.ConvexFinance is making updates to its staking system on the CurveFinance protocol that will allow users to earn more rewards and have more control over what rewards they receive. By shauryamalwa
Holding veCRV allows users to participate in platform governance, earn higher rewards and fees and receive airdrops.
The tokens are time-locked, meaning users are incentivized to lock their CRV for a long time to receive more veCRV and platform rewards. However, this mechanism effectively locks up liquidity, creating opportunity costs for users. To solve this problem, Convex pools all user assets together so that it can purchase curve tokens, convert them into veCRV and maximize rewards for its liquidity providers. This allows Convex users to receive Curve rewards without locking up curve tokens for lengthy periods.
Meanwhile, Convex also proposed fee structure changes that will see 2% of platform fees used to acquire and stake existing cvxCRV toward the new wrapper contract. This will increase the wrapper's overall rewards and remove cvxCRV from circulation – which could increase the value of tokens held by investors.
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