Curve’s Active User Spikes to New High: DeFi Season or Just a Smirk?

The daily active users (DAU) count on Curve Finance has reached a new high while the broader crypto market witnessed a dramatic crash last week. This spike in users on the OG decentralized finance (DeFi) protocol has sparked discussions whether this is an early sign for the comeback of the DeFi boom. 

Data from Token Terminal reveals that DAU on the protocol have surged to a three-year high of 4.9K, marking a significant uptick in engagement. This resurgence comes amid broader debates about the health of the crypto sector. 

Martin Shkreli, the infamous fraudster also known as “Pharma Bro,” pointed to declining web traffic on platforms like Uniswap as evidence of waning interest. “The average person could not care less about crypto,” he said. 

Curve’s Founder, Michael Egorov, countered by highlighting this DAU milestone, suggesting a potential revival in “pure DeFi”—protocols focused on core utilities like stablecoin liquidity rather than speculative hype. 

Spike in Curve Finance users count

Curve Finance, launched in 2020, specializes in low-slippage swaps for stablecoins and similar assets through its automated market maker (AMM) design. The recent DAU spike, up significantly from 2023 low of below 1,000 indicates renewed activity, even as overall DeFi volumes remain subdued. 

According to DefiLlama data, Curve’s 24-hour fees stand at $428,445, with 7-day fees at $3.21 million, 30-day fees at $7.44 million, and annualized fees around $90.74 million, showing steady, but not explosive, growth. Its trading volumes over the past 365 days total approximately $92 billion, reflecting decent but stable activity compared to historical highs. 

However, the total value locked (TVL) on the protocol remains near $1.874 billion, which is far from the protocol’s 2021 peaks. This mismatch between surging user growth and relatively flat financial metrics raises questions: Is this a genuine comeback, or just a temporary blip in user engagement? 

Zooming out, the overall DeFi landscape provides important context for Curve’s moment. The total DeFi TVL currently sits at approximately $104.677 billion, which is far below the 2021 peak of over $250 billion. Despite this contraction, DeFi has shown resilience, with limited outflows during Bitcoin’s downturn. 

What users are doing on Curve Finance

Curve’s core appeal lies in its liquidity pools, where participants deposit stablecoins to facilitate trades and earn fees, typically 0.04% per swap. In addition, incentives like the protocol’s native CRV token are also allocated to such strategies. 

Given the current data, many new users are likely engaging in yield farming strategies, locking assets to boost returns through veCRV (vote-escrowed CRV), which grants governance rights and amplified rewards. Others could be arbitraging small price discrepancies between stablecoins or integrating Curve with other DeFi tools, such as borrowing on Aave and then pooling on Curve for compounded yields. 

In a market where Bitcoin is consolidating around $76,000 after a recent dip from highs above $79,000, users may be rotating capital into safer, income-generating plays like Curve’s stablecoin-focused pools. 

Is this an exception or a broader DeFi shift?

Comparisons with peers underscore Curve’s niche strength. Uniswap, the largest DEX by volume, maintains a robust weekly average DAU of around 275.9K over the last 30 days but hasn’t seen a comparable spike. As noted by Shkreli, Uniswap’s web search traffic has declined significantly year-over-year as retail curiosity wanes. 

Conversely, Aave experienced a slight DAU increase in January, as per similar metrics from Token Terminal. This reflects modest growth in borrowing activity amid market uncertainty. Yet, Curve’s user surge stands out, possibly driven by its emphasis on low-risk, high-efficiency trades in a volatile environment. 

Interestingly, this activity hasn’t translated to Curve’s governance token, CRV. As of February 4, 2026, CRV’s price has dropped nearly 33% in the past month, as per CoinMarketCap data. It remains down over 99% from its all-time high of $60.50 in August 2020. 

This decoupling highlights a key DeFi reality: Protocol usage often doesn’t directly boost native token prices, especially in mature ecosystems where utility trumps speculation. 

Also read: Aave DAO Moves to Freeze V3 on Low-Revenue Chains

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.