Convex Finance is a return optimization and automation protocol built on Curve Finance. It allows users to receive increased CRV and liquidity mining rewards. CVX is Convex Finance’s native token for staking, charging performance fees and voting for governance.
What is Convex Finance (CVX)?
Convex Finance (CVX) is a creative DeFi protocol built on stablecoin exchange Curve Finance. In essence, Convex rewards Curve liquidity providers and CRV stakers with additional DeFi returns.
Convex Finance offers increased Curve staking. According to the statements made, the simplicity and single-minded focus of Convex’s offerings is what makes the platform successful.
In addition, it is stated that there are two types of investors that Convex targets:
CRV holders: If you have CRV tokens, Convex allows you to stake them for cvxCRV.
Curve liquidity providers: If you have Curve LP tokens, Convex allows you to stake them.
Convex offers users a pretty four-way street for passive income. If you provide liquidity to one of the Convex-backed Curve liquidity pools, you will receive the following revenue streams:
base rate interest
Slice of Curve platform transaction fees
Curve-backed CRV awards
CVX tokens through Convex liquidity mining
According to the statements made, even if you do not provide a large amount of liquidity to Curve, locking and forgetting your tokens in a Curve pool can provide great returns in the long run.
Convex token (CVX), on the other hand, is a utility token used to get a share of Convex platform fees. To earn Convex fees, you can stake your CVX to receive cvxCRV tokens The more platform revenue earned by Convex, the more value is distributed to cvxCRV holders.
CVX Coin Review
It seems that the popularity of staking platforms has increased recently and Curve already appeals to a large user base, increasing the interest in Convex Finance.
According to CoinMarketCap data, Convex Finance coin, which was trading with 42 USD against the dollar at the time of publication, is also trading with 0.0008267 BTC against Bitcoin (BTC). It is worth noting that Convex Finance coin hit the highest level with $49 on December 23, 2021 and the lowest level with $1.8 on July 20, 2021.
In addition, it is among the statements made that the total supply of Convex Finance coins will be 100,000,000 CVX Coins.
How to Buy Convex Finance Coin?
CVX Coin can be purchased quickly and securely via Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
In order to buy CVX Coin, it is necessary to first become a member of Binance and then send fiat money. After sending a fiat currency such as Turkish Lira or dollars, you can buy Bitcoin (BTC), BUSD, Binance Coin (BNB) and Tether (USDT), where CVX Coin is traded, in the CVX trading pair.
In addition, by placing a purchase order at Binance, not only at the market value, but also at a lower value, users can make purchases at the price they want. For this, it will be sufficient to use the Limit tab and enter the amount you want to buy and the price you want to buy.