Why would anyone lock up their CRV for 4 years? Don’t worry, your class rep is here to explain:
Convex lets users deposit CRV and receive cvxCRV in return. The deposited CRV is permanently locked as veCRV, and this exchange cannot be reversed.
What Convex does is pool scattered CRV and lock it up permanently, so users who don’t want to lock theirs up for 4 years can still indirectly earn boosted returns.
The most expensive thing in this space has never been transaction fees, but the cost of not understanding the rules.
$CRV 0.366 (+2.35%)
#CRV
Convex lets users deposit CRV and receive cvxCRV in return. The deposited CRV is permanently locked as veCRV, and this exchange cannot be reversed.
What Convex does is pool scattered CRV and lock it up permanently, so users who don’t want to lock theirs up for 4 years can still indirectly earn boosted returns.
The most expensive thing in this space has never been transaction fees, but the cost of not understanding the rules.
$CRV 0.366 (+2.35%)
#CRV