CRVUSD Market Health

analysis
stablecoins
Curve Market Health Scores
Published

July 3, 2025

Curve Market Health Scores Methodology

The work is based on the Curve Market Health Scores methodology research by LlamaRisk.

  • Data are loaded from Etherscan, CoinGecko, transformed to postgres database, using dlt and dbt

    • data destinations: data can be saved to other destinations, e.g. Amazon Redshift, Google BigQuery, etc.

  • Score methodology:

      1. Asset price momentum & volatility
      1. Borrower concentration
      1. Bad debt
      1. Debt ceiling
      1. Collateral ratio
      1. Collateral under soft liquidation
      1. Soft liquidation efficiency

Asset price momentum & volatility

table_catalog table_schema table_name table_type
0 prices weth_coingecko market_chart BASE TABLE
1 prices weth_coingecko ohlc BASE TABLE
timestamp open high low close
0 2025-05-28 18:00:00+07:00 2661.24 2661.24 2624.30 2649.09
1 2025-05-28 22:00:00+07:00 2648.27 2650.04 2629.71 2635.29
2 2025-05-29 02:00:00+07:00 2633.74 2651.83 2621.08 2651.83
3 2025-05-29 06:00:00+07:00 2656.16 2684.72 2622.05 2634.73
4 2025-05-29 10:00:00+07:00 2631.45 2659.64 2618.59 2618.59
... ... ... ... ... ...
175 2025-06-26 22:00:00+07:00 2489.06 2496.80 2472.21 2495.86
176 2025-06-27 02:00:00+07:00 2493.97 2499.03 2443.04 2452.12
177 2025-06-27 06:00:00+07:00 2451.09 2454.56 2414.48 2433.20
178 2025-06-27 10:00:00+07:00 2433.44 2439.31 2422.08 2439.13
179 2025-06-27 14:00:00+07:00 2441.91 2454.23 2408.58 2413.87

180 rows × 5 columns

Asset Volatility
{'Volatility ratio score': {'45 day volatility': 0.23,
  '180 day volatility': 0.19,
  'Volatility ratio': 1.23,
  'Volatility score': 0.36},
 'Beta score': {'Asset volatility': 0.23,
  'Reference volatility': 0.23,
  'Correlation': 1.0,
  'Beta': 1.0,
  'Beta score': 0.4},
 'VaR score': {'99% VaR': -0.05, 'VaR score': 0.5},
 'Final score': 0.43}

Borrower concentration

table_catalog table_schema table_name table_type self_referencing_column_name reference_generation user_defined_type_catalog user_defined_type_schema user_defined_type_name is_insertable_into is_typed commit_action TABLE_COMMENT
0 curve controllers logs BASE TABLE None None None None None YES NO None None
1 curve controllers _dlt_loads BASE TABLE None None None None None YES NO None None
2 curve controllers _dlt_pipeline_state BASE TABLE None None None None None YES NO None None
3 curve controllers _dlt_version BASE TABLE None None None None None YES NO None None

