Convex FXS

Halal Rating :
Uncomfortable
Contract: 0xfeef77d3f69374f66429c91d732a244f074bdf74
Last Price $1.3 Last updated:
Rank 8187
1D Change -3.16 %
Market Cap -
Circulating supply 0
Maximum supply None

Crypto Overview

Categories
  • Ethereum Ecosystem

Purpose and Utility

CVXFXS is the token that represents staked FXS (Frax Share) tokens in the Convex Finance protocol. FXS is the governance token of the Frax Protocol, and CVXFXS allows holders to participate in governance decisions while earning additional rewards through the Convex platform.

Business Model

The token serves as a wrapper for FXS tokens locked in Convex Finance, allowing users to maximize their yields while maintaining voting power in the Frax ecosystem. Users stake their FXS tokens to receive CVXFXS, which can then be used to earn additional rewards and participate in governance.

Real-World Adoption

CVXFXS has significant adoption within the DeFi ecosystem, particularly among users seeking to optimize their yields from FXS tokens. The token has substantial liquidity and active trading volumes across various decentralized exchanges.

Platform Development

Convex Finance maintains regular development activity and updates. The platform has established itself as a major player in the DeFi ecosystem, particularly in optimizing yields for various tokens including FXS.

Token Distribution

CVXFXS tokens are minted when users stake their FXS tokens in the Convex platform. The distribution is relatively decentralized as it depends on user participation rather than initial allocations to founders or early investors.

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