Uniswap vs Curve: Which Is the Best DEX?
JUL 19, 2022 • 14 Min Read



DISCLOSURES: THE AUTHORS OF THIS REPORT HAVE MATERIAL OPEN POSITIONS IN CRV. THE AUTHORS HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THE AUTHORS HAVE MATERIAL NON-PUBLIC INFORMATION DURING THE RESEARCH AND DRAFTING OF THIS REPORT. DELPHI VENTURES HAS INVESTED IN UNI & OFF-CHAIN LABS (ARBITRUM). THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE INVESTMENT DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
Key Takeaways
Curve v2 marks the DEX’s foray into vanilla, unpegged assets. With this upgrade, Curve directly competes with general purpose DEXs like Uniswap, 0x, and others.
While both Uniswap v3 and Curve v2 use concentrated liquidity, the two DEXs approach the idea with vastly different solutions. Each DEX thus has its own merits and drawbacks.
Curve v2 concentrates liquidity around an internal oracle price. Liquidity in a Curve pool is dependent on the spread between the internal oracle price and the point at which liquidity is maximally concentrated.
From our deep data analysis, we were able to unearth some interesting findings — specifically, how Curve v2 actually offers superior execution prices in most situations.
The fee environment of a blockchain plays a key role in determining whether Uniswap or Curve offers the best execution. We confirm this by running simulations in a low fee environment.
As Ethereum’s scaling roadmap comes to fruition, Curve could become a force to reckon with in the broader DEX landscape.
If you would like to mess around with the data yourself, the scripts and csv files have been open-sourced here.
Metus vulputate eu scelerisque felis. Nulla facilisi cras fermentum odio eu. Scelerisque fermentum dui
faucibus in ornare quam viverra orci sagittis. A iaculis at erat pellentesque adipiscing commodo elit. In
fermentum et sollicitudin ac orci. Ultrices sagittis orci a scelerisque purus. Faucibus ornare
suspendisse sed nisi lacus sed viverra tellus in. Mauris cursus mattis molestie a iaculis at erat
pellentesque adipiscing. Volutpat diam ut venenatis tellus in metus vulputate. Eu consequat ac felis
donec et odio pellentesque. Eu mi bibendum neque egestas congue quisque egestas diam. Quam
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.
Iaculis nunc sed augue lacus viverra vitae congue eu consequat. Gravida neque convallis a cras.
Nunc scelerisque viverra mauris in aliquam sem. Non odio euismod lacinia at quis risus sed vulputate
odio. Purus faucibus ornare suspendisse sed. Turpis egestas maecenas pharetra convallis posuere
morbi. Nec feugiat nisl pretium fusce id velit ut. Nunc congue nisi vitae suscipit tellus mauris a diam.
Posuere sollicitudin aliquam ultrices sagittis orci. Urna nec tincidunt praesent semper. Turpis nunc
eget lorem dolor sed viverra.
suspendisse sed nisi lacus sed viverra tellus in. Mauris cursus mattis molestie a iaculis at erat
pellentesque adipiscing. Volutpat diam ut venenatis tellus in metus vulputate. Eu consequat ac felis
donec et odio pellentesque. Eu mi bibendum neque egestas congue quisque egestas diam. Quam
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.
Iaculis nunc sed augue lacus viverra vitae congue eu consequat. Gravida neque convallis a cras.
Nunc scelerisque viverra mauris in aliquam sem. Non odio euismod lacinia at quis risus sed vulputate
odio. Purus faucibus ornare suspendisse sed. Turpis egestas maecenas pharetra convallis posuere
morbi. Nec feugiat nisl pretium fusce id velit ut. Nunc congue nisi vitae suscipit tellus mauris a diam.
Posuere sollicitudin aliquam ultrices sagittis orci. Urna nec tincidunt praesent semper. Turpis nunc
eget lorem dolor sed viverra.
lacus suspendisse faucibus interdum posuere lorem. Quam id leo in vitae. Ut faucibus pulvinar
elementum integer enim neque. Id ornare arcu odio ut sem nulla pharetra diam sit. Molestie ac feugiat
sed lectus vestibulum mattis. Ipsum nunc aliquet bibendum enim facilisis. Euismod nisi porta lorem
mollis aliquam ut porttitor.



Readers also enjoyed
Markets
Out Of The Frying Pan And Into The Fire The macro situation keeps getting more complex, and complexity often equates […]
Stablecoins
If you’re invested in crypto assets, you have probably held stablecoins in your portfolio at some point in time. Chances […]