Position breakdown
| Metric | Value |
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Band-by-band map
Collateral is split evenly across your N bands. Bands above the current price hold 100% collateral; bands below are 100% crvUSD; the current band is partially converted.
| Band | Top price | Bottom price | State |
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Why LLAMMA doesn't liquidate you all at once
Most lending markets — Aave, Compound, centralized exchange margin — use a single liquidation price. Cross it and a liquidator seizes your collateral in one transaction, usually with a 5–13% penalty stapled on. Curve's crvUSD takes a different approach: LLAMMA (Lending-Liquidating AMM Algorithm) spreads your collateral across a band of prices, typically N bands you choose when opening the loan. As the market price falls through a band, that slice of collateral is continuously and automatically swapped inside the AMM from your collateral asset into crvUSD — gradually, not in one shot, and without a liquidator or a penalty. If price recovers, LLAMMA swaps the crvUSD back into collateral as it climbs back through the same band.
The practical effect: instead of a single liquidation cliff, you have a range. Above the top of your range, you're 100% in the original asset with zero soft-liquidation. Below the bottom of your range, you're 100% in crvUSD — fully de-risked from further price drops, but also unable to benefit from a bounce unless you actively re-enter. Anywhere in between, part of your position has already converted and part hasn't, and this calculator shows you exactly where that split sits right now.
This isn't free upside, though. Every conversion inside a band pays Curve's AMM swap fee, and price whipsawing back and forth through the same band repeatedly (selling low, buying back higher) can cost more in cumulative fees and slippage than a single clean move in one direction — a dynamic that echoes impermanent loss in a normal Uniswap-style pool. The number of bands and their width is a real risk dial: fewer, wider bands convert more per % move but cover more ground before you're fully de-risked; more, narrower bands convert more gradually but each one does less.
FAQ
What is crvUSD's LLAMMA soft-liquidation, and how is it different from a normal liquidation?
Curve's crvUSD uses an AMM called LLAMMA (Lending-Liquidating AMM Algorithm) instead of a single all-or-nothing liquidation price. Your collateral is spread across N price bands. As the market price falls through a band, LLAMMA gradually and automatically sells that slice of collateral for crvUSD inside the AMM — no liquidator, no penalty, no instant loss of the whole position. If the price recovers back up through the band, LLAMMA buys the collateral back. A normal Aave/Compound-style liquidation is binary: above the threshold you keep everything, below it a liquidator seizes collateral plus a penalty in one shot.
How are my bands and band width determined?
When you open a crvUSD loan you choose N, the number of bands (Curve's UI typically defaults to a range of roughly 4–50), and the market itself sets a per-band width via the pool's amplification parameter A — tighter A means wider bands and fewer bands needed to cover a given range, looser A means narrower bands. This calculator lets you set an approximate band width percentage directly so you can see the mechanic clearly; on-chain the exact edges come from Curve's band-pricing formula, but the linear conversion behavior within each band is exactly as modeled here.
What happens to my collateral as price falls through my bands?
Your collateral is split evenly across your N bands. Bands entirely above the current price stay 100% in the original collateral asset. Bands entirely below the current price have been fully converted to crvUSD. The one band the price is currently inside is partially converted — for example, if price has moved 30% of the way down through that band, roughly 30% of that band's slice has become crvUSD. This calculator sums all three states to show your blended remaining-collateral / crvUSD-acquired split at any price.
Does soft-liquidation protect me from bad debt or total loss?
It reduces liquidation-cascade risk and avoids the instant penalty of a hard liquidation, and it can even work in your favor in a straight decline since conversions happen at the average price of each band on the way down, not the price at the very bottom. But it does not remove risk entirely: if price crashes straight through and below your entire band range, all collateral is converted to crvUSD and the position is fully de-risked — further downside can no longer hurt you, but you also stop benefiting from any recovery unless you actively reopen or adjust the position. A gap-down crash that skips your whole range can still leave the protocol with bad debt in extreme cases.
What is the LLAMMA swap fee I'm charged during conversion?
Each internal swap inside a band carries Curve's AMM fee for that specific crvUSD market — historically in the rough 0.3%–1% range depending on the collateral asset, applied to the value being converted in that step. This calculator applies your chosen fee percentage to the total crvUSD generated so far as an estimate of cumulative conversion cost; the real on-chain fee accrues per individual price movement through the band, not as one lump sum, so treat this as a directional estimate rather than an exact ledger.