Convex Finance (CVX) - a cryptocurrency earning on another cryptocurrency

Convex Finance (CVX) is a cryptocurrency that helps provide liquidity to a decentralized automated market maker (AMM). You can make money on it - as well as on the increase in its value. Despite the unusual sentiment in the broad cryptocurrency market, the CVX valuation is steadily growing - in the last 30 days it went up by 62,34%. The project itself also collects positive reviews and more and more money from the market. Is this the beginning or the end of the increases? We check.

We are continuing the cycle of the Forex Club portal in which we analyze and describe the largest, highest-valued, most interesting, most developing, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for CVX - a cryptocurrency on which you can earn thanks to ... other cryptocurrencies.

How Convex Finance works 

Convex Finance is a blockchain platform that makes you can provide liquidity and win financial rewards without blocking CRV tokens. Interestingly, we do not pay a commission for the withdrawal, but only a small percentage depending on the profits achieved.

How it's working? CRV holders earn from transaction fees by sharing their tokens into the liquidity pool. It requires virtually no effort or even decision-making - just block your tokens and you will be paid in CRV and CLC. 

To ensure liquidity, you need to deposit your tokens in the Convex protocol. In recent months, the prize pool has been increasing - along with the growing number of users. The whole thing is fully automated. You do not need to buy Curve tokens, pawn them to win Curve LP tokens, and then count on to qualify for the liquidity pool. Convex has optimized this process, so nothing is done manually - everything is done by previously prepared, tested and implemented smart contracts. Thanks to this, you can also withdraw your funds at any time - both invested and earned. 

How the token works

CVX is a native token of the Convex Finance platform. It is created in proportion to each CRV token that has been deposited on the Convex Finance platform by Curve liquidity providers. Anyone who has it participates in the distribution of prizes for fees on the Convex platform. You can also win with it cvxCRVwhich provides a portion of the Curve LP earnings from CRV as well as a portion of the fees. But for this you have to "bet" it in a special lottery. And count on a stroke of luck that is not needed during traditional blocking of funds. 

The higher the platform's revenues - the more CVX token holders earn. In the near future, they will also have the option of proportional vote on any changes to Convex Finance.

This business model has met with a hurray-optimistic market attitude. Convex Finance raised over PLN 14 billion within 1 days of its launch. USD in blocked funds. In the following month it was already four times as much. According to experts, it is not only a performance optimizer for the Curve protocol, but also an innovative DeFi project with much greater horizons.

Cryptocurrency Quote Convex Finance (CVX)

As of December 30, 2021, CVX tokens are listed on 10 cryptocurrency exchanges from all over the world, including the most popular of them - Binance. So far, 43 121 846 of the planned 79 units are currently in circulation. Each of them is valued at $ 263, which translates into a capitalization of over $ 449 billion. The peak of trading was on December 44,24, 1,9, when each CVX token was paid $ 27.