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Convex is an aggregation platform for Curve that launched in May 2021. Convex allows liquidity providers on Curve to earn boosted CRV rewards without having to vote-lock CRV. Convex vote-locks CRV on behalf of users and distributes boosted CRV rewards to them. Convex passes on trading fees earned on Curve to users as well.
Convex also rewards users with their own ERC-20 governance token, CVX. Convex supports both CRV and CVX staking for additional rewards. Vote-locking CVX is required to participate in Convex governance.
Convex is one of the few protocols whitelisted to participate in Curve governance and controls a huge amount of vote-locked CRV, making them one of the biggest players in Curve governance. A large proportion of liquidity provided on Curve is now done through Convex.
Convex has been audited by MixBytes.
OUSD's Convex strategy collects and sells CRV and CVX tokens. The resulting stablecoins are added to the OUSD vault and distributed as yield.