Convex for Frax Liquidity Providers
Last updated
Last updated
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. 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.
