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# Welcome to Convex Finance
This is your source of info for all things Convex Finance. 
Visit the website: 
[**www.convexfinance.com**](https://docs.convexfinance.com/convexfinance/www.convexfinance.com)
# Convex for Curve.fi
Convex allows Curve.fi liquidity providers to earn trading fees and claim boosted **CRV** without locking **CRV** themselves. Liquidity providers can receive boosted **CRV** and liquidity mining rewards with minimal effort.
If you would like to stake **CRV**, Convex lets users receive trading fees as well **as a share of boosted CRV** received by liquidity providers. This allows for a better balance between liquidity providers and **CRV** stakers as well as better capital efficiency.
**Convex has no withdrawal fees** and minimal performance fees which is used to pay for gas and distributed to **CVX** stakers.
**CRV** stakers and liquidity providers also receive liquidity mining rewards in the form of **CVX**.
{% content-ref url="/pages/-MXfued0Bqwi4uiNCH02" %}
[Convex for Curve Liquidity Providers](/convexfinance/general-information/why-convex/convex-for-liquidity-providers)
{% endcontent-ref %}
{% content-ref url="/pages/-MXfuZoXqAmjd2YIsbp6" %}
[Convex for CRV Stakers](/convexfinance/general-information/why-convex/convex-for-crv-stakers)
{% endcontent-ref %}
# Convex for CRV Stakers
Convex rewards **CRV** stakers with a share of the boosted **CRV** on the Convex platform making it an ideal destination for those who wish to stake **CRV** whilst remaining liquid:
* Earn a share of the Convex platform fees in **CRV**
* Earn curve trading fees & CurveUSD platform fees (**crvUSD**)
* Receive liquid **cvxCRV** allowing anyone to exit their staked CRV position
* Receive **CVX** rewards
* Claim **veCRV** aidrops such as **EPS**\
(airdrop distribution will be done to the best of our abilities. Will require cooperation from the other platforms)
Click below for a guide on becoming a **CRV** staker on Convex:
{% content-ref url="/pages/-MXU\_s7li8fWNMGfQO\_s" %}
[Converting CRV + staking cvxCRV](/convexfinance/guides/depositing/crv)
{% endcontent-ref %}
# Convex for Curve Liquidity Providers
Convex allows liquidity providers to earn trading fees and claim boosted **CRV** without locking **CRV** themselves. Liquidity providers can receive boosted **CRV** and liquidity mining rewards with minimal effort:
* Earn claimable **CRV** with a high boost without locking any **CRV**
* Earn **CVX** rewards
* **Zero** deposit and withdraw fees
* **Zero** fees on extra incentive tokens (SNX, etc)
Click below for a guide on becoming a Convex LP:
{% content-ref url="/pages/-MXU\_pYJLJKjlBZeg2pe" %}
[Staking Curve LP Tokens](/convexfinance/guides/depositing/curve-lp-tokens)
{% endcontent-ref %}
{% hint style="info" %}
Convex is price agnostic and thus does not require oracles. Flash loans or any other type of price manipulation or front running do not affect the Convex system.
{% endhint %}
# Understanding cvxCRV
cvxCRV token, and how it fits in the Convex platform
### cvxCRV is tokenized veCRV
* If a user deposits **CRV** into Convex, that **CRV** is locked forever on the platform as **veCRV**. 
* A tokenized version of **veCRV**, **cvxCRV**, is returned to the user at a 1:1 rate. 
*  **cvxCRV conversion is 1-way.** Liquidity pools may exist that allow users to swap **cvxCRV** for **CRV** tokens.
### cvxCRV Staking
* **cvxCRV** can be staked into the platform to receive normal Curve admin fees one would get for staking their **veCRV** on Curve.fi, as **crvUSD**. 
* Additionally, users staking **cvxCRV** may receive **CRV** from Convex's performance fee, as well as the platform native token **CVX**.
* **cvxCRV** stakers can elect to receive rewards as 100% **crvUSD**, 100% **CRV/CVX**, or any ratio in-between in the "Rewards preferences" tab.
# Voting and Gauge Weights
The Curve system allows **veCRV** holders to vote how **CRV** inflation is distributed by assigning weights to each pool's "gauge".
As a holder of **veCRV**, Convex Finance can participate in these voting procedures, and these voting rights are passed to vote locked **CVX** holders.
## **Voting Rules and Information:**
* Voting will be done via [Snapshot](https://snapshot.org/#/cvx.eth).
* Governance proposals are weighted respectively by their **vlCVX** vote outcome. Thus if 60% of **vlCVX** votes for YES and 40% for NO, Convex will submit an on chain vote for 60% YES and 40% NO.
* Gauge weight votes will be **bi-weekly,** starting Thursdays at 00:00 UTC and ending on Tuesdays 00:00 UTC. 
