3 months ago 1 min read

Convex Finance's New Wrapper Contract Will Improve Staking of cvxCRV


Convex Finance reportedly declared that it would soon introduce a new staking cvxCRV Wrapper contract.

Users can select reward currencies (for instance, only take CRV and CVX or only accept 3CRV), and the new contract will permit more incentives for cvxCRV staking while guaranteeing that cvxCRV complies with the ERC-20 standard.

Convex Finance will also shortly release a proposal to modify the platform's fee distribution structure in order to take advantage of Wrapper's new features.

Convex wants to boost the overall Wrapper payout and remove cvxCRV from circulation by repurchasing the current cvxCRV using 2% of the platform fee and pledging it in the new Wrapper contract. The subsequent charge modifications will be recommended:

Rewarding cvxCRV investors

In addition to raising prices to buy and remove cvxCRV from circulation, Convex Finance will also migrate a portion of the current CVX emissions to this wrapper and use such cvxCRV to raise wrapper payouts in order to provide additional incentive to directly stake cvxCRV. Future cvxCRV staking systems might possibly offer more choices.

Liquidity Pool cvxCRV/CRV

For cvxCRV/CRV, Convex will shortly create and release a new Factory pool. Additional features will be made possible by utilizing the most modern Factory pools, notably an internal price oracle. The platform will transfer any incentives for that pool to the new one once it is fully operational.

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