a rider on vote #1381 and paid in its execution tx 0x4d6ffd. That transaction moved exactly two things, this 3,750,000 CRV and the 520,000 crvUSD top-up: no second Swiss Stake CRV tranche left the DAO, because the whole 17.45M had already gone into the Swiss Stake escrow in Dec 2025 and #1381 only released its second half for vesting. As of 11 Sep 2026 the escrow still holds the full 3.75M: nothing has been claimed from it yet, and the unvested part remains revocable by the DAO.
Grant520k crvUSD top-up paid to the Curve payout proxyDone
520k crvUSD paid out as the crvUSD rider on vote #1381, in execution tx 0x4d6ffd, from the fee treasury 0x6508. The recipient is the Curve payout proxy 0xe4f02acc, the contract that has handled Curve operating payouts since 2021. The same vote released the second half of the Swiss Stake grant for vesting, but no CRV moved for it — the full 17.45M had been sitting in the Swiss Stake escrow since 29 Dec 2025.
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.
Fee mechanismA COW stream starts arriving at the treasuryActive
Since 18 Mar 2026 a Gnosis Safe (0xa03be496) has been sending COW to the treasury address in irregular instalments — 22 transfers between 18 Mar and 9 Sep 2026, 5,264.77 COW in total, with gaps of up to three weeks. The two largest arrivals are 1,255.91 COW on 27 Aug and 1,222.77 COW on 24 Jun; three of the four biggest fell in the last month. It is a small inbound stream next to the fee share, and it is disclosed but not added to the headline total: this dashboard prices assets only from on-chain oracles it already reads, and there is no such feed for COW.
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, funding a 25-member team (software R&D, infrastructure, security, ecosystem). Enacted by vote #1297 (executed 29 Dec 2025), which amended the original #1286: the first half vests straight away, the second half (8,725,000 CRV) needed a further DAO vote before it could start vesting — vote #1381, executed 19 Apr 2026 19:46 UTC — the date is read from the execution transaction itself (0x4d6ffd calls the ownership Voting contract with vote id 1381), the same transaction that carried the 3.75M CRV and the 520k crvUSD. The money itself moved ONCE: the Community Fund sent the whole 17,450,000 CRV into the vesting escrow 0xd347ce96 on 29 Dec 2025 and has sent it nothing since (read from the escrow's own transfer history), so #1381 released vesting, not a second payment. On-chain the escrow pays out linearly: 12,847,928 CRV claimed so far — 73.6% of the grant against 74.4% of the vesting year elapsed (start_time 29 Dec 2025 15:38, end_time 29 Dec 2026 15:38, both read on-chain), i.e. drawn exactly on the linear schedule. Unused rolls over; unusable returns to the DAO.
GovernancecrvUSD credit line to YieldBasis raised to 1BActive
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.
GovernanceCurve directs its YB as vote incentives (55% Votium / 45% Votemarket)Active
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.
GrantYieldBasis allocates 80M YB to Curve DAOActive
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).
Fee mechanismFeeAllocator activated — 10% of revenue to treasuryDone
DAO redirected 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. The 10% is a governance parameter, not a constant — the dashboard reads the live split from the FeeSplitter on every run.
2,000,000 CRV vested to LlamaRisk for risk and growth services Apr 2025-Apr 2026 (vote #990) — the year BEFORE the 2026-27 renewal. The escrow 0x53c657a4 released everything in tranches and was empty by 11 Mar 2026; the renewal (2.5M CRV, vote #1363) is a separate escrow.
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).
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 15 May 2024, its last movement; Optimism ~848k OP by two routes — 664,830 OP into the DAO vault across 3 claims (#522/#761/#1305), distributed (#688/#1025/#1053) with the final 100k moved to a Swiss Stake multisig (#1433), plus the 150,001 OP #1450 tranche in Jul 2026 that bypassed the vault and went straight to that multisig; 1 OP left across both addresses, read live; 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).
GrantGrant Council DAO multisig — CIP#42 (vote #30)Active
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, the number of counterparties and what is left in the wallet are read on every run and printed under the balance chart above — they move with every transfer, so they are not repeated here. Two things about that gross do not change: it includes ~12M CRV round-tripped through Silo/Aave treasury parking (deposit then withdraw), and net of parking ~19M CRV was paid to grant-recipient multisigs and Vyper vesting escrows while ~1.9M CRV was sold via CoWSwap for stables. 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.
AI-curated chronology of the key treasury & governance decisions — each linked to its on-chain tx, DAO vote or gov-forum thread. Built incrementally as events unfold, newest first.
Methodology. The headline treasury total is the two reserve contracts — Community Fund (CRV) + crvUSD Treasury. The three Aragon agents (Ownership / Parameter / Emergency) mostly just execute votes, but the Ownership Agent CAN hold/route DAO assets — it historically funded the 2023 hack recovery. Separately, Curve DAO has an 80M YB allocation from YieldBasis that it deploys as vote incentives, so it is not held in DAO wallets. Agent balances are read live on-chain — ETH, CRV and crvUSD at the Ownership and Parameter agents, nothing between them right now. (The Emergency DAO is a separate Aragon org and is not summed here.) Protocol fees split ~90% to veCRV lockers (via the Fee Distributor, ~378k crvUSD claimable) and 10% to the treasury — only the treasury share is counted here; the veCRV share appears in the fee circuit for context, not as treasury income.
Data API (open JSON, refreshed every 10 min): llama.box/curve-treasury/treasury_data.json — all balances, flows, full Community Fund history and AI annotations (summaries + sources). curl -s https://llama.box/curve-treasury/treasury_data.json | jq .treasury
Sources: Etherscan V2 (balances, flows, grant vesting) · prices: Chainlink CRV/ETH and the Curve crvUSD aggregator on-chain, plus Curve's own price service for frxUSD and DOLA (the assets sfrxUSD and sDOLA redeem into — taking them at a flat $1 would hide a depeg in exactly the place the treasury now keeps its stables) · veCRV revenue = crvUSD into the Fee Distributor. Spend reconstructed from the grant vesting escrows. Auto-generated every 10 min on llama.box. Treasury — CRV 0xe399…3267 · crvUSD 0x6508…290b · Etherscan · gov forum. v4.0 (fully on-chain) — Chado for Risk Orga.