Curve Finance (CRV)
44% of ETH DEX fee revenue is extraordinary. veCRV/Convex lock-in. ATH -96% (not -99.6%, illiquid spike).
Ranked 32nd of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
CRV scores 140 of 250 across the 25-variable framework, which places it 32nd of 251 rated tokens and inside the top quartile of the set. The framework verdict is HOLD.
CRV is a top-10 name in the set on 3 variables. The score rests on Developer Activity 8/10, 1st of 251, Protocol Revenue 8/10, 5th of 251, Competitive Moat 8/10, 5th of 251 and TVL Trend 7/10, 11th of 251.
Against the same universe, CRV sits in the bottom third on BTC Alpha Potential 2/10, 200th of 251. These are the variables that would have to move for the verdict to change.
Only 51% of CRV's maximum supply is in circulation, so 1.96x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 49% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
CRV trades 98.6% below its all-time high of $15.37. Recovering that level is a 71.4x move, not a 98.6% one, which is the arithmetic most drawdown charts hide.
The framework score gained 85 points against the previous pass (55 to 140). Revisions of this size follow a change in the underlying variables, not a change in price.
$3.20B sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 8 | 5th of 251 | |
| Revenue Trend | 6 | 15th of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 6 | 17th of 251 |
Supply
| Supply Inflation | 5 | 61st of 251 | |
| Vesting Schedule | 7 | 35th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 7 | 11th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 8 | 1st of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 7 | 20th of 251 | |
| Competitive Moat | 8 | 5th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 6 | 29th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 5 | 74th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Yield Basis mainnet, crvUSD growth, 44% ETH DEX fee revenue share
Principal risk
Egorov liquidated TWICE ($140M+), -96% from ATH, Uniswap V4 competition
Market and supply
| Price | $0.2136 |
| Market cap | $330.0Mrank 119 |
| All-time high | $15.3713 Aug 2020 |
| Circulating supply | 1,545,199,779 |
| Eventual supply (max supply) | 3,030,303,031 |
| Dilution to full supply | 1.96x |
| Total value locked | $3.20B |
| Listed on | Binance, Coinbase, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to CRV measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Financial News UK] 44% of Ethereum DEX fee revenue, $10.2M annualized to veCRV
- [CryptoTimes] Egorov liquidated TWICE ($140M+), 17M CRV grant controversy
- [DeFiLlama] $3.2B TVL across all chains
- [Tokenomics.com] veCRV model: Convex controls ~50% of votes
Common questions
- What is the Early Thunder score for Curve Finance (CRV)?
- CRV scores 140 out of 250 on the 25-variable framework, ranking 32nd of 251 rated tokens (top quartile). The framework verdict is HOLD.
- What are CRV's strongest fundamentals?
- CRV ranks highest on Developer Activity 8/10, 1st of 251, Protocol Revenue 8/10, 5th of 251, Competitive Moat 8/10, 5th of 251 and TVL Trend 7/10, 11th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the CRV thesis?
- CRV scores in the bottom third of the universe on BTC Alpha Potential 2/10, 200th of 251. The single risk carried on the scorecard is: Egorov liquidated TWICE ($140M+), -96% from ATH, Uniswap V4 competition
- How much CRV supply is still to enter circulation?
- 51% of eventual CRV supply is circulating today, leaving 1.96x the current float still to arrive. At a flat price per token that is 49% of fully diluted value ahead of current holders.
- How far is CRV from its all-time high?
- CRV trades 98.6% below its all-time high of $15.37. Returning to that high requires a 71.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to CRV?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to CRV are LDO (146), JOE (117), LPT (123) and GRT (121). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for CRV?
- Yield Basis mainnet, crvUSD growth, 44% ETH DEX fee revenue share
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.