* Other Curve.fi governance votes will be addressed as they arise.
* Curve ownership governance votes will have a quorum of **15%**; Curve parameter governance votes will have a quorum of **15%**; gauge weight votes will not have a quorum.
* Individual **CVX** holders may spread their votes among multiple pools in gauge weight votes.
* Each gauge must receive at least **0.05%** of the votes before weight is assigned.
{% hint style="warning" %}
Convex Finance multi-sig is still required to sign to establish outcomes of all CVX Snapshot votes, for both governance and Curve gauge weight votes. In almost all cases, we will vote in-line with CVX holders. However, Convex and Curve benefit each other, and proposals considered to be blatant attacks damaging either protocol will not be signed for.
{% endhint %}
# Convex for Frax Finance
Information regarding the FRAX Finance portion of Convex
Convex Finance originally started out with the goal of optimizing and expanding opportunities for users of Curve.fi. Going forward, expansion into other protocols will allow further growth and opportunities for the protocol and **CVX** holders. 
[Frax Finance](https://frax.finance/) has adopted a similar token-locking model for it's governance token, **FXS**. Convex Finance has expanded to optimize opportunities for liquidity providers on Frax the same way it has done so for Curve.fi LPs.
Convex used to support Frax Finance's **FPIS** token, the governance token for the **FPI** stablecoin launched by Frax. Frax [documentation](https://docs.frax.finance/frax-price-index/overview-cpi-peg-and-mechanics) explains the mechanisms behind the **FPI** stablecoin and the **FPIS** governance token in more detail. However, Frax has voted to merge **FXS** with **FPIS** governance tokens, and Convex has since sunsetted **cvxFPIS** and will be converting its **FPIS** to **veFXS**. **Convex Finance will support the migration of both FPIS and cvxFPIS to cvxFXS at a 3 to 1 ratio**. See more details about this in the [FPIS to FXS Migration section](/convexfinance/general-information/convex-for-frax-finance/fpis-to-fxs-migration).
# Understanding cvxFXS
### cvxFXS is tokenized veFXS
* If a user deposits **FXS** into Convex, that **FXS** is locked forever on the platform as **veFXS**. 
* A tokenized version of **veFXS**, **cvxFXS**, is returned to the user at a 1:1 rate. 
* **cvxFXS conversion is 1-way.** Liquidity pools may exist that allow users to swap **cvxFXS** for **FXS** tokens.
### cvxFXS Staking
* **cvxFXS** can be staked on Convex to receive fees one would get for staking their **veFXS** on Frax, as **FXS**. 
* Additionally, users staking **cvxFXS** may receive **FXS** from Convex staking fees as well as the platform native token **CVX**.
# Understanding cvxFPIS
  <img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FryiO7cEdYaJF0tWQrHcb%2Fimage.png?alt=media&token=684b77ec-4955-423a-814b-ac7d62db5d2e" alt="" data-size="original">**cvxFPIS -** Convex-locked FPIS
### cvxFPIS is tokenized veFPIS
* If a user deposits **FPIS** into Convex, that **FPIS** is locked forever on the platform as **veFPIS**. 
* A tokenized version of **veFPIS**, **cvxFPIS**, is returned to the user at a 1:1 rate. 
* **cvxFPIS conversion is 1-way.** Liquidity pools may exist that allow users to swap **cvxFPIS** for **FPIS** tokens.
### cvxFPIS Staking
* **cvxFPIS** can be staked on Convex to receive fees one would get for staking their **veFPIS** on Frax, as **FPIS**. 
* Additionally, users staking **cvxFPIS** may receive the platform native token **CVX**.
Frax has voted to merge FXS with FPIS governance tokens, and Convex has since sunsetted cvxFPIS and will be converting its FPIS to veFXS. **Convex Finance will support the migration of both FPIS and cvxFPIS to cvxFXS at a 3 to 1 ratio**. See more details about this in the [FPIS to FXS Migration section](/convexfinance/general-information/convex-for-frax-finance/fpis-to-fxs-migration).
# FPIS to FXS Migration
Convex used to support Frax Finance's **FPIS** token, the governance token for the **FPI** stablecoin launched by Frax. Frax [documentation](https://docs.frax.finance/frax-price-index/overview-cpi-peg-and-mechanics) explains the mechanisms behind the **FPI** stablecoin and the **FPIS** governance token in more detail. However, Frax has voted to merge **FXS** with **FPIS** governance tokens, and Convex has since sunsetted **cvxFPIS** and will be converting its **FPIS** to **veFXS**. **Convex Finance will support the migration of both FPIS and cvxFPIS to cvxFXS at a 3 to 1 ratio**. If you still hold **FPIS**, here is a step by step guide on how to complete the conversion.
