01 /
Brief
Original stablecoin DEX. crvUSD and Llamalend turned it into a credit stack. Llamalend V2 (early 2026) widened collateral past stablecoins to ETH, BTC, LP tokens, fixed-yield assets. FXSwap is the next leg: tokenized FX and gold.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Private credit, Treasuries
- Token standards
- erc-20
- Analytics
- defillama.com/protocol/curve-dex
03 /
Milestones
How this player got here.
- Q1 2026Llamalend V2 expands collateral beyond crvUSD to ETH, BTC, LP tokens, fixed-yield assets
- Jan 2025Lending market launched
- Jun 2024crvUSD crosses $1B
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
