Curve DAO approved a proposal on Sept. 2 to fund yRisk as the risk provider for crvUSD and Llamalend, closing a selection process that had been running since July and replacing LlamaRisk after its early departure from a renewed one-year term.
In the proposal put to a DAO vote, yRisk described itself as a two-person team. The two contributors said they are the "primary Resupply developers" and "core developers at Yearn and Resupply, through their respective limited companies."
Resupply is a stablecoin and lending protocol built on top of crvUSD and CurveLend. In June 2025, it was exploited for $9.6 million through a donation attack that rounded a vault exchange rate to zero. That incident was not mentioned in the proposal.
How the voting played out
Curve DAO held nine parallel non-binding preference votes from Aug. 10 to Aug. 17, one for each bidder, and tokenholders were allowed to support more than one option.
yRisk’s temp check received 536,968,660.7 veCRV in favor and zero against from 47 voters, equal to 68.78% of the veCRV supply at the snapshot block.
CrossWorlds finished second with 401.4 million votes for and 236 million against. Blockworks Advisory, Xerberus, and Pharos Watch each received fewer than 300 votes in favor while drawing more than 536 million opposed.
The binding vote came later through Proposal 1492. It closed on Sept. 2 at 15:04 UTC with 621,165,847.95 veCRV in favor and 5.33 against, then executed 87 minutes later.
Payment terms for the mandate
The mandate pays yRisk through two revocable one-year vesting streams. One consists of 125,000 frxUSD of principal held in sfrxUSD, while the second consists of 568,181 CRV. All sfrxUSD yield flows back to the Curve treasury.
yRisk had asked for $250,000 per year. Based on Thursday’s price, the CRV portion alone was worth about $209,000 after CRV rose 78% over the past 30 days.
Swiss Stake’s review raised a capacity issue
Swiss Stake, the entity that reviewed bids for the DAO, said yRisk stood out for its Curve experience and open deliverables. In its Aug. 3 assessment, it also wrote: "The main concern is capacity. Two contributors with other responsibilities would need to cover both scopes, support a fast pace of new Llamalend markets, and monitor a growing risk surface. It is not yet clear whether they can sustain that workload and provide sufficient incident coverage as the number of markets expands."
The same assessment recommended a limited first mandate for whichever bidder won. It said: "The largest uncertainty is the quality of the risk work each team would deliver in practice. Regardless of which option is preferred, we therefore recommend an initial limited mandate with a public review checkpoint before the DAO decides whether to continue or expand the engagement."
Curve founder Michael Egorov posted both the call for proposals and the result post under the forum handle michwill.
LlamaRisk exited before the renewed term ended
LlamaRisk announced its exit on May 29, writing: "We renewed with Curve in April 2026 with the intent to serve through April 2027. The change in our broader engagement structure has made that timeline no longer feasible."
It called the move "a structural decision about where LlamaRisk concentrates its resources going forward, not a reflection of our view of Curve," ended active work on June 30, and returned about 270,247 crvUSD of unvested funding to the treasury. Egorov opened the new call for proposals on July 7.
What sits under the new risk mandate
According to DefiLlama, crvUSD circulating supply stood at $285.5 million on Wednesday, down from $302.5 million a week earlier and up from $226.3 million a month earlier.
Llamalend v1 held $76 million in deposits against $44.1 million borrowed, almost all on Ethereum. Llamalend v2, which launched on Optimism in June, held $1.75 million in deposits against $740,920 borrowed.
Curve’s protocols together held $1.33 billion. According to CoinGecko, CRV traded at $0.3672 at 7:32 a.m. ET on Thursday, up 1.6% on the day and 8.5% over the week, with a market capitalization of $570.7 million and a rank of 95.