March 2023: Convex on Polygon, cvxFXS staking, and more
In November 2022, Convex officially started the journey into side-chains/L2s when it launched on Arbitrum. Today, that footprint expands as Convex launches on Polygon!
How it works:
Just like Convex on Arbitrum, operating on Polygon will look and feel very similar to Convex on Ethereum. The process for providing liquidity and staking on Convex are the same as before; provide liquidity on Curve, stake LP tokens on Convex to get the socialized boost, and claim rewards.
How to get there:
Visit www.convexfinance.com and filter on “Polygon” pools.
Initial pools that are live for Polygon include the following:
cvxFXS Single-Sided Staking
A recent convex proposal to enable single side staking of cvxFXS passed, and this change is now live! In practice, this change means the 10% platform fee has been redirected from the cvxFXS+FXS liquidity pool to single-side staking, as well as veFXS fees.
cvxFXS single-sided staking has taken over the “Convert FXS” section of the Frax page on Convex. You can stake your existing cvxFXS using the “Advanced” toggle switch the same as you would with cvxCRV on the “Convert CRV” section of the Convex staking page.
Additional updates: Arbitrum Pools Migration
On Marth 20th, Convex will be migrating the current Arbitrum pools to new pools, with the aim of aligning the code base with Polygon to prevent confusion for integrators. This update also includes changes to fix some rare edge cases, as well as features like a reward redirect.
cvxCRV/CRV Pool Migration
As mentioned in the last update, a new factory pool has been created for cvxCRV/CRV. Incentives/rewards will be directed to this pool going forward pending a passing gauge vote for the new pool. Users are encouraged to move liquidity to the new pool once that takes place.
FPIS proposal for whitelist
There is a live proposal on the FPIS forums to whitelist Convex contracts so work can begin on the creation of a cvxFPIS. Please review the proposal, and if you are a veFPIS holder, consider supporting the proposal with your vote!