Curve Finance’s Q3 2026 update put active loans at $70.9 million and reported 68% growth from the preceding quarter. The protocol’s quarterly performance is a different comparison from the sector-wide figures cited alongside the update.
The figures put LlamaLend v2’s contribution at about 84% of the quarter’s net increase in lending debt. That percentage describes the newer product’s contribution to the change in debt, rather than its share of all outstanding loans.
Loan growth and the sector comparison
A wider DeFi lending snapshot showed $32.8 billion in active loans by September, approximately 13% below the balance at the end of 2025. That year-end comparison does not establish that the whole sector contracted during Q3.
Curve’s 68% quarterly gain and the sector’s 13% shortfall use different baselines. One compares a protocol with the previous quarter; the other compares a sector aggregate with the previous year-end. Their reporting periods and populations need to be kept distinct.
Curve says LlamaLend v2 expanded to Optimism in June and Ethereum mainnet in July. Borrowers can use holdings as collateral while retaining income generated by those assets, a feature discussed in the team’s account of the product’s growth.
Market launches and governance proposals
Further markets are planned for the fourth quarter, with Curve citing interest from asset issuers. Those planned additions are separate from the completed deployments described in the quarterly update and remain part of the stated pipeline.
One proposal concerns a market for the reUSD/sfrxUSD liquidity-pool token, allowing holders to use that pool position as borrowing collateral. The proposal is subject to a governance vote, so approval and launch remain separate from the markets already described in the update.