**Step 1:** Bridge a small amount of ETH or frxETH to Fraxtal so you have the gas necessary for the relevant transactions, if you don’t already have some there to begin with. Then bridge over your **FPIS** or **cvxFPIS** tokens using this [link](https://mainnet.frax.com/tools/bridge/deposit).
<figure><img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FqBOtHfH63vu69OeZM5Gy%2FGOWOdxtXAAAurYt.jpg?alt=media&token=2e800049-8271-4daf-a5b0-897405b52f4a" alt=""><figcaption></figcaption></figure>
**Step 2:** Navigate [here](https://frax.convexfinance.com/stake) and click “**FPIS migration**” as seen in the image below. Then connect your wallet and be sure to switch to the "**Fraxtal**" network by clicking on the “**Change Network**” button on the same page.
<figure><img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2F3GawJbtIhVawcLqF36fO%2FGOWOnIyXMAANIMb.jpg?alt=media&token=621c1d1b-a4ad-40e3-b2ee-81ae56d450c1" alt=""><figcaption></figcaption></figure>
**Step 3:** Once the network is switched to Fraxtal, enter the amount of **FPIS** or **cvxFPIS** in the input box, then click “**Approve**” and then “**Migrate**” using the buttons on this page as seen below.
<figure><img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FthZa6RniQfXKeJRFPlkt%2FGOWOubBXMAAeAXU.jpg?alt=media&token=a6059649-9895-4786-8c20-e3d92cf8db4a" alt=""><figcaption></figcaption></figure>
**Step 4:** Token conversion should be completed, and you should now have 1 **cvxFXS** for every 3 **cvxFPIS** tokens you submitted, or 1 **cvxFXS** for every 3 **FPIS** tokens. After migrating, you can now stake your **cvxFXS** on Fraxtal to earn Frax yield.
To stake your **cvxFXS** on Fraxtal, navigate to this [page](https://frax.convexfinance.com/stake) again, click “**cvxFXS,**” then click “**Advanced**,” enter the amount you want to stake in the highlighted input box, click “**Approve**,” then “**Stake**.”
<figure><img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FyBaeG7ufAqJKISmVw5Ef%2FGOWPUBJWgAAF1oj.jpg?alt=media&token=252d68e6-8b96-454d-a325-8a973831cfaf" alt=""><figcaption></figcaption></figure>
# Convex for Frax Liquidity Providers
Similar to the way Convex works for Curve.fi, Frax LPs can enjoy socialized (and simplified) boosting mechanics for their LP positions when staked on Convex Finance. However, Frax Finance allows LPs from various venues to participate. LPs originating from Uniswap, Sushiswap, AAVE, or any multitude of other platforms have the potential to be hosted on Frax, and, by extension, Convex.
LPs who want to start staking on Convex need to do the following:
* Obtain LP tokens from the original source; For LPs currently staked on Frax, this means unstaking/withdrawing from Frax.
* Deposit + Stake your LP tokens on [frax.convexfinance.com/stake](http://frax.convexfinance.com/stake). The process will be 3 transactions: Create Vault, Approve, Deposit+Stake. 
* ***Note***: LPs on Frax may receive additional boosted **FXS** earnings by locking their LP tokens for durations of time. LPs must lock for a **minimum of 1 day** for no additional time-boost; most pools allow the user to lock for up to **3 years** to receive the maximum time boost. After time-locks expire, users can remain in the pool and continue to receive socialized boosting from Convex **veFXS** without re-locking for additional time.
###  <a href="#fd4f" id="fd4f"></a>
# Voting and Gauge Weights
**vlCVX** holders will collect 5% of all **FXS** emissions from pools staked on Convex, paid out as **FXS**.
Frax governance proposals (**veFXS**) are available for **vlCVX** holders to vote on. Voting will take place on [Snapshot](https://vote.convexfinance.com/#/). Governance proposals are weighted respectively by their **vlCVX** vote outcome. Thus if 60% of **vlCVX** votes for YES and 40% for NO, Convex will submit a vote for 60% YES and 40% NO.
For gauge-weight votes, Convex may allocate up to 20% the protocol’s **veFXS** for strategic reasons such as optimizing liquidity or **FXS** rewards for **vlCVX** holders and LPs.
The remaining **veFXS** weight will be distributed proportionally according to the bi-weekly **vlCVX** gauge votes on pools that are on both Curve and Frax eg. Frax metapools.
# Convex for FX Protocol
Information regarding the FX Protocol portion of Convex
Convex Finance initially embarked on a mission to enhance and broaden opportunities for users of Curve.fi. Looking ahead, the expansion into additional protocols will open up new horizons for both the protocol itself and CVX holders, further fueling growth and possibilities. See previous example executions for Curve and Frax below. 
