Convex Finance - a decentralized staking service, based on Curve exchange protocols. On the platform, Curve liquidity providers can boost profits without locking CRV tokens.
Contents:
What is Convex Finance?
Staking Convex Finance is intended for liquidity providers on the Curve platform. Curve protocols allow you to increase the income from providing liquidity. To do this, you need to carry out boosting - additionally freeze the CRV tokens, received for providing liquidity. Thus, the profitability of the pool can be increased by 1.5-2.5%.
The Convex Finance service allows you to bypass this system - the user receives income from the commissions of the Curve exchange and uses CRV boosting without blocking tokens in the pool. Instead, the reward is generated through the staking of Curve LP's liquidity provider tokens (such as cCRV or tCRV). It is enough to deposit tokens in the staking pool in order to earn on exchange commissions and receive an additional percentage of boosting simultaneously.
Platform uniqueness
The economy of Convex Finance is directly linked to the Curve exchange: only holders of Curve LP tokens can participate in the staking program. This allows reducing market volatility and fair distribution of remuneration among liquidity providers.
| Blockchains | All Curve blockchain networks are integrated into Convex: Ethereum, Polygon, Fantom and xDai Network. |
| Token | The service protocol is supported by the native CVX token of the ERC20 format. It is distributed as a reward for the supply of liquidity through the Curve platform. |
| Staking | For additional income, the user can use CVX staking. |
One of the advantages of the service — the absence of commissions for withdrawing funds. Also, the platform does not set minimum commissions for placing funds in the pool, which can reduce gas costs when the network load is low.
Project cryptocurrency
The project has a circulating supply of 49 million CVX coins and a maximum supply of 100 million CVX coins. The Convex staking programs are divided into two groups:
- staking of CRV LP tokens;
- CVX staking.
To participate in the staking program, you need to connect a cryptocurrency wallet to Convex. List of available wallets: MetaMask, Coinbase Wallet, Keystone and Wallet Connect multi-wallet. Select a wallet and confirm the connection to the network. The addresses will be automatically bound to the Convex protocol. The best cryptocurrency exchanges to trade Convex Finance shares currently are Binance, OKX, Bitget, Mandala Exchange and Huobi Global.