curvefi · 0xtutti · Jul 22, 2026 · Mar 17, 2026 · Mar 20, 2026 · Jul 20, 2026
diff --git a/docs/developer/crvusd/amm.md b/docs/developer/crvusd/amm.md
@@ -9,7 +9,7 @@ Each market deploys its own AMM from a blueprint contract. Source code is availa
 :::
 
 :::info[Contract Versions]
-The AMM (LLAMMA) contract is shared across all Controller versions. Unlike the Controller, the AMM API has remained stable — the same contract is used by both crvUSD mint markets and Llamalend markets. For version details, see the [crvUSD Overview](./overview.md#controller--amm-versions).
+The AMM (LLAMMA) contract is shared across all Controller versions. Unlike the Controller, the AMM API has remained stable — the same contract is used by both crvUSD mint markets and LlamaLend v1 markets. LlamaLend v2 uses a separately deployed AMM implementation; see the [v2 AMM reference](../llamalend-v2/amm.md).
 :::
 
 :::info Getting familiar with LLAMMA

diff --git a/docs/developer/crvusd/controller.md b/docs/developer/crvusd/controller.md
@@ -15,13 +15,13 @@ Each market deploys its own Controller from a blueprint contract. Source code is
 :::
 
 :::info[Contract Versions]
-This page documents **Controller V3** (Vyper 0.3.10), the current blueprint used for new crvUSD mint markets and all Llamalend markets. Where the API differs from earlier versions, both implementations are shown in tabs.
+This page documents **Controller V3** (Vyper 0.3.10), the current blueprint used for new crvUSD mint markets and **LlamaLend v1** markets. LlamaLend v2 uses a separate Vyper 0.4.3 `LendController`; see the [v2 reference](../llamalend-v2/lend-controller.md). Where the API differs from earlier versions, both implementations are shown in tabs.
 
 | Version | Vyper | Markets |
 |---------|-------|---------|
 | V1 | 0.3.7 | sfrxETH (v1), wstETH, WBTC, WETH |
 | V2 | 0.3.9 | sfrxETH (v2), tBTC |
-| **V3** | **0.3.10** | **weETH, cbBTC, LBTC + all Llamalend** |
+| **V3** | **0.3.10** | **weETH, cbBTC, LBTC + LlamaLend v1** |
 
 For full version details, see the [crvUSD Overview](./overview.md#controller--amm-versions).
 :::
@@ -36,9 +36,9 @@ For full version details, see the [crvUSD Overview](./overview.md#controller--am
 Minting crvUSD is only possible with whitelisted collateral approved by the DAO. Users provide collateral, which is deposited into LLAMMA according to the number of bands chosen. crvUSD is **backed by the assets provided as collateral**. The system does not actually mint crvUSD — tokens are "pre-minted" to the Controller from which they can be borrowed.
 
   </DocCard>
-  <DocCard title="Curve Lending Markets" icon="vyper" link="../lending/overview" linkText="Lending Overview">
+  <DocCard title="LlamaLend v1 Markets" icon="vyper" link="../lending/overview" linkText="Legacy reference">
 
-In lending markets, any token composition is possible as long as one of the assets is crvUSD. Unlike the minting system, borrowed assets are **not minted but provided by lenders** who deposit into an [ERC-4626 Vault](../lending/contracts/vault.md), where they earn interest.
+In LlamaLend v1 markets, one asset must be crvUSD. Unlike the minting system, borrowed assets are **not minted but provided by lenders** who deposit into an [ERC-4626 Vault](../lending/contracts/vault.md), where they earn interest. LlamaLend v2 supports any ERC-20 pair.
 
   </DocCard>
 </DocCardGrid>
@@ -59,7 +59,7 @@ $$LTV = 100\% - \text{loan\_discount} - 100 \cdot \frac{N}{2 \cdot A}$$
 
 :::info[V3 Only — Extra Health Buffer]
 
-Controller V3 allows users to set [`extra_health`](#extra_health) via [`set_extra_health`](#set_extra_health) before creating a loan. This adds a health buffer when entering soft liquidation. Available in weETH, cbBTC, LBTC markets and all Llamalend markets.
+Controller V3 allows users to set [`extra_health`](#extra_health) via [`set_extra_health`](#set_extra_health) before creating a loan. This adds a health buffer when entering soft liquidation. Available in weETH, cbBTC, LBTC markets and LlamaLend v1 markets.
 