FX Protocol has implemented a comparable token-locking model for its governance token, FXN. Convex Finance has extended its optimization efforts to benefit liquidity providers on FX Protocol, similar to its approach with Curve.fi LPs.
In this section, we will delve into these fresh prospects and how you can leverage them within Convex Finance.
<br>
# Understanding cvxFXN
Information regarding the cvxFXN and how to use it in Convex Finance
#### cvxFXN is tokenized veFXN
* If a user deposits **FXN** into Convex, that **FXN** is locked forever on the platform as **veFXN**.
* A tokenized version of **veFXN**, **cvxFXN**, is returned to the user at a 1:1 rate.
* **cvxFXN** conversion is unidirectional. Liquidity pools may exist that allow users to swap **cvxFXN** for **FXN** tokens.
#### cvxFXN Staking
* **cvxFXN** can be staked on Convex to receive the fees one would get for locking their **veFXN** on Protocol FX.
# Voting and Governance
FX Protocol governance proposals through veFXN are available for **vlCVX** holders to vote on. Voting will take place on [Snapshot](https://vote.convexfinance.com/#/). Governance proposals are weighted respectively by their vlCVX vote outcome. Thus if 60% of vlCVX votes for YES and 40% for NO, Convex will submit a vote for 60% YES and 40% NO.
For gauge-weight votes, Convex may allocate up to 20% the protocol’s **veFXN** for strategic reasons such as optimizing liquidity or **FXN** rewards for **vlCVX** holders.
Only up to 20% of Convex allocation may be used on a FXN wrapped asset such as cvxFxn. Any amount over this will be distributed proportionally to other pools.
The remaining **veFXN** weight will be distributed proportionally according to the bi-weekly **vlCVX** votes.
# Tokenomics
## cvxCRV (Tokenized veCRV) <a href="#ede8" id="ede8"></a>
* Tokenized deposits, minted 1:1 for each **CRV** locked in the platform.
* Stake to receive platform fees(**CRV**), **CVX**, and **veCRV** rewards(**crvUSD**).
## cvxFXS (Tokenized veFXS)
* Tokenized deposits, minted 1:1 for each **FXS** locked in the platform.
* Stake to receive platform fees (**FXS**). 
## cvxFPIS (Tokenized veFPIS) - (Sunsetted)
* Tokenized deposits, minted 1:1 for each **FPIS** locked in the platform.
## cvxFXN (Tokenized veFXN)
* Tokenized deposits, minted 1:1 for each **FXN** locked in the platform.
* Stake to receive platform fees (**wstETH**, **FXN**). 
## cvxPrisma (Tokenized vePrisma)
* Tokenized deposits, minted 1:1 for each **Prisma** locked in the platform.
* Stake to receive platform fees (**mkUSD**, **Prisma**). 
## Convex Token (CVX) <a href="#fb3b" id="fb3b"></a>
* Stake to receive a share of platform fees as **cvxCRV**.
* **CVX** is used for voting on proposals, such as gauge weights or protocol changes.
* **CVX** is minted pro-rata for each **CRV** token claimed by Curve LP's on Convex. 
* **CVX** / **CRV** mint ratio reduces every 100k **CVX**
* **CVX** Mint formula/code [here](https://docs.convexfinance.com/convexfinanceintegration/cvx-minting)
### Distribution <a href="#id-3f68" id="id-3f68"></a>
* Max Supply: 100 million
* 50% Curve LP rewards\
*Rewarded pro-rata for CRV received on Convex*
* 25% Liquidity mining\
*Distributed over 4 years. (Incentive programs, currently CVX/ETH and cvxCRV/CRV)*
* 9.7% Treasury\
*Vested over 1 year. Used for future incentives or other community driven activities*
* 1% veCRV holders\
*Instantly claimable airdrop*
* 1% veCRV holders who vote to whitelist Convex\
*Instantly claimable airdrop*
* 3.3% Investors\
*Vested over 1 year. 100% of investment funds used to pre-seed boost and locked forever(no cvxCRV minted).*
* 10% Convex Team\
*Vested over 1 year*
# Understanding CVX
CVX token, and how it fits in the Convex platform
### **CVX** is the native platform token for Convex Finance. 
* **CVX** can be staked on Convex Finance to earn a share of Curve and Frax LP's **CRV and FXS** earnings.
* Platform fees (**CRV, FXS)** that would be returned to **CVX** stakers are first locked as **veCRV and veFXS,** respectively, and tokenized as **cvxCRV** and **cvxFXS** before being given to **CVX** stakers.
* Vote-locked **CVX** tokens receive additional fees from Frax Finance LPs.
### Vote Locking CVX
* V프로젝트로 돌아가기