Data Transformations

Extract borrower state data

topics address data block_number block_hash time_stamp gas_price gas_used log_index transaction_hash transaction_index _dlt_load_id _dlt_id
0 ["0xeec6b7095a637e006c79c1819d696e353a8f703db2... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1075dc7 0x6f971a452a974a94c9d59bf20c1c6ed66bb5c0ff2782... 0x64612d33 0x9c2847d19 0x1287b2 0xa6 0xcac35a9c033ea94fa885060c2fcce68ac17574250cc6... 0x3f 1750953848.3246627 IGPaA++ijLN4tQ
1 ["0xe1979fe4c35e0cef342fef5668e2c8e7a7e9f5d5d1... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1075dc7 0x6f971a452a974a94c9d59bf20c1c6ed66bb5c0ff2782... 0x64612d33 0x9c2847d19 0x1287b2 0xa7 0xcac35a9c033ea94fa885060c2fcce68ac17574250cc6... 0x3f 1750953848.3246627 yK0KInKh8Z2nhw
2 ["0xeec6b7095a637e006c79c1819d696e353a8f703db2... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1075f25 0x0c72e1aa14e2607d062d6acc56e088d299cb9aedea2a... 0x64613def 0xc0ff737d8 0x141d07 0x62 0xf5cc3b8d70eb97313916d62acdb7936b4996d8c8d430... 0x3e 1750953848.3246627 gU+qZfLPkrmyew
topics address data block_number block_hash time_stamp gas_price gas_used log_index transaction_hash transaction_index _dlt_load_id _dlt_id user collateral debt n1 n2 liquidation_discount
0 [0xeec6b7095a637e006c79c1819d696e353a8f703db2c... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1075dc7 0x6f971a452a974a94c9d59bf20c1c6ed66bb5c0ff2782... 2023-05-14 18:49:23 0x9c2847d19 0x1287b2 0xa6 0xcac35a9c033ea94fa885060c2fcce68ac17574250cc6... 0x3f 1750953848.3246627 IGPaA++ijLN4tQ 0x7a16ff8270133f063aab6c9977183d9e72835428 929933909709140155529 1000000000000000000000000 40 49 60000000000000000
1 [0xeec6b7095a637e006c79c1819d696e353a8f703db2c... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1075f25 0x0c72e1aa14e2607d062d6acc56e088d299cb9aedea2a... 2023-05-14 20:00:47 0xc0ff737d8 0x141d07 0x62 0xf5cc3b8d70eb97313916d62acdb7936b4996d8c8d430... 0x3e 1750953848.3246627 gU+qZfLPkrmyew 0xd0c096ac82eba8d7a26f96ffc34b4e3bba3a1122 4950000000000000000 5000000000000000000000 44 58 60000000000000000
2 [0xeec6b7095a637e006c79c1819d696e353a8f703db2c... 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x00000000000000000000000000000000000000000000... 0x1076eb1 0xc553074b5408478e26f408da8820402f6a01b9072097... 2023-05-15 09:30:47 0xbd28e4657 0x11201d 0x158 0x364382c084cfb2c557809367a123de63cf794f144fd5... 0x73 1750953848.3246627 s1uyLeQx3zYHCA 0x7a16ff8270133f063aab6c9977183d9e72835428 929933909709140155529 1522177275477716067202304 -1 8 60000000000000000
address time_stamp user debt
0 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 2023-05-14 18:49:23 0x7a16ff8270133f063aab6c9977183d9e72835428 1.000000e+06
1 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 2023-05-14 20:00:47 0xd0c096ac82eba8d7a26f96ffc34b4e3bba3a1122 5.000000e+03
2 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 2023-05-15 09:30:47 0x7a16ff8270133f063aab6c9977183d9e72835428 1.522177e+06

Transform borrower state data

address user debt date
0 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x7a16ff8270133f063aab6c9977183d9e72835428 1.000000e+06 2023-05-14
1 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0xd0c096ac82eba8d7a26f96ffc34b4e3bba3a1122 5.000000e+03 2023-05-14
2 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x5180db0237291a6449dda9ed33ad90a38787621c 2.000000e+03 2023-05-15
3 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x7a16ff8270133f063aab6c9977183d9e72835428 1.537712e+06 2023-05-15
4 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0xd0c096ac82eba8d7a26f96ffc34b4e3bba3a1122 5.000000e+03 2023-05-15
5 0x8472a9a7632b173c8cf3a86d3afec50c35548e76 0x425d16b0e08a28a3ff9e4404ae99d78c0a076c5a 5.000000e+04 2023-05-16

Borrower concentration

date hhi
0 2023-05-14 (1000025000000.0, 505012500000.0)
1 2023-05-15 (2364586884905.9204, 795378283831.5199)
2 2023-05-16 (2367086884905.9204, 635776510353.3525)
3 2023-05-17 (2374192047016.515, 404290718232.55194)
4 2023-05-18 (2100357311667.3918, 204031800103.62622)
... ... ...
183 2024-09-09 (15857063565.231691, 2526968534.1705546)
184 2025-03-10 (15598812051.008957, 2269635037.8243403)
185 2025-04-04 (15598812049.848175, 2521780639.2592626)
186 2025-04-06 (15598806424.848175, 2834179197.2512627)
187 2025-04-07 (16040780574.127316, 2902080723.4643254)

188 rows × 2 columns

date hhi hhi_ideal
0 2023-05-14 1.000025e+12 5.050125e+11
1 2023-05-15 2.364587e+12 7.953783e+11
2 2023-05-16 2.367087e+12 6.357765e+11
3 2023-05-17 2.374192e+12 4.042907e+11
4 2023-05-18 2.100357e+12 2.040318e+11
... ... ... ...
690 2025-04-03 1.559881e+10 2.269635e+09
691 2025-04-04 1.559881e+10 2.521781e+09
692 2025-04-05 1.559881e+10 2.521781e+09
693 2025-04-06 1.559881e+10 2.834179e+09
694 2025-04-07 1.604078e+10 2.902081e+09

695 rows × 3 columns

{'7 day HHI': '1.57e+10',
 '30 day HHI': '1.56e+10',
 'Ratio': 1.0025,
 'Relative score': 0.51}
{'Current HHI': '1.60e+10',
 'HHI ideal': '2.90e+09',
 'Ratio': 5.5273,
 'Benchmark score': 1.0}