Over the past six months, Curve has made just $34.1 million in swap fees, even though it has $16.5 billion in TVL on Ethereum’s main network and has kept its trading volume consistently high. Curve and its liquidity providers make $0.40 on every $1,000 in trading volume, compared with another popular decentralized exchange, Sushi, which makes $3 on every $1,000 in trading volume for its liquidity providers. Oftentimes, liquidity would migrate to exchanges with higher fee brackets for higher returns, and yet Curve has the lowest fees and more liquidity locked than any other exchange. The project’s real secret is subsidizing liquidity with the CRV token, keeping yields high enough for liquidity providers to stay in its pools.

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