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Curve DAO Token (CRV)

Curve DAO Token is based on the ERC-20 token standard as defined at EIP-20.

Contract Source & Deployment

The Curve DAO Token contract is deployed to the Ethereum mainnet at: 0xD533a949740bb3306d119CC777fa900bA034cd52.

Source code is available on Github.

For a broader understanding of the use case of the CRV token, check out Understanding CRV.


Tokenomics

The total supply of 3.03 billion is distributed as follows:

  • 62% to community liquidity providers
  • 30% to shareholders (team and investors) with a vesting period of 2-4 years
  • 5% to the community reserve
  • 3% to employees with a 2-year vesting period

The initial supply of approximately 1.3 billion (~43%) is distributed as follows:

  • 5% to pre-CRV liquidity providers with a 1-year vesting
  • 30% to shareholders (team and investors) with a vesting period of 2-4 years
  • 3% to employees with a 2-year vesting period
  • 5% to the community reserve

Transfer and Allowance

approve

CRV.approve(_spender: address, _value: uint256) -> bool:

Warning

Approval may only be from zero -> nonzero or from nonzero -> zero in order to mitigate the potential race condition described here: https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729

Function to approve _spender to transfer _value tokens on behalf of msg.sender.

Returns: true (bool).

Emits: Approval

Input Type Description
_spender address Spender address.
_value uint256 Amount to approve.
Source code
event Approval:
    _owner: indexed(address)
    _spender: indexed(address)
    _value: uint256

allowances: HashMap[address, HashMap[address, uint256]]

@external
def approve(_spender : address, _value : uint256) -> bool:
    """
    @notice Approve `_spender` to transfer `_value` tokens on behalf of `msg.sender`
    @dev Approval may only be from zero -> nonzero or from nonzero -> zero in order
        to mitigate the potential race condition described here:
        https://github.com/ethereum/EIPs/issues/20#issuecomment-263524729
    @param _spender The address which will spend the funds
    @param _value The amount of tokens to be spent
    @return bool success
    """
    assert _value == 0 or self.allowances[msg.sender][_spender] == 0
    self.allowances[msg.sender][_spender] = _value
    log Approval(msg.sender, _spender, _value)
    return True
>>> soon

allowance

CRV.allowance(_owner: address, _spender: address) -> uint256

Getter method to check the amount of tokens that _owner has allowed _spender to use.

Returns: amount of tokens (uint256) that _owner has allowed _spender to use.

Input Type Description
_owner address Owner address.
_spender address Spender address.
Source code
allowances: HashMap[address, HashMap[address, uint256]]

@external
@view
def allowance(_owner : address, _spender : address) -> uint256:
    """
    @notice Check the amount of tokens that an owner allowed to a spender
    @param _owner The address which owns the funds
    @param _spender The address which will spend the funds
    @return uint256 specifying the amount of tokens still available for the spender
    """
    return self.allowances[_owner][_spender]
>>> CRV.allowance(0x7a16fF8270133F063aAb6C9977183D9e72835428 ,0x68BEDE1d0bc6BE6d215f8f8Ee4ee8F9faB97fE7a)
0

transfer

CRV.transfer(_to: address, _value: uint256) -> bool

Warning

Vyper does not allow underflows; thus, any subtraction in this function will revert if there is an insufficient balance.

Additionally, transfers to ZERO_ADDRESS are not allowed.

Function to transfer _value tokens from msg.sender to _to.

Returns: true (bool).

Emits: Transfer

Input Type Description
_to address Receiver address of the tokens.
_value uint256 Amount of tokens to transfer.
Source code
event Transfer:
    _from: indexed(address)
    _to: indexed(address)
    _value: uint256

@external
def transfer(_to : address, _value : uint256) -> bool:
    """
    @notice Transfer `_value` tokens from `msg.sender` to `_to`
    @dev Vyper does not allow underflows, so the subtraction in
        this function will revert on an insufficient balance
    @param _to The address to transfer to
    @param _value The amount to be transferred
    @return bool success
    """
    assert _to != ZERO_ADDRESS  # dev: transfers to 0x0 are not allowed
    self.balanceOf[msg.sender] -= _value
    self.balanceOf[_to] += _value
    log Transfer(msg.sender, _to, _value)
    return True
>>> CRV.transfer('0x7a16fF8270133F063aAb6C9977183D9e72835428', 1)
'True'

transferFrom

CRV.transferFrom(_from: address, _to: address, _value: uint256) -> bool:

Warning

Vyper does not allow underflows; thus, any subtraction in this function will revert if there is an insufficient balance.

Additionally, transfers to ZERO_ADDRESS are not allowed.

