# Curve Finance Active Loans Climb 68% in Q3 to $70.9 Million

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/32882
Published: 2026-10-16T00:11:37.000Z
Updated: 2026-10-16T00:11:37.000Z
Section: Investing

> DeFi-wide active loans stood at $32.8 billion on Sept. 30, about 13% below their $37.5 billion year-end 2025 level.

Curve Finance’s active loans climbed 68% in the third quarter of 2026 to $70.9 million, even as DeFi-wide active loans remained below their 2025 year-end level. The figures show lending balances moving in different directions across the protocol and the broader decentralized finance sector.

Curve’s active-loan balance rose from $42.18 million on June 30 to $70.9 million on Sept. 30. Across DeFi, active loans stood at $32.8 billion on Sept. 30, compared with $37.5 billion at the end of 2025, a decline of about 13%.

LlamaLend V2 borrowing rose 45% to $65.2 million in August, while collateral increased 49% to $79.3 million. The system launched on Optimism in June and on Ethereum in July, expanding Curve’s lending markets beyond crvUSD-only pairs.

The V2 design also lets supported Curve liquidity-provider (LP) tokens serve as collateral. Borrowers can keep the associated pool position in place, where it continues to earn trading fees. LlamaLend V2 uses isolated markets, each with its own oracle, parameters and borrowing cap.

By Oct. 15, the reUSD/sfrxUSD LP-collateral market was live with a 3 million crvUSD borrowing cap. The market gives eligible LP-token holders access to borrowing while keeping their pool position in place.

A separate Oct. 1 snapshot listed $147 million borrowed across 1,200 LlamaLend loans. Those figures provide a view of borrowing and loan count at that date alongside the active-loan balances recorded for the quarter.