Eidode / Mô phỏng / Curve Stableswap
Curve Stableswap Simulator
Curve dùng invariant StableSwap — gần phẳng tại peg, cong gắt khi ra ngoài. Kết quả: swap $1M USDC/USDT slip chỉ ~0.04% trên Curve vs ~0.5–1% trên Uniswap V2.
Curve (A=100, phí 0.04%)
Uniswap V2 (phí 0.3%)
💡 Điểm chính
Với size trade này, slippage Curve nhỏ hơn Uniswap 1× lần. Đó là lý do mọi swap stablecoin nghiêm túc đều route qua Curve.
StableSwap — what makes it different
Uniswap V2 uses x · y = k. Curve uses a hybrid: an `A` parameter blends the constant-sum invariant (x + y = D, perfectly flat) with the constant-product invariant (x · y = k, hyperbolic) so the curve is nearly flat near the peg, then bends sharply as one reserve runs out. The result is dramatically lower slippage when the two tokens are supposed to trade 1:1.
When does StableSwap make sense?
For pairs designed to hold the same value: USDC/USDT, DAI/USDC, stETH/ETH, WBTC/sBTC. Using V2-style x · y = k here would mean a $1M trade slips ~0.5% even when both sides are pegged dollars — wasted on a pair that should trade flat. Curve's 0.04% slippage at the same TVL is a 10× efficiency gain.
The amplification coefficient A
Curve's `A` parameter controls how flat the curve is near peg. A = 100 is typical for major stables. Higher A → flatter near peg, but more violent when reserves get unbalanced. Lower A → more like Uniswap. Curve pools adjust A over time via governance as the market evolves.
Câu hỏi thường gặp
+How does Curve differ from Uniswap?
Curve uses a specialized invariant (StableSwap) that stays nearly flat near the peg between two same-priced assets, then bends sharply outside the peg. Uniswap V2's x·y=k bends from the start. For stablecoins, Curve has ~10–100× lower slippage at the same TVL.
+What pools does Curve work for?
Pairs that should trade close to 1:1: stablecoin pairs (USDC/USDT, DAI/USDC), liquid staking derivatives (stETH/ETH, rETH/ETH), wrapped equivalents (wBTC/renBTC). Curve is bad for volatile pairs like ETH/USDC — use Uniswap or another AMM.
+Is Curve safer than Uniswap?
Different risk profile. Curve pools have lower impermanent loss for stable pairs (because the pair stays near peg). But if one stablecoin depegs (UST 2022, USDC briefly 2023), Curve LPs end up holding the broken coin. Pool composition matters more than the AMM design.
+What is CRV the token used for?
CRV is the governance token. veCRV (locked CRV) directs liquidity incentives to specific pools and earns a share of fees. The "Curve Wars" of 2021-2022 were fought over veCRV votes by stablecoin issuers wanting their pool to attract liquidity.