December Update: Protocol Expansion, CVX/ETH Incentive Migration

Frax Finance and cvxFXS

Phase 1 (this week):

  • FXS deposit and convert to cvxFXS is now available at
  • Since Convex will lock any deposited FXS for 4 years, cvxFXS holders will be eligible for Frax Finance’s upcoming FPI airdrop at the maximum possible multiplier.
  • Staking cvxFXS will not be available immediately, nor will staking LP tokens from Frax Finance.

Phase 2 (post FPI airdrop):

  • cvxFXS/FXS pool and incentives.
  • Distribution of veFXS rewards

Phase 3 (still under development):

  • Fully functional staking platform for Frax Finance LPs
  • Platform fee distribution to cvxFXS and vlCVX

Things you should know before depositing/staking FXS on Convex Finance:

  • Similar to the relationship between the CRV token and cvxCRV, FXS tokens converted to cvxFXS on Convex will be locked forever.
  • FXS locked on Convex is locked in perpetuity for the maximum allowable time of 4 years.
  • Conversion is one-way: cvxFXS tokens will not be convertible back to FXS on Convex Finance. There will be a liquidity pools available on Curve to swap between cvxFXS and FXS. Conversion rates can/will fluctuate based on demands for either token.
  • Unlike veFXS, cvxFXS is transferrable.
  • vlCVX holders, via Snapshot voting, will eventually dictate how Convex Finance allocates it’s veFXS during Frax governance votes and gauge votes. In the interim, Convex multi-sig will vote on any proposals in FRAX governance and gauge weights. Current and future functionality of veFXS are discussed in Frax Finance’s documentation here.
  • Full functionality of cvxFXS staking, including platform fee distribution mechanisms, have yet to be finalized.

CVX / ETH Liquidity Provider Incentives

Bug Bounties and Disclosure



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store