Function to transfer _value tokens from _from_ to _to.

Returns: true (bool).

Emits: Transfer

Input Type Description
_from address Address to send tokens from.
_to address Receiver address of the tokens.
_value uint256 Amount of tokens to transfer.
Source code
event Transfer:
    _from: indexed(address)
    _to: indexed(address)
    _value: uint256

@external
def transferFrom(_from : address, _to : address, _value : uint256) -> bool:
    """
    @notice Transfer `_value` tokens from `_from` to `_to`
    @param _from address The address which you want to send tokens from
    @param _to address The address which you want to transfer to
    @param _value uint256 the amount of tokens to be transferred
    @return bool success
    """
    assert _to != ZERO_ADDRESS  # dev: transfers to 0x0 are not allowed
    # NOTE: vyper does not allow underflows
    #       so the following subtraction would revert on insufficient balance
    self.balanceOf[_from] -= _value
    self.balanceOf[_to] += _value
    self.allowances[_from][msg.sender] -= _value
    log Transfer(_from, _to, _value)
    return True
>>> CRV.transferFrom('0x7a16fF8270133F063aAb6C9977183D9e72835428', '0x68BEDE1d0bc6BE6d215f8f8Ee4ee8F9faB97fE7a', 1)
'True'

Minting and Burning

New CRV tokens can only be minted by the minter contract.

minter

CRV.minter() -> address: view

Getter for the minter contract address. The minter address can only be set once (at deployment) and not altered after.

Returns: minter contract (address).

Source code
minter: public(address)
>>> CRV.minter()
'0xd061D61a4d941c39E5453435B6345Dc261C2fcE0'

mint

CRV.mint(_to: address, _value: uint256) -> bool:

Function to mint _value and assign them to _to.

Returns: true (bool)

Emits: Transfer

Input Type Description
_to address Receiver of the minted tokens.
_value uint256 Amount to mint.
Source code
event Transfer:
    _from: indexed(address)
    _to: indexed(address)
    _value: uint256

@external
def mint(_to: address, _value: uint256) -> bool:
    """
    @notice Mint `_value` tokens and assign them to `_to`
    @dev Emits a Transfer event originating from 0x00
    @param _to The account that will receive the created tokens
    @param _value The amount that will be created
    @return bool success
    """
    assert msg.sender == self.minter  # dev: minter only
    assert _to != ZERO_ADDRESS  # dev: zero address

    if block.timestamp >= self.start_epoch_time + RATE_REDUCTION_TIME:
        self._update_mining_parameters()

    _total_supply: uint256 = self.total_supply + _value
    assert _total_supply <= self._available_supply()  # dev: exceeds allowable mint amount
    self.total_supply = _total_supply

    self.balanceOf[_to] += _value
    log Transfer(ZERO_ADDRESS, _to, _value)

    return True
>>> soon

mintable_in_timeframe

CRV.mintable_in_timeframe(start: uint256, end: uint256) -> uint256

Getter for the mintable supply between start and end timestamps. The value is dependent on the current emission rate of the token.

Returns: mintable tokens (uint256).

Input Type Description
start uint256 Start timestamp.
end uint256 End timestamp.
Source code
@external
@view
def mintable_in_timeframe(start: uint256, end: uint256) -> uint256:
    """
    @notice How much supply is mintable from start timestamp till end timestamp
    @param start Start of the time interval (timestamp)
    @param end End of the time interval (timestamp)
    @return Tokens mintable from `start` till `end`
    """
    assert start <= end  # dev: start > end
    to_mint: uint256 = 0
    current_epoch_time: uint256 = self.start_epoch_time
    current_rate: uint256 = self.rate

    # Special case if end is in future (not yet minted) epoch
    if end > current_epoch_time + RATE_REDUCTION_TIME:
        current_epoch_time += RATE_REDUCTION_TIME
        current_rate = current_rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT

    assert end <= current_epoch_time + RATE_REDUCTION_TIME  # dev: too far in future

    for i in range(999):  # Curve will not work in 1000 years. Darn!
        if end >= current_epoch_time:
            current_end: uint256 = end
            if current_end > current_epoch_time + RATE_REDUCTION_TIME:
                current_end = current_epoch_time + RATE_REDUCTION_TIME

            current_start: uint256 = start
            if current_start >= current_epoch_time + RATE_REDUCTION_TIME:
                break  # We should never get here but what if...
            elif current_start < current_epoch_time:
                current_start = current_epoch_time

            to_mint += current_rate * (current_end - current_start)

            if start >= current_epoch_time:
                break

        current_epoch_time -= RATE_REDUCTION_TIME
        current_rate = current_rate * RATE_REDUCTION_COEFFICIENT / RATE_DENOMINATOR  # double-division with rounding made rate a bit less => good
        assert current_rate <= INITIAL_RATE  # This should never happen

    return to_mint
>>> CRV.mintable_in_timeframe(1682892000, 1683496800)
3726756852824660365468800

burn

CRV.burn(_value: uint256) -> bool

Function to burn _value tokens of the function caller by sending them to ZERO_ADDRESS.

