What is Convex CRV (CVXCRV) | What is Convex Finance (CVXCRV)

In this article, we’ll discuss information about the Convex Finance project and CVXCRV token

Why Convex?

Convex allows Curve.fi liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort.

If you would like to stake CRV, Convex lets users receive trading fees as well as a share of boosted CRV received by liquidity providers. This allows for a better balance between liquidity providers and CRV stakers as well as better capital efficiency.

Convex has no withdrawal fees and minimal performance fees which is used to pay for gas and distributed to CVX stakers.

CRV stakers and liquidity providers also receive liquidity mining rewards in the form of CVX

Convex for CRV Stakers

Convex rewards CRV stakers with a share of the boosted CRV on the Convex platform making it an ideal destination for those who wish to stake CRV whilst remaining liquid:

Earn a share of the Convex platform fees in CRV
Earn trading fees from the Curve platform (3CRV)
Receive liquid cvxCRV allowing anyone to exit their staked CRV position
Receive CVX rewards
Claim veCRV aidrops such as EPS
(airdrop distribution will be done to the best of our abilities. Will require cooperation from the other platforms)

Convex for Liquidity Providers

Convex allows liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort:

Earn claimable CRV with a high boost without locking any CRV
Earn CVX rewards
Zero deposit and withdraw fees
Zero fees on extra incentive tokens (SNX, etc)

Tokenomics

cvxCRV (Tokenized veCRV)

Tokenized deposits, minted 1:1 for each CRV locked in the platform.
Stake to receive platform fees(CRV), CVX, and veCRV rewards(3Crv).

Convex Token (CVX)

Stake to receive a share of platform fees as cvxCRV.
Will be used for voting, such as gauge weights.
CVX Mint schedule here

Distribution

Max Supply: 100 million
50% Curve LP rewards
Rewarded pro-rata for CRV received on Convex
25% Liquidity mining
Distributed over 4 years. Incentives for CVX/ETH and cvxCRV/CRV pools
9.7% Treasury
Vested over 1 year. Used for future incentives or other community driven activities
1% veCRV holders
Instantly claimable airdrop
1% veCRV holders who vote to whitelist Convex
Instantly claimable airdrop
3.3% Investors
Vested over 1 year. 100% of investment funds used to pre-seed boost and locked forever(no cvxCRV minted).
10% Convex Team
Vested over 1 year

Understanding cvxCRV

cvxCRV token, and how it fits in the Convex platform

cvxCRV is tokenized veCRV

If a user deposits CRV into Convex, that CRV is locked forever on the platform as veCRV.
A tokenized version of veCRV, cvxCRV, is returned to the user at a 1:1 rate.

cvxCRV Staking

cvxCRV can be staked into the platform to receive normal Curve admin fees one would get for staking their veCRV on Curve.fi, as 3CRV.
Additionally, users staking cvxCRV will receive CRV from Convex’s performance fee, as well as the platform native token CVX.

cvxCRV Liquidity Pools

Rather than staking cvxCRV, users can also choose to contribute to the Sushiswap liquidity pool cvxCRV/CRV.
Users can then stake the SUSHI LP token on Convex Finance to receive a separate pool of CVX rewards for providing liquidity to others to enter and exit convex CRV ecosystem via the cvxCRV token.

Understanding CVX

CVX token, and how it fits in the Convex platform

CVX is the native platform token for Convex Finance.

CVX can be staked on Convex Finance to earn a share of Curve LP’s CRV earnings.
Staked CVX will receive its portion of the fees as cvxCRV (tokenized veCRV). This is to keep CRV in the system building boost, but users can trade out their cvxCRV through the cvxCRV/CRV liquidity pool.
Convex CRV fees that would be returned to CVX stakers are locked in veCRV, and tokenized as cvxCRV and given to the CVX stakers.

Obtaining CVX tokens

CVX is rewarded to CRV stakers and Curve.fi liquidity pools pro-rata to CRV generated by the platform. If you are in a high CRV rewards liquidity pool you will receive more CVX for your efforts.
CVX is also distributed to cvxCRV/CRV and CVX/ETH LPs that stake their LP tokens on the Convex platform through a Masterchef staking rewards contract.

How and Where to Buy CVXCRV ?

CVXCRV has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT, BNB from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy CVXCRV token.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step - Transfer your cryptos to an Altcoin Exchange

Since CVXCRV is an altcoin we need to transfer our coins to an exchange that CVXCRV can be traded. Below is a list of exchanges that offers to trade CVXCRV in various market pairs, head to their websites and register for an account.

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase CVXCRV from the exchange.

The top exchange for trading in CVXCRV token is currently **** Sushiswap****

Find more information CVXCRV

☞ Website ☞ Explorer ☞ Explorer 2 ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Message Board ☞ Message Board 2 ☞ Documentation ☞ Coinmarketcap

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