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Coming Soon: FRAX Finance
Information regarding the upcoming 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 has adopted a similar token-locking model for it's governance token, FXS. Convex Finance can expand to optimize opportunities for liquidity providers on Frax the same way it has done so for Curve.fi LPs.
The soft-launch of the Frax portion of Convex is currently underway.

Phase 1 (this week):

  • FXS deposit and convert to cvxFXS is now available at https://frax.convexfinance.com/.
  • Since Convex will lock any deposited FXS for 4 years, cvxFXS holders will be eligible for Frax Finance’s upcoming FPI airdrop at the maximum possible multiplier.
  • Staking cvxFXS will not be available immediately, nor will staking LP tokens from Frax Finance.

Phase 2 (post FPI airdrop):

  • cvxFXS/FXS pool and incentives.
  • Distribution of veFXS rewards

Phase 3 (still under development):

  • Fully functional staking platform for Frax Finance LPs
  • Platform fee distribution to cvxFXS and vlCVX

Things you should know before depositing/staking FXS on Convex Finance:

  • Similar to the relationship between the CRV token and cvxCRV, FXS tokens converted to cvxFXS on Convex will be locked forever.
  • FXS locked on Convex is locked in perpetuity for the maximum allowable time of 4 years.
  • Conversion is one-way: cvxFXS tokens will not be convertible back to FXS on Convex Finance. There will be a liquidity pools available on Curve to swap between cvxFXS and FXS. Conversion rates can/will fluctuate based on demands for either token.
  • Unlike veFXS, cvxFXS is transferrable.
  • vlCVX holders, via Snapshot voting, will eventually dictate how Convex Finance allocates it’s veFXS during Frax governance votes and gauge votes. In the interim, Convex multi-sig will vote on any proposals in FRAX governance and gauge weights. Current and future functionality of veFXS are discussed in Frax Finance’s documentation here.
  • Full functionality of cvxFXS staking, including platform fee distribution mechanisms, have yet to be finalized.