StableSwap Invariant

Curve's StableSwap is a hybrid between constant product (x·y=k) and constant sum (x+y=k). The amplification parameter A controls how "flat" the curve is near the peg — higher A means lower slippage for pegged assets.

Parameters

Amplification (A) 100 Swap Amount 10,000

Pool: USDC / USDT (1:1 peg)

Reserve: 10M each

StableSwap Slippage

0.01%

Uniswap Slippage

0.10%

Savings

Why It Matters

When A=1, the curve behaves like Uniswap (constant product). As A increases, the curve becomes flatter around equal balances, meaning swaps near the peg have almost zero slippage. This is why Curve dominates stablecoin trading — a $10M swap might only move the price 0.01%.