Retruns: true (bool).

Emits: Transfer

Input Type Description
_value uint256 Amount of tokens to burn.
Source code
event Transfer:
    _from: indexed(address)
    _to: indexed(address)
    _value: uint256

@external
def burn(_value: uint256) -> bool:
    """
    @notice Burn `_value` tokens belonging to `msg.sender`
    @dev Emits a Transfer event with a destination of 0x00
    @param _value The amount that will be burned
    @return bool success
    """
    self.balanceOf[msg.sender] -= _value
    self.total_supply -= _value

    log Transfer(msg.sender, ZERO_ADDRESS, _value)
    return True
>>> CRV.burn(1000000000000000000)
'True'

CRV Emissions

Mining parameters are used to determine token emissions, which are based on epochs (one year). With each passing epoch, the rate will be reduced, consequently decreasing the overall CRV emissions.

The rate can be adjusted by invoking the update_mining_parameters() function. Although this function is accessible to anyone, attempts to call it will be reverted if a year has not elapsed since the last update. When successfully executed, the mining_epoch increments by 1, and the start_epoch_time updates to the timestamp of the function call. Furthermore, the update_mining_parameters() function will automatically trigger if someone attempts to mint CRV before a scheduled rate reduction.

The future rate is calculated as follows:

\[\text{rate}_\text{future} = \text{rate}_\text{current} * \frac{10^{18}}{2^{\frac{1}{4}} * 10^{18}}\]

with \(\text{rate}_\text{current}\) fetched from CRV.rate().

Yearly Inflation Reduction

Effectively, each rate reduction decreases CRV inflation by approximately 15.9%.


mining_epoch

CRV.mining_epoch() -> int128: view

Getter for the current mining epoch. The mining epoch is incremented by 1 every time update_mining_parameters() is successfully called. At deployment, mining_epoch was set to -1.

Returns: mining epoch (int128).

Source code
mining_epoch: public(int128)

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    ...
    self.mining_epoch = -1
    ...

@internal
def _update_mining_parameters():
    """
    @dev Update mining rate and supply at the start of the epoch
        Any modifying mining call must also call this
    """
    _rate: uint256 = self.rate
    _start_epoch_supply: uint256 = self.start_epoch_supply

    self.start_epoch_time += RATE_REDUCTION_TIME
    self.mining_epoch += 1

    if _rate == 0:
        _rate = INITIAL_RATE
    else:
        _start_epoch_supply += _rate * RATE_REDUCTION_TIME
        self.start_epoch_supply = _start_epoch_supply
        _rate = _rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT

    self.rate = _rate

    log UpdateMiningParameters(block.timestamp, _rate, _start_epoch_supply)
>>> CRV.mining_epoch()
3

start_epoch_time

CRV.start_epoch_time() -> uint256: view

Getter for the start timestamp of the current mining epoch.

Returns: timestamp (uint256).

Source code
start_epoch_time: public(uint256)

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    ...

    self.start_epoch_time = block.timestamp + INFLATION_DELAY - RATE_REDUCTION_TIME

    ...
>>> CRV.start_epoch_time()
1691965048                              # 'Sun Aug 13 2023 22:17:28 GMT+0000'

rate

CRV.rate() -> uint256: view

Getter for the current inflation rate of the CRV token emission. The rate is denominated in emissions per second and has a base of 1e18.

To calculate the CRV emission per day:

\[\text{daily_emission} = \text{rate} * 86400\]
\[\text{weekly_emission} = \text{rate} * 86400 * 7\]
\[\text{yearly_emission} = \text{rate} * 86400 * 365\]

Returns: current inflation rate (uint256).

Source code
rate: public(uint256)
>>> CRV.rate()
5181574864521283150     

Calculating Daily Emissions

\(\text{daily_emission} = \frac{5181574864521283150}{10^{18}} * 86400 = 447688.07\)

update_mining_parameters

update_mining_parameters()

Function to update the mining parameters for the token. By updating, the newly decreased inflation rate is applied. This function is callable by anyone. However, the call will revert if block.timestamp is less than or equal to start_epoch_time + RATE_REDUCTION_TIME, indicating that one year has not yet passed and therefore the rate cannot be updated yet.

