Convex Finance Will Improve Staking cvxCRV With New Wrapper Contract

Key Points:

• Convex Finance announced that it would soon launch a new staking cvxCRV Wrapper contract, which will allow additional incentives for cvxCRV staking, and users can choose reward currencies.
• Convex will also soon provide a proposal to modify the platform’s charge distribution structure in order to take advantage of Wrapper’s new features.
• Convex wants to boost the overall Wrapper payout and remove cvxCRV from circulation by repurchasing the current cvxCRV using 2% of the platform fee and pledging it in the new Wrapper contract.

According to official news, Convex Finance announced that it would soon launch a new staking cvxCRV Wrapper contract.

The new contract will allow additional incentives for cvxCRV staking, and users can choose reward