Convex for Frax: Fraxtal Update & Road to Singularity

Convex Finance
3 min readApr 29, 2024

As the DeFi landscape evolves, Convex Finance remains at the forefront, embracing changes that enhance our community’s DeFi experience. In partnership with the innovative Frax team, we are excited to integrate new developments from the rapidly expanding Frax Ecosystem into our offerings, including staking on the newly launched Fraxtal blockchain and the introduction of $FXTL points.

Frax’s Road to Singularity

Frax Finance is undergoing a transformative integration with the launch of its own blockchain, Fraxtal, and the merger of $FPIS into $FXS. This strategic move is designed to streamline operations and consolidate token functionality, paving the way for more robust governance mechanisms and improved economic efficiencies within the ecosystem. These changes are part of the broader Frax Singularity Roadmap, aiming to significantly enhance the protocol’s infrastructure and scalability.

cvxFXS Staking on Fraxtal

With the launch of Fraxtal, FXS is now lockable on a chain beyond mainnet. To align with these changes, $cvxFXS will transition to its new home on the Fraxtal Chain. Here’s what you need to know:

  • Conversion and Staking: The conversion from FXS to cvxFXS remains as straightforward as ever, mirroring the process on the Ethereum mainnet. Although cvxFXS tokens cannot revert back to FXS, exchanges between the two are facilitated through liquidity pools on Curve Finance.
  • Bridging: cvxFXS holders can bridge their tokens via the official Frax bridge interface, with staking available on both Ethereum mainnet and Fraxtal.
  • Rewards: We will split total earnings between mainnet and Fraxtal. At start, it will be heavy on mainnet and will adjust towards Fraxtal over time

$FPIS to $veFXS merger and Sunsetting cvxFPIS

As part of Frax’s journey towards streamlined tokenomics, $FPIS will merge into $FXS, enhancing governance and utility across the board. Here are the key details:

Conversion Ratios: The final conversion ratio has been set at 1 FPIS to 1.33 veFXS for a 4-year lock, decaying to 0.33 veFXS at the lock’s end. Post-lock, the conversion on March 22, 2028, will be 2.5 FPIS to 1 FXS if not relocked.

In support of this merger, Convex will be sunsetting cvxFPIS and will convert its FPIS to veFXS. Convex will support migration of both FPIS and cvxFPIS to cvxFXS at a 3 to 1 ratio.

FXTL Points: Airdrop and Distribution

The snapshot on April 17th has set the stage for the next round of $FXTL points distribution, reflecting our commitment to rewarding our community’s active participation. Now that both March 6th & April 17th FXTL rounds have concluded, Convex will compile FXTL drop of cvxFXS & cvxFPIS holders. More information about FXTL drop will be shared when available.

Stay Connected

For the latest updates and detailed guides on navigating these changes, keep an eye on our Twitter and Discord