A friend of Curve has joined the DePocket band: Convex Finance.

Convex Finance: A optimized yield platform for Curve

Convex Finance is a platform that allows Curve Finance network liquidity providers and stakers to earn greater rewards without locking their CRV tokens. Aside from the small amount of service fees, the platform performs users’ activities without charging extra fees or withdrawal fees.

The two main services that users can take part in to gain profit: either staking or providing liquidity. There is the fact that the users who locked CRV token in Convex Finance tend to gain better interest than the others are using the same service but in another protocols. These liquidity providers are then compensated on the Curve network with enhanced CRV incentives. The addition received as a reward comes from other CRV owners who have shares in the system. With the high popularity of the platform, rewards can essentially be improved.

CVX is the native token of Convex Finance with the following functions:

  • Staking: Users can stake CVX tokens to receive a part of the fees.
  • Liquidity mining: Users can contribute CVX to liquidity pools outside of Convex Finance to earn liquidity mining rewards and a portion of DEX transaction fees.
  • Voting: Users can lock CVX tokens on the Convex Finance platform to vote on CRV emissions for the Curve Finance gauge.

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The Curve is one of the cult AMMs that has a large number of users. Following that success, Convex Finance also attracted many CRV stakers and liquidity providers because the APR/APY on Convex Finance is higher than on other protocols. Therefore, these two projects will share the same set of users. In addition, DePocket has already integrated Curve. So there is no reason that we can ignore Convex Finance.

If Convex Finance was developed to help Curve, DePocket is here for both. Users can track their CRV balance and staking on Convex Finance as well as on Curve from now on. Remember to look for details on Ethereum Zone because these two tokens are ERC20-based.

Try our demo wallet here:

The Ethereum Merge is approaching. And the its ecosystem will rise and shine once again. That will be the time that we can show all of our abilities.

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