- Curve DAO is voting on a 17.45 million CRV (~$6.7M) grant to Swiss Stake AG to fund the 25-person core team through 2026.
- The funding targets the rollout of Llamalend V2 and FXSwap, signaling a major pivot into on-chain foreign exchange markets (Forex) and advanced lending.
- Proposed by founder Michael Egorov, the initiative aims to secure the protocol’s infrastructure against competitors by retaining top engineering talent.
Curve Finance is weighing a new governance proposal that would allocate a large CRV token grant to Swiss Stake AG, the firm responsible for much of the protocol’s core development over the past several years.
The proposal, now live for voting on Curve’s DAO portal, requests 17.45 million CRV, valued at about $6.7 million, to fund a 12-month development budget covering 2026.
According to the proposal, Swiss Stake AG has led Curve’s core protocol work since 2020 and previously received its first DAO grant in 2024.
Related: Curve Finance Founder’s Proposal: 21 Million CRV Grant for Swiss Stake
Llamalend V2 & FXSwap: The Next Growth Engines
The new request aims to support the ongoing maintenance of Curve’s core codebase, security audits, and the rollout of several major protocol components. These include Llamalend V2, further development of the FXSwap pool design, upgrades to the crvUSD stablecoin system, and expanded multi-chain governance and infrastructure tooling.
The team reports having more than 25 contributors. The grant is structured to support talent retention and operational continuity, with unused CRV to be carried forward. Any proceeds generated from the tokens, including staking rewards, would be reinvested into related development efforts. Swiss Stake AG also commits to semi-annual financial disclosures and quarterly technical updates.
Recent Technical Progress
The proposal outlines progress made during the recent reporting period, covering June through August 2025. Development efforts focused heavily on Llamalend V2, which introduces broader asset support beyond crvUSD, new DAO-controlled borrow caps, updated accounting mechanisms for ERC-4626 vaults, and more flexible oracle management. Additional features enable LP tokens to be used as collateral and allow for CRV emissions tied to those positions.
FXSwap, a new pool type built on the Twocrypto-ng framework, advanced from simulations into early pilot use. The system is designed for low-volatility and foreign exchange pairs and has undergone multiple audits. Pilot deployments include forex pairs such as the Brazilian real and Swiss franc, alongside third-party use cases.
Infrastructure & Cross-Chain Scaling
Cross-chain development expanded boosting delegation and voting functionality across multiple networks. Research also targeted faster cross-chain movement of crvUSD, including a proposed “Fast Bridge,” cross-chain flash loans, and redemption mechanisms for scrvUSD.
Backend upgrades included new chain integrations, performance optimizations, and enhanced monitoring tools. Front-end work focused on reducing technical debt, improving performance, and adding aggregated cross-chain views for Llamalend users.
Related: Curve DAO Token Faces Market Pressure After Latest Liquidation
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