Convex Finance (CVX Coin) is a decentralized platform that allows you to perform transactions in the Curve decentralized application, see transactions conveniently, and earn more Curve rewards. Convex distributes transaction fees to CVX Token and CRV token holders. It is an innovative DeFi technology built on the Curve Finance stablecoin exchange. Convex compensates Curve liquidity providers and CRV stakeholders with increased DeFi returns at its core.
Convex's aggressive drive to secure as much Curve liquidity as possible has pushed the protocol into a DeFi battle with Yearn Finance. Both initiatives require as many CRV tokens as possible in order to continue raising interest rates for Curve LPs. Curve Finance has grown to become the world's largest decentralized exchange in terms of total value locked (8.76 billion USD). As a result, any DeFi protocol that absorbs that liquidity into its own protocol would be gigantic by default, which is why Yearn and Convex are competing.
Michael Egorov discovered Curve Finance, which is related to Convex Finance. Egorov is not only the founder of Curve Finance, but also of NuCypher and LoanCoin. He is a graduate of the Moscow Institute of Physics and Technology in Russia.
How does it work
Convex Finance coin simplifies transactions on the Curve cryptocurrency market by providing a single interface. It also gives CVX coin incentives to cryptocurrency liquidity providers who use this protocol. Convex Finance was founded by the Curve team in response to the high transaction costs on the Ethereum network. In addition, the team has integrated complicated transactions into a single platform, lowering transaction fees.
By reducing the processes done in tens of tabs in Curve to a few tabs in Convex, a user-friendly interface has been produced. This interface is simple to manage. Convex will be distributed in a total of 100 million copies. The remaining CVX tokens, 30% of which are allotted to the team, will be distributed to practically all platform users. Although this platform, which was restricted to 3 billion dollars in the first two weeks, is still relatively young, it has attracted a large number of users. Users that lock their cryptocurrency on this platform will be eligible for a variety of cryptocurrencies, as well as Curve DAO Token and CVX awards held by Convex Finans.
Total supply and circulation
Out of 93,778,897 coins that are total supply, 66,723,978 coins are in circulation. The maximum supply is set to 100 million coins.
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