 :::
 
@@ -870,7 +870,7 @@ def deposit_range(user: address, amount: uint256, n1: int256, n2: int256):
 
 :::info[V3 Only]
 
-Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and all Llamalend markets.
+Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and LlamaLend v1 markets.
 
 :::
 
@@ -912,7 +912,7 @@ extra_health: public(HashMap[address, uint256])
 
 :::info[V3 Only]
 
-Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and all Llamalend markets.
+Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and LlamaLend v1 markets.
 
 :::
 
@@ -960,7 +960,7 @@ def set_extra_health(_value: uint256):
 
 :::info[V3 Only]
 
-Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and all Llamalend markets.
+Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and LlamaLend v1 markets.
 
 :::
 
@@ -1001,7 +1001,7 @@ False
 
 :::info[V3 Only]
 
-Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and all Llamalend markets.
+Introduced in Controller V3 (Vyper 0.3.10). Available in weETH, cbBTC, LBTC markets and LlamaLend v1 markets.
 
 :::
 

diff --git a/docs/developer/crvusd/overview.md b/docs/developer/crvusd/overview.md
@@ -76,7 +76,7 @@ The `FlashLender.vy` contract allows users to take out a flash loan for `crvUSD`
 
 ## Controller & AMM Versions
 
-The crvUSD mint markets use several iterations of the Controller and AMM (LLAMMA) contracts. Each version was deployed as a new **blueprint** — existing markets are not affected when a new implementation is set. Llamalend later adopted the V3 blueprint, so all Llamalend markets share the same Controller/AMM version as the latest crvUSD markets.
+The crvUSD mint markets use several iterations of the Controller and AMM (LLAMMA) contracts. Each version was deployed as a new **blueprint** — existing markets are not affected when a new implementation is set. **LlamaLend v1** adopted the V3 blueprint, so its markets share the same Controller/AMM version as the latest crvUSD markets. LlamaLend v2 uses a separate Vyper 0.4.3 modular architecture.
 
 ### Version Matrix
 
@@ -87,7 +87,7 @@ The crvUSD mint markets use several iterations of the Controller and AMM (LLAMMA
 | **V3** | 0.3.10 | `0xe3e...415` ([Etherscan](https://etherscan.io/address/0xe3e3Fb7E9f48d26817b7210C9bD6B22744790415)) | `0x2B7...e9` ([Etherscan](https://etherscan.io/address/0x2B7e624bdb839975d56D8428d9f6A4cf1160D3e9)) | [b0240d8](https://github.com/curvefi/curve-stablecoin/tree/b0240d844c9e60fdab78b481a556a187ceee3721) |
 
 :::info
-V3 is the **current blueprint** set on the Controller Factory. It is also the version used by all [Llamalend](../lending/overview.md) markets.
+V3 is the **current blueprint** set on the Controller Factory. It is also the version used by [LlamaLend v1](../lending/overview.md) markets; see [LlamaLend v2](../llamalend-v2/overview.md) for the newer lending architecture.
 :::
 
 ### Market → Version Mapping
@@ -113,13 +113,13 @@ V3 is the **current blueprint** set on the Controller Factory. It is also the ve
 
 #### V2 → V3
 
-V3 is a significant upgrade that was developed alongside Llamalend. The same blueprint is shared by crvUSD mint markets and all Llamalend lending markets.
+V3 is a significant upgrade that was developed alongside LlamaLend v1. The same blueprint is shared by crvUSD mint markets and LlamaLend v1 lending markets.
 
