August Update + CVX Voting!

  • We’ve seen TVL between $3.5B-$4B for over a month, and approaching the $5 billion mark as of this writing! Really great news for cvxCRV and CVX stakers! Platform revenue recently crossed the $50 million mark in under 3 months, and we now have over 70M CRV locked!
From Defi Pulse
  • Our Twitter account recently passed 10,000 followers, and our Discord is nearly 4000 members strong. The community continues to grow and we look forward to more users every day!
convexfinance.com/claim
  • We’ve implemented a number of UI improvements, including adding a “Claim and Stake” function. This makes it easier to compound your staked positions on cvxCRV and CVX, and also saves on gas costs.
  • We continue to support all new pools on Curve.fi, most recently the tricrypto pool. This pool has seem immense popularity and bodes well for future multi-collateral liquidity pools on Curve. We’re excited for what’s to come here.

Protocol Collaborations

Frax Finance

BadgerDao

Other Integrations

OlympusDao

What’s Next? Well, voting!

Voting with your CVX Tokens

  • Voting will take place using Snapshot.
  • Gauge weight votes will be bi-weekly. Other Curve.fi governance votes will be addressed as they arise.
  • Curve ownership governance votes have a quorum of 20%; Curve parameter governance votes have a quorum of 10%; gauge weight votes will not have a quorum.
  • In order to vote, you must lock your CVX tokens for a fixed time period. Locked tokens will be inaccessible until the time period has passed (more on this in the next section).
  • Individual CVX holders may spread their votes among multiple pools in gauge weight votes.
  • There will be minimum and maximum gauge weight allocations for Convex Finance’s veCRV voting power. These thresholds are safeguards to ensure voting power is used effectively across the system.

Locking CVX Tokens

  • CVX tokens used for voting will be locked for 16 weeks. Voting weight will be determined by the amount of CVX tokens deposited (see next section on Boost Mechanic)
  • Deposited tokens will be split into weekly lock groups which will expire together.
  • Upon lock expiry, you can either withdraw or re-lock.
  • Platform fees will increase nominally to compensate for the additional fee going to locked CVX tokens. (Will be raised from 16% to 17%)
  • CVX tokens remaining in expired locks will continue to accumulate these fees, but will eventually be put up for bounty. Any user can “kick” an expired user’s locks after a grace period of 4 weeks have passed, and claim a fee paid for by the inactive CVX token holder.

Boost Mechanic

When?

Design work in progress

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