Curve DAO (CRV)
Unlock Schedule
Curve DAO (CRV) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Curve DAO (CRV) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence CRV price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
Supply, Distribution, and Emissions
CRV launched on August 13, 2020, with a maximum supply of 3.03 billion. The planned allocation is: 62% to community liquidity providers, 30% to shareholders (team and investors) with 2–4 year vesting, 5% community reserve, and 3% to employees (2‑year vesting). Issuance began around 2 million CRV per day and declines annually by roughly 16%, a design that steadily reduces inflation over time. In 2024, annual emissions were reported around 162.7 million, continuing the downward trajectory since 2020. (resources.curve.fi)
veCRV: Lock to Lead
The CRV token’s core utility is governance via vote‑escrow. Locking CRV to veCRV gives holders:
- Voting power on DAO proposals and parameter changes.
- The ability to direct weekly emissions toward chosen gauges.
- Boosted rewards on their provided liquidity, up to 2.5x.
- A share of DAO revenue, aligning long‑term holders with protocol growth. (resources.curve.finance)
Because gauge votes influence where CRV goes, protocols across DeFi often compete for veCRV support. Liquid‑locker platforms such as Convex, Yearn, and StakeDAO pool CRV from many users, lock it as veCRV, and collectively vote on gauges, which shapes emissions across the ecosystem. (news.curve.finance)
Utility Beyond Governance
CRV is also used in:
- Liquidity mining incentives that attract deposits to new or strategic pools.
- Vote markets and incentive programs where external protocols encourage veCRV voters to allocate gauge weight to their pools.
- Interactions with crvUSD and other Curve products that deepen liquidity and fees for the DAO. (resources.curve.finance)
As a result, the CRV price narrative often centers on governance demand (how much CRV market participants want to lock), emissions schedules, and the breadth of Curve’s on‑chain activity. While this page shows real‑time data separately, understanding Curve DAO tokenomics helps explain the long‑term dynamics behind CRV. (resources.curve.fi)
Assumptions
- Community emissions follow the hardcoded formula Yearly Emissions = 274,815,283 / 2^(year/4), with each 'year' defined as 365 days.
Specified in official docs; dates can shift by one calendar day in leap years but schedule is per 365-day periods.
- Liquidity Mining tail emissions (Year 21 onward) are aggregated into a single linear unlock through the terminal emission date.
Reduces unlock entries while preserving exact total allocation; per-second rate decays geometrically and becomes negligible after ~50 years, with emissions mathematically extending to 2265.
- Community Reserve modeling aggregates historical grants and assumes remaining ~24M CRV (as of 2025-05) vests linearly over one year beginning 2025-05-01.
DAO requires linear vesting ≥1 year for grants; exact grant-by-grant schedules vary. This produces an equivalent monthly series for charting.
- Team, Investor, Employee, and Early User vesting modeled as continuous linear vesting starting at launch.
Official docs specify 1–4 year linear vesting with 0 circulating supply at launch.
- Total supply is capped at 3,030,303,031 CRV and cannot increase beyond that.
Explicitly stated in the official Supply & Distribution documentation.
Allocations
Description
#123
Curve DAO is a decentralized autonomous organization that governs the Curve exchange, a decentralized exchange for stablecoins that uses an automated market maker to manage liquidity. Curve DAO token (CRV) is an ERC-20 token that allows holders to vote on protocol updates and claim a share of the fees generated by the exchange.
| Sector: | DEX |
| Blockchain: | Ethereum |