Emits: UpdateMiningParameters

Source code
event UpdateMiningParameters:
    time: uint256
    rate: uint256
    supply: uint256

YEAR: constant(uint256) = 86400 * 365

# Supply parameters
INITIAL_SUPPLY: constant(uint256) = 1_303_030_303
INITIAL_RATE: constant(uint256) = 274_815_283 * 10 ** 18 / YEAR  # leading to 43% premine
RATE_REDUCTION_TIME: constant(uint256) = YEAR
RATE_REDUCTION_COEFFICIENT: constant(uint256) = 1189207115002721024  # 2 ** (1/4) * 1e18
RATE_DENOMINATOR: constant(uint256) = 10 ** 18
INFLATION_DELAY: constant(uint256) = 86400

# Supply variables
mining_epoch: public(int128)
start_epoch_time: public(uint256)
rate: public(uint256)

start_epoch_supply: uint256

@external
def update_mining_parameters():
    """
    @notice Update mining rate and supply at the start of the epoch
    @dev Callable by any address, but only once per epoch
        Total supply becomes slightly larger if this function is called late
    """
    assert block.timestamp >= self.start_epoch_time + RATE_REDUCTION_TIME  # dev: too soon!
    self._update_mining_parameters()

@internal
def _update_mining_parameters():
    """
    @dev Update mining rate and supply at the start of the epoch
        Any modifying mining call must also call this
    """
    _rate: uint256 = self.rate
    _start_epoch_supply: uint256 = self.start_epoch_supply

    self.start_epoch_time += RATE_REDUCTION_TIME
    self.mining_epoch += 1

    if _rate == 0:
        _rate = INITIAL_RATE
    else:
        _start_epoch_supply += _rate * RATE_REDUCTION_TIME
        self.start_epoch_supply = _start_epoch_supply
        _rate = _rate * RATE_DENOMINATOR / RATE_REDUCTION_COEFFICIENT

    self.rate = _rate

    log UpdateMiningParameters(block.timestamp, _rate, _start_epoch_supply)
>>> CRV.update_mining_parameters()

start_epoch_time_write

CRV.start_epoch_time_write() -> uint256

Function to get the current mining epoch start while simultaneously updating mining parameters if possible. If updating is not possible, the function will only return the start timestamp of the current epoch.

Returns: start timestamp of the epoch (uint256).

Source code
start_epoch_time: public(uint256)

@external
def start_epoch_time_write() -> uint256:
    """
    @notice Get timestamp of the current mining epoch start
            while simultaneously updating mining parameters
    @return Timestamp of the epoch
    """
    _start_epoch_time: uint256 = self.start_epoch_time
    if block.timestamp >= _start_epoch_time + RATE_REDUCTION_TIME:
        self._update_mining_parameters()
        return self.start_epoch_time
    else:
        return _start_epoch_time
>>> CRV.start_epoch_time_write()

future_epoch_time_write

CRV.future_epoch_time_write() -> uint256

Function to get the next mining epoch start timestamp while simultaneously updating mining parameters if possible. If updating is not possible, the function will only return the start timestamp of the future epoch.

Returns: start timestamp of the future epoch (uint256).

Source code
@external
def future_epoch_time_write() -> uint256:
    """
    @notice Get timestamp of the next mining epoch start
            while simultaneously updating mining parameters
    @return Timestamp of the next epoch
    """
    _start_epoch_time: uint256 = self.start_epoch_time
    if block.timestamp >= _start_epoch_time + RATE_REDUCTION_TIME:
        self._update_mining_parameters()
        return self.start_epoch_time + RATE_REDUCTION_TIME
    else:
        return _start_epoch_time + RATE_REDUCTION_TIME
>>> CRV.future_epoch_time_write()

Admin Controls

The controls over the Curve DAO Token are strictly limited. The admin of the contract can only modify the name, admin, or minter1.

Since the CurveOwnershipAgent is the current admin of the contract, any changes to these parameters would require a successfully passed DAO vote.

admin

CRV.admin() -> address: view

Getter for the current admin of the contract.

Returns: admin (address).

Source code
admin: public(address)

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    ...
    self.admin = msg.sender
    ... 
>>> CRV.admin()
'0x40907540d8a6C65c637785e8f8B742ae6b0b9968'

set_admin

CRV.set_admin(_admin: address)

Guarded Method

This function is only callable by the admin of the contract.

Function to change the admin of the contract.

