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Convex Finance announced changes to its staking rewards. CVX on-chain status was filled with ups and downs. As part of its 2023 reforms, Convex Finance [CVX] announced some changes to the way staking works on its protocol. In its 2 January Medium post, the Convex team noted that there were no notable changes to the […]
However, the DeFi platform disclosed that there will be some updates regarding the wrapper contract for cvxCRV. According to the blog post, the new wrapper contract will enable additional incentives to the cvxCRV staking. Besides, users could also receive rewards in only CRV or only CVX.Besides the rewards, Convex also changed its fee structure. Convex, in the communique, revealed that the fee structure change would enable cvxCRV from circulation.
“At the protocol level, Convex hopes to be able to divert two percent of platform fees to acquire and stake existing cvxCRV toward the new wrapper contract. The cvxCRV acquired and staked this way will add to the wrapper’s overall rewards, while removing cvxCRV from circulation.” Furthermore, Convex Finance noted that it would deploy a factory pool once the staking changes are completely operational. Following the update, the CVX development activity left its stagnant zero zone and spiked to 0.1. This meant that Convex upgrade on its network was reflected in its
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