crvUSD peg stability and DEX routing shifts

crvUSD metrics and Metronome recovery

The crvUSD oracle price is $0.9998, a decrease of $0.0001. PegKeeper debt is 7.83M crvUSD, a weekly change of -7.98M crvUSD. Mint-market debt is $73.3M, a 3.3% decline. I notice that Savings crvUSD (scrvUSD) yields are 3.3% APY, an increase of 1.2 percentage points. Assets in scrvUSD relative to mint debt are 21.6%, up 0.5 percentage points. Average borrow APY is 3.6%, up 1.0 percentage point. This PegKeeper debt is crvUSD minted into liquidity pools, not a reserve fund. Llamalend TVL is $252M, with supplied assets at $94.3M and borrowed assets at $142M. Collateral is $226M, while the number of loans is 1,165, an increase of 13. V2 accrued admin fees are $1.63k, a 0.7% decrease. Metronome reports it closed the backing shortfall behind msUSD and msETH. Selling one msUSD in the Ethereum frxUSD/msUSD pool returned 0.920 frxUSD, while selling one msETH in the msETH/WETH pool returned 0.896 WETH. Metronome also says its internal swap remains closed indefinitely. Top pool APYs include sUSG/reUSD at 23.7%, MUSD/USDC/USDT at 22.8%, and OUSD/USG at 17.6%. MUSD/USDC/USDT earns 0.27% in base fees against 22.57% in incentives. frxUSD/USG earns 0.25% in base fees against 16.88% in incentives.

TricryptoUSDC fee rebalancing

TricryptoUSDC parameters changed to favor earnings for LPs and the DAO by increasing average swap fees from 0.10% to 0.36% in simulations, even though volume fell by 46%. Total swap fees more than doubled. This change targets higher earnings rather than more trading activity. Traders should check the live fee after the three-day delay. I find the decision to accept a 46% volume drop in exchange for doubled fees to be a blunt gamble. The parameters were tested across several BTC and ETH volatility scenarios. Higher fees still need a separate apply transaction after the delay. Weekly CRV emissions are 1.86M CRV, or $586.3k, a change of -0.004%. veCRV distribution is $91.3k, an increase of 1.7%. veCRV APR is 1.941%, an increase of 0.185 percentage points. If you watch the TricryptoUSDC pool, you will notice higher swap fees once the parameters apply. Two selected campaigns offer weekly reward budgets of 40,000 DOLA for DOLA/sUSDe and 10,000 USDC for OETH/WETH.

DEX volume and aggregator performance

Indexed trading volume is $674M this week, a 13.1% drop from the previous week. Indexed swaps grew 13.2% to 395k. Indexed trading fees are $156.0k, up 11.4%. Bitget Wallet provides a pricing edge for large trades on Ethereum-based majors. For BTC/USDT, Bitget Wallet wins 66% of large ($10k to $100k) quote comparisons, which provides a median advantage of +2.6 bps per quote for those specific trading buckets. I note that Bitget Wallet provides a median advantage of +2.6 bps per quote for these large $10k to $100k comparisons. For BTC/USDT and ETH/USDT, Bitget Wallet provides a better quote than KyberSwap and 0x in 66% to 78% of large-bucket comparisons. If you move large amounts of capital, does the slippage control of an aggregator outweigh the gas costs of direct swaps?