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Convex Finance

💡 Convex is a yield optimisation platform build on top of Curve Finance. Convex helps users attain better yield on their Curve LP positions with minimum management requirements whilst remaining liquid






Yield Bearing



Token Strength.

Token Utility:

$CVX is essentially a levered ‘wrapper’ for $CRV (Curve finance). The Curve voting power that Convex accumulates is directly passed on to $CVX holders who lock their tokens, known as vlCVX (vote locked CVX). 

Demand Driver:

Demand for $CVX mainly comes from the demand for the underlying $CRV & market demand due to yield provided by protocol bribes. As long as Curve maintains market demand and has a stable swap liquidity moat then $CVX should also reflect this demand.

Value Creation:

Convex creates value by providing a yield optimisation service for Curve LPs/CRV holders & by also allowing protocols to direct liquidity to their products in a more efficient way.

Value Capture:

Convex takes a 16% fee in exchange for its yield optimisation service, which is subsequently paid to stakers. $CVX holders also get bribes from protocols wanting to use the underlying veCRV voting power. Meaning that these bribes are a form of yield for holders. Token demand will reflect this somewhat, thus reflecting value of asset.

Business Model:

Convex takes a 17% fee cut from their Curve and Frax optimisation solutions. There is no treasury allocation for these fees, they simply go to CVX and derivatives (cvxCRV & cvxFXS) stakers.


Protocol Analysis.

Problems & Solutions
CVX is an attractive alternative for the lay user who wants to be exposed to the Curve ecosystem due to its ease of use and low maintenance.
veCRV is never released meaning that even if Convex loses market share the acquired veCRV will linger on as a factor in demand for a long time to come.

Investment Take

... coming soon

Tokenomics Timeline.

  1. 2021-05-15

    Convex Launch

    Convex launched with 100M max supply

  2. 2021-12-15


    Convex starts to accumulate veFXS and expands to Frax ecosystem

  3. 2022-05-04

    vlCVX contract re-deployed

    Due to a potential security risk, the vlCVX contract was redeployed


Allocation and Emission.

No calculation connected