What You Should Know About Convex Finance #Convex #Finance Welcome to TmZ Blog, here is the new story we have for you today:
Decentralized earning is at the center of activities in the entire blockchain, crypto, and decentralized finance (DeFi) ecosystem.
In line with this, Convex Finance introduces an interesting way to earn amazing rewards and claim boosted CRV rewards without having to lock up their CRV tokens. This means that liquidity providers (LPs) now have the opportunity to earn rewards while doing the barest minimum.
This article is an in-depth overview of the Convex Finance ecosystem, its CRV tokens, how to stake CRV tokens, and what LPs stand to gain from interacting with Convex Finance.
Before we move on, let’s find out more about Convex.
What Is Convex Finance?
Convex Finance is a unique platform providing Curve.fi LPs with the opportunity to earn trading fees as rewards. These LPs can also claim boosted CRV rewards without having to lock up CRV tokens. Splitting trading fees between users and LPs allows for improved capital efficiency. It also ensures a balance between liquidity providers (LPs) and CRV token stakers.
Convex is also known for being cost-effective. The platform charges zero fees for withdrawals and also ensures performance fees are at the barest minimum. Performance fees, also known as gas fees, are usually distributed to CVX stakers. Interestingly, on Convex, both LPs and CRV stakers receive CVX as a form of mining reward. CVX is also the native token of the Convex Finance ecosystem. The tokens also serve as governance tokens with their holders in charge of veCRV token allocations.
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