Introducing Convex Finance, a DEX platform powered by Ethereum. Explore passive income opportunities with CVX tokens, competitive fees, and advanced technology. Experience the possibilities of DeFi with Convex Finance. Let's dive in.
Convex Finance is an avant-garde version of the DEX platform with a well-thought-out reward system and passive income opportunities on the Curve Finance exchange. Powered by Ethereum, the protocol carefully rewards CVX (native token) HODLers and Curve liquidity providers for their activity.
A unique feature of Convex Finance is that CVX token owners are rewarded for staking without locking their assets within the staking program period.
CVX Token Utility
Convex Finance has assembled its own native CVX token, which is the fuel for the entire Convex ecosystem. The minting of the token is carried out in proportion to the pro rata for each CVX token, which Curve Finance announced in tokenomics at the dawn of the project. It is noteworthy that CVX owners accumulate passive income by redistributing the commissions from trading operations on Convex.
According to Coinmarketcap, CVX token key indicators as of June 14, 2023 are as follows:
- Token name: CVX
- CVX price: $3.41
- Technology: ERC-20
- Fully diluted market cap: $340,970,401
- Market Cap: $266M
- Volume (24h): $4M
- Total supply: 98,401,796.69 CVX
- Circulating supply: 78,162,174.46 CVX
Meanwhile, the high activity of Convex plays into the hands of ordinary users who own CVX assets. Augmented activity means more commissions are distributed. For this reason, many netizens who prefer to earn passive income are buying CVX coins, hoping that the CVX token price will gradually grow while the massive platform adoption will lead to even more gains.
Convex Finance Origins
Unsurprisingly, the project's developers considered it necessary to remain anonymous. It is quite a natural case for many high-level crypto platforms and protocols. The platform concept was announced in April 2021. The project was expected to hire top-notch developers committed to creating a straightforward DeFi platform for liquidity providers.
The actual project launch took place in May 2021, with $68 million in TVL already locked in the first month after the start. The project peaked at $21 billion in trading volume in January 2022. Convex Finance claims that the total shared fees for DEX ecosystem members reached $870 million in May 2022.
How Does Convex Finance Work?
Convex Finance is a unique DEX platform that rewards liquidity providers with CVX tokens. Unlike most DEXs you have heard of, Convex Finance does not offer traditional trading assets.
Instead, users dealing with stablecoins enjoy low fees and near-zero slippage. Besides, traders can earn by owning CVX and providing their tokens to the general liquidity fund.
Convex Finance Funding
Convex Finance was deemed a promising project even before its official release. Many significant funds and venture capital investors have become curious about investing in the one-of-a-kind DEX exchange.
As a result, Convex has raised $59.6 million over four investment rounds. The last Series B round took place on October 12, 2021. According to the official line, Convex is funded by nine investors, including Kevin Spain, David Yarnold, 1984 Ventures, GGV Capital, Jeff Richards, Soma Capital, UP2398, Fifth Wall, Dan Wenhold, Scott Berg, Emergence, Kevin Spain, and 1984 Ventures.
Convex Finance Roadmap
The original mission of Convex Finance was to create a safe and highly profitable place where users could earn rewards for staking programs. Subsequently, Convex improved its platform by expanding the capabilities of the utility CVX token. Here are a few critical milestones that will determine the direction of the company's development in 2023:
- Building strategic partnerships
- Improving community engagement
- Enhancing the user experience
- Expanding the range of supported assets
The project's official website reveals that Convex Finance is concentrated on further expansion into international markets, commitment to a customer-centric approach, and excellence in all new products that will be implemented in the coming months and years.
Convex Finance Tokenomics Details
The supply of CVX tokens was allocated as follows:
- 2% Airdrop
- 3.3% Investors
- 9.7% Treasury
- 10% Team
- 25% Liquidity mining
- 50% Curve LP rewards
Please note that Convex has allocated half of all CVX tokens for rewards to encourage initiatives from ecosystem participants. In the meantime, the project team will receive a modest 10% for their invaluable contribution to creating one of the phenomenal DEX platforms of 2023.
