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Convex Finance (CVX) is a decentralized finance (DeFi) protocol aimed at maximizing rewards for Curve liquidity providers. It allows users to earn trading fees and claim Curve's native tokens (CRV) without the need to lock up their CRV tokens.
Convex Finance optimizes yields for Curve Finance liquidity providers and CRV stakers. Liquidity providers on Curve can deposit their Curve LP tokens on Convex to earn trading fees alongside boosted CRV and CVX token rewards.
Users can also stake CRV tokens on Convex to earn trading fees from Curve's share of the platform fees from Convex, alongside CVX token rewards. CRV stakers also receive a liquid staking derivative called cvxCRV tokens, allowing them to profit from staking CRV without the need to lock up CRV tokens.
CVX acts as a governance token, rewarding users for providing liquidity and allowing them to vote on protocol parameters. The protocol operates with minimal performance fees and no withdrawal fees, incentivizing CRV stakers and liquidity providers with CVX rewards.
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