Why are some people willing to lock up their coins for several years?
Convex lets users deposit CRV and receive cvxCRV in return. The CRV they receive is permanently locked as veCRV, and this exchange cannot be reversed.
Wrapped tokens like cvxCRV cannot be redeemed for CRV at a 1:1 ratio, and their market price is sometimes lower than CRV.
$CRV is Curve's governance token, and the veToken model became popular thanks to Curve.
Has anyone else run into similar pitfalls? Share them so others can avoid taking unnecessary detours.
Convex lets users deposit CRV and receive cvxCRV in return. The CRV they receive is permanently locked as veCRV, and this exchange cannot be reversed.
Wrapped tokens like cvxCRV cannot be redeemed for CRV at a 1:1 ratio, and their market price is sometimes lower than CRV.
$CRV is Curve's governance token, and the veToken model became popular thanks to Curve.
Has anyone else run into similar pitfalls? Share them so others can avoid taking unnecessary detours.