Buy Convex Finance (CVX)
What is Convex Finance?
Convex Finance is a decentralised finance (DeFi) protocol built to enhance rewards for holders of staked Curve Finance tokens (CRV). It simplifies staking on Curve by providing a single interface for Curve liquidity providers to earn extra interest incentives and Curve trading fees. Convex Finance operates on the Ethereum blockchain and is primarily focused on optimising returns for users of the Curve Finance ecosystem.
How does Convex Finance work?
Convex Finance leverages Curve Finance's infrastructure to maximise rewards for liquidity providers and CRV stakers. By pooling the staking power of users, Convex is able to distribute larger rewards efficiently. It functions on the Ethereum blockchain, using smart contracts to manage staking processes, distribute rewards, and convert CRV to cvxCRV. This protocol allows users to earn additional CRV incentives without locking up their CRV tokens and provides a platform for voting on Curve governance via cvxCRV tokens.
What are the potential use cases for Convex Finance?
Convex Finance can be used for several purposes in the DeFi space:
- Staking and Liquidity Provision: Users can stake CRV tokens to receive cvxCRV tokens, offering better capital efficiency and flexibility.
- Boosted CRV Rewards: Liquidity providers can earn boosted CRV and Curve trading fees via automated Curve gauge staking.
- Governance Participation: cvxCRV tokens allow users to participate in governance decisions within the Curve platform.
Additionally, with integrations such as its partnership with Frax Finance, Convex enhances its use cases by offering more robust economic and governance features.
What is the history of Convex Finance?
Founded by an anonymous team, Convex Finance was introduced in April 2021 and launched in May 2021. The protocol quickly gained traction, expanding its total value locked (TVL) to $68 million within its first month and peaking at $21 billion in January 2022. Convex Finance has distributed significant fees and rewards and launched a decentralised autonomous organisation (DAO) to allow CVX holders to govern the protocol. Notably, it integrated with the Frax Ecosystem to strengthen its market position and governance structure, continuously evolving to expand its capabilities within the DeFi space.
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Frequently Asked Questions (FAQs)
What is the current price of Convex Finance (CVX)?
The Convex Finance price is $6.3815 AUD, representing a -10.55% from the day prior.
Where is the best place to buy Convex Finance (CVX) in Australia?
The best place to buy Convex Finance (CVX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Convex Finance (CVX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Convex Finance (CVX)?
The trading volume of Convex Finance (CVX) is $52.2M AUD in the last 24hrs, representing a -10.55% from the day prior.
How can I buy Convex Finance (CVX)?
Convex Finance (CVX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Convex Finance (CVX)?
The current market cap of Convex Finance (CVX) is $519.2M AUD.
Can I convert Convex Finance (CVX) to cash?
Yes - With Coinstash you can convert your Convex Finance (CVX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Convex Finance (CVX) are there?
The current circulating supply of Convex Finance (CVX) is 82.0M.
Is Coinstash a safe place to buy Convex Finance (CVX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Convex Finance (CVX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.