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DeFi Tool Convex Announces Updates to Staking Service for Curve Token Rewards

4 January 2023
in Latest News, News
Reading Time: 2 mins read
104 4
Home News Latest News

Convex Finance, a leading player in the decentralized finance (DeFi) industry, has announced major updates to its staking system on the Curve protocol. The changes, which will be implemented on the Convex and Curve token derivative system (cvxCRV), will give users greater control over their rewards and the opportunity to earn more through staking. 

In addition to these updates, Convex Finance is proposing changes to fees on the platform and redirecting a portion of existing rewards toward staking incentives. These moves are aimed at further boosting the attractiveness of the cvxCRV staking system for users.

With these updates, users can customize their rewards to include a mix of both curve (CRV) and convex (CVX) tokens and add additional incentives to their staking.

Convex Finance is a platform that enables users to access liquidity and earn fees through participation in the Ethereum-based stablecoin exchange Curve Finance. At its peak in 2021, Convex had locked over $3 billion and held a total lifetime value locked (TVL) of $21 billion. While Curve Finance was once one of the largest Defi protocols, with a TVL of $23 billion, it has seen a significant drop to $3.2 billion as of Wednesday, reflecting the wider market downturn.

One of the key features of Convex is the ability for users to earn Curve tokens (CRV) as yield farming rewards for providing liquidity on the Curve Finance platform. These CRV tokens can then be converted into vote-escrowed CRV (veCRV), allowing users to participate in platform governance, earn higher rewards and fees, and even receive airdrops.

One challenge that users of Convex Finance may face is the time-locking of Curve tokens (CRV). These tokens, issued as yield farming rewards to liquidity providers on the Curve Finance platform, can be converted into vote-escrowed CRV (veCRV).

To address this, Convex has implemented a system that pools all user assets together to purchase CRV and convert them into veCRV, thereby maximizing rewards for its liquidity providers. This allows Convex users to benefit from the rewards offered by the Curve platform without having to lock up their CRV for extended periods.

 

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