Emits: SetAdmin

Input Type Description
_admin address New Admin Address
Source code
event SetAdmin:
    admin: address

admin: public(address)

@external
def set_admin(_admin: address):
    """
    @notice Set the new admin.
    @dev After all is set up, admin only can change the token name
    @param _admin New admin address
    """
    assert msg.sender == self.admin  # dev: admin only
    self.admin = _admin
    log SetAdmin(_admin)
>>> CRV.set_admin("0x0000000000000000000000000000000000000000")

name

CRV.name() -> String[64]

Getter for the name of the token. Name of the token can be changed by calling the set_name function.

Returns: token name (String[64]).

Source code
name: public(String[64])

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    init_supply: uint256 = INITIAL_SUPPLY * 10 ** _decimals
    self.name = _name

    ...
>>> CRV.name()
'Curve DAO Token'

symbol

CRV.symbol() -> String[32]

Getter of the token symbol. Symbol of the token can be changed by calling the set_name function.

Returns: token symbol (String[32]).

Source code
symbol: public(String[32])

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    ... 

    self.symbol = _symbol

    ...
>>> CRV.symbol()
'CRV'

set_name

CRV.set_name(_name: String[64], _symbol: String[32])

Guarded Method

This function is only callable by the admin of the contract.

Function to change the token name and symbol.

Input Type Description
_name String[64] New token name.
_symbol String[32] New token symbol.
Source code
name: public(String[64])
symbol: public(String[32])

@external
def set_name(_name: String[64], _symbol: String[32]):
    """
    @notice Change the token name and symbol to `_name` and `_symbol`
    @dev Only callable by the admin account
    @param _name New token name
    @param _symbol New token symbol
    """
    assert msg.sender == self.admin, "Only admin is allowed to change name"
    self.name = _name
    self.symbol = _symbol

set_minter

CRV.set_minter(_minter: address):

Changing the minter contract is not possible anymore!

This function was only utilized during the initial deployment of the Curve DAO Token. The code permits setting the minter exclusively when the current minter is ZERO_ADDRESS, a condition met solely at the time of deployment. Consequently, the minter variable could only be set once and cannot be changed thereafter.

Guarded Method

This function is only callable by the admin of the contract.

Function to set the minter contract for the token.

Emits: SetMinter

Input Type Description
_minter address Minter contract address
Source code
event SetMinter:
    minter: address

minter: public(address)

@external
def set_minter(_minter: address):
    """
    @notice Set the minter address
    @dev Only callable once, when minter has not yet been set
    @param _minter Address of the minter
    """
    assert msg.sender == self.admin  # dev: admin only
    assert self.minter == ZERO_ADDRESS  # dev: can set the minter only once, at creation
    self.minter = _minter
    log SetMinter(_minter)

Contract Info Methods

avaliable_supply

CRV.avaliably_supply() -> uint256

Getter for the current number of CRV tokens - claimed of unclaimed - in existence.

Returns: currently existing tokens (uint256).

Source code
@internal
@view
def _available_supply() -> uint256:
    return self.start_epoch_supply + (block.timestamp - self.start_epoch_time) * self.rate

@external
@view
def available_supply() -> uint256:
    """
    @notice Current number of tokens in existence (claimed or unclaimed)
    """
    return self._available_supply()
>>> CRV.avaliable_supply()
1953676805157446496269106603

totalSupply

CRV.totalSupply() -> uint256

Getter for the total number of tokens in existence.

Returns: total supply (uint256).

Source code
@external
@view
def totalSupply() -> uint256:
    """
    @notice Total number of tokens in existence.
    """
    return self.total_supply
>>> CRV.totalSupply()
1950555367872773429287303134

decimals

CRV.decimals() -> uint256: view

Getter of the decimals of the token.

Returns: decimals (uint256).

Source code
decimals: public(uint256)

@external
def __init__(_name: String[64], _symbol: String[32], _decimals: uint256):
    """
    @notice Contract constructor
    @param _name Token full name
    @param _symbol Token symbol
    @param _decimals Number of decimals for token
    """
    ...

    self.decimals = _decimals

    ...
>>> CRV.decimals()
18

balanceOf

CRV.balanceOf(arg0: address) -> address: view

Getter for the crv token balance of a specific address.

Returns: balance (uint256).

Input Type Description
arg0 address wallet to check CRV balance for
Source code
balanceOf: public(HashMap[address, uint256])
>>> CRV.balanceOf('0xd061D61a4d941c39E5453435B6345Dc261C2fcE0')
2187980063734121847368

  1. Although set_minter is technically an admin-guarded function, there is no actual way to change the minter address because the code checks if the current minter is set to ZERO_ADDRESS, which was only true when the contract was initially deployed.