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 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.

Step 2: Navigate here 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.

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.

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 again, click “cvxFXS,” then click “Advanced,” enter the amount you want to stake in the highlighted input box, click “Approve,” then “Stake.”