 - **Compiler upgrade**: Vyper 0.3.9 → 0.3.10.
 - **Delegated loan creation**: `create_loan`, `borrow_more`, `repay`, and `liquidate` accept an optional `_for` parameter, allowing approved operators to manage loans on behalf of users. See [`approve`](./controller.md#approve).
 - **Extra health buffer**: Users can set [`extra_health`](./controller.md#extra_health) via [`set_extra_health`](./controller.md#set_extra_health), adding a health buffer when entering soft liquidation.
 - **Extended borrow**: New [`borrow_more_extended`](./controller.md#borrow_more_extended) function supporting callback-based leverage.
-- **Arbitrary-decimal tokens**: The Controller now handles tokens with any number of decimals (not just 18), with rounding adjusted in favor of existing borrowers. This was necessary for Llamalend's flexible token support.
-- **`collect_fees()` disabled for lending**: In Llamalend markets, admin fees are zero and all interest goes to vault depositors.
+- **Arbitrary-decimal tokens**: The Controller now handles tokens with any number of decimals (not just 18), with rounding adjusted in favor of existing borrowers. This was necessary for LlamaLend v1's flexible token support.
+- **`collect_fees()` disabled for lending**: In LlamaLend v1 markets, admin fees are zero and all interest goes to vault depositors. LlamaLend v2 has separately configurable admin percentages.
 - **Native ETH transfers removed**: Automatic ETH wrapping is permanently disabled for safety.
-- **`check_lock` / `save_rate`**: New external helpers used by the Vault contract in Llamalend.
+- **`check_lock` / `save_rate`**: New external helpers used by the Vault contract in LlamaLend v1.
diff --git a/docs/developer/documentation-overview.md b/docs/developer/documentation-overview.md
@@ -7,6 +7,12 @@ Additionally, Curve has launched its own stablecoin, **crvUSD**, and **Curve Len
 
 This documentation outlines the technical implementation of the core Curve protocol and related smart contracts. It may be useful for contributors to the Curve codebase, third-party integrators, or technically proficient users of the protocol.
 
+:::warning[LlamaLend v1 is deprecated]
+
+LlamaLend v1 markets are being phased out and no new v1 markets will be deployed. Use [LlamaLend v2](./llamalend-v2/overview.md) for all new markets and integrations.
+
+:::
+
 :::tip[Resources for Non-Technical Users]
 
 Non-technical users might prefer the **[User Docs](/user/introduction)** site as it offers more general insights and information.
@@ -41,9 +47,14 @@ Over-collateralized USD stablecoin powered by a unique liquidating algorithm ([L
 Savings version of crvUSD. An ERC-4626 compliant Vault that earns yield from crvUSD interest fees, with cross-chain oracle support.
 
   </DocCard>
-  <DocCard title="Llamalend" link="./lending/overview" linkText="Getting started">
+  <DocCard title="LlamaLend v2" link="./llamalend-v2/overview" linkText="Getting started">
+
+Permissionless isolated lending markets for any ERC-20 pair, with ERC-4626 vaults, a LendFactory, Configurator, and LLAMMA soft liquidations.
+
+  </DocCard>
+  <DocCard title="LlamaLend v1 (legacy)" link="./lending/overview" linkText="Legacy reference">
 
-Permissionless lending markets to borrow or lend crvUSD against any asset with a proper oracle. Powered by Curve's unique liquidation algorithm, [LLAMMA](./crvusd/amm.md).
+Historical reference for the earlier crvUSD-paired lending contracts. Use the v2 reference for new integrations.
 
   </DocCard>
   <DocCard title="Fees" link="./fees/overview" linkText="Getting started">

diff --git a/docs/developer/lending/contracts/controller-llamma.md b/docs/developer/lending/contracts/controller-llamma.md
@@ -2,13 +2,19 @@ import DocCard, { DocCardGrid } from '@site/src/components/DocCard'
 
 # LLAMMA and Controller
 
+:::warning
+
+This page documents the LlamaLend v1 Controller V3 and AMM contracts. For LlamaLend v2, use the [LendController](../../llamalend-v2/lend-controller.md) and [AMM](../../llamalend-v2/amm.md) references.
+
+:::
+
 :::vyper[`AMM.vy` & `Controller.vy`]
 
 The source code for both contracts, `AMM.vy` and `Controller.vy`, can be found on [GitHub](https://github.com/curvefi/curve-stablecoin/tree/lending/contracts). The contracts are written using [Vyper](https://github.com/vyperlang/vyper) version `0.3.10`.
 
 :::
 
-Llamalend uses **Controller V3** — the same blueprint that powers the latest crvUSD mint markets (weETH, cbBTC, LBTC). The Controller and AMM contracts originated in the crvUSD system and were extended for lending use. For a full version history including the evolution from crvUSD V1 through V3, see the [crvUSD Overview](../../crvusd/overview.md#controller--amm-versions).
+LlamaLend v1 uses **Controller V3** — the same blueprint that powers the latest crvUSD mint markets (weETH, cbBTC, LBTC). The Controller and AMM contracts originated in the crvUSD system and were extended for lending use. For a full version history including the evolution from crvUSD V1 through V3, see the [crvUSD Overview](../../crvusd/overview.md#controller--amm-versions).
 
