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The text below documents how we retrieve and monitor stablecoin pool liquidity (Total Value Locked, or TVL) on Curve Finance as part of the Stress Test system. Monitoring liquidity across stablecoin pools provides important insights into potential redemption events, liquidity withdrawals, or changes in user confidence. We use Curve’s public API to retrieve pool liquidity data daily.

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Purpose

Tracking TVL changes on Curve enables us to detect:
  • Large liquidity withdrawals (early signs of stress or redemption events)
  • Shrinking pool size indicating potential depegging risk
  • Abnormal shifts in liquidity across major stablecoin pools
TVL metrics complement price, volume, and sentiment indicators in the Stress Test framework.

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API Endpoint

Endpoint: 
GET https://api.curve.fi/api/getPools/ethereum/main
Authentication:
  • None required.

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Example Query (cURL)

curl -X GET "https://api.curve.fi/api/getPools/ethereum/main"

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Example Response (truncated)

{
  "data": {
    "poolData": [
      {
        "name": "3pool",
        "coins": ["DAI", "USDC", "USDT"],
        "usdTotal": 1450000000.00
      },
      {
        "name": "FRAX3CRV",
        "coins": ["FRAX", "DAI", "USDC", "USDT"],
        "usdTotal": 870000000.00
      }
    ]
  }
}

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Important Fields

Field Purpose
  • name Pool name (e.g., 3pool, FRAX3CRV)
  • coins Stablecoins in the pool
  • usdTotal Total

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TVL Evaluation Criteria

We track daily percentage changes in pool TVL:
  • Stable (Low Risk): Daily TVL change between 5% and +5%
  • Moderate Risk: Daily TVL change between -10% and -5%, or between +5% and +10%
  • High Risk: Daily TVL change exceeding ±10%.
  • Significant liquidity withdrawals are flagged for review.

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Rate Limits and Notes

  • No authentication key required.
  • Curve recommends a moderate polling frequency (we query once daily).
  • The data reflects all Curve stablecoin pools combined.
Common stablecoin pools monitored include:
  • 3pool (DAI/USDC/USDT)
  • FRAX3CRV (FRAX/DAI/USDC/USDT)
  • Others, depending on the current Curve deployment and market usage

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Last Word

  • Monitoring TVL across Curve’s stablecoin pools is critical to identifying emerging liquidity risks.
  • Tracking withdrawals and pool contraction in near real-time strengthens the ability to detect early signs of stablecoin instability.
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