 Because Curve Lending operates very similarly to the system for minting crvUSD, both `Controller.vy` and `AMM.vy` can be used for lending markets. To ensure full compatibility with both systems, **several modifications were made in V3**:
 

diff --git a/docs/developer/lending/contracts/leverage.md b/docs/developer/lending/contracts/leverage.md
@@ -1,4 +1,11 @@
 # Building Leverage
+
+:::warning
+
+This page covers LlamaLend v1 leverage integrations. Validate v2 compatibility against the [LlamaLend v2 contracts](../../llamalend-v2/overview.md) before reusing a zap or callback flow.
+
+:::
+
 There are multiple ways on how to create automated leverage for lending markets:
 
 - v1: using the [Curve Pools](../../crvusd/leverage/leverage-zap.md)

diff --git a/docs/developer/lending/contracts/mp-overview.md b/docs/developer/lending/contracts/mp-overview.md
@@ -1,6 +1,13 @@
 import DocCard, { DocCardGrid } from '@site/src/components/DocCard'
 
 # Monetary Policies: Overview
+
+:::warning
+
+These are LlamaLend v1 monetary-policy contracts. LlamaLend v2 markets configure a policy through the [Configurator](../../llamalend-v2/configurator.md).
+
+:::
+
 Lending markets use monetary policies to determine interest rates. Each market has its own policy contract.
 
 *Currently, there are two different kinds of policy contracts in use:*

diff --git a/docs/developer/lending/contracts/oneway-factory.md b/docs/developer/lending/contracts/oneway-factory.md
@@ -1,5 +1,11 @@
 # OneWay Lending Factory
 
+:::warning
+
+This is the LlamaLend v1 factory. For new LlamaLend v2 markets, use the [LendFactory reference](../../llamalend-v2/lend-factory.md).
+
+:::
+
 import Tabs from '@theme/Tabs';
 import TabItem from '@theme/TabItem';
 

diff --git a/docs/developer/lending/contracts/oracle-overview.md b/docs/developer/lending/contracts/oracle-overview.md
@@ -1,6 +1,13 @@
 import DocCard, { DocCardGrid } from '@site/src/components/DocCard'
 
 # Lending Oracles: Overview
+
+:::warning
+
+These oracle contracts are documented for LlamaLend v1. For LlamaLend v2 market configuration, see the [Configurator](../../llamalend-v2/configurator.md).
+
+:::
+
 *There are two main contracts for lending oracles:*
 
 <DocCardGrid>

diff --git a/docs/developer/lending/contracts/vault.md b/docs/developer/lending/contracts/vault.md
@@ -1,5 +1,11 @@
 # Vault
 
+:::warning
+
+This page documents the LlamaLend v1 Vault. For the v2 ERC-4626 implementation, see the [LlamaLend v2 Vault reference](../../llamalend-v2/vault.md).
+
+:::
+
 import Tabs from '@theme/Tabs';
 import TabItem from '@theme/TabItem';
 

diff --git a/docs/developer/lending/overview.md b/docs/developer/lending/overview.md
@@ -1,5 +1,12 @@
-# Curve Lending: Overview
-Curve lending allows the **creation of permissionless lending/borrowing markets to borrow crvUSD against any token, or to borrow any token against crvUSD in an isolated mode**, powered by **LLAMMA** for soft-liquidations. All markets are **isolated** from each other and do not intertwine.
+# LlamaLend v1: Legacy Overview
+
+:::warning
+
+This section documents **LlamaLend v1** contracts, including the crvUSD-pair requirement and the Vyper 0.3.x Controller/AMM design. LlamaLend v1 markets are being phased out: **no new v1 markets will be deployed**. Any new market must use [LlamaLend v2](../llamalend-v2/overview.md).
+
+:::
+
+LlamaLend v1 allowed the **creation of permissionless lending/borrowing markets to borrow crvUSD against any token, or to borrow any token against crvUSD in an isolated mode**, powered by **LLAMMA** for soft-liquidations. Existing markets are **isolated** from each other and do not intertwine.
 
 The **borrowable liquidity is provided by willing lenders**through [Vaults](./contracts/vault.md), which are [ERC4626](https://ethereum.org/en/developers/docs/standards/tokens/erc-4626/) contracts with some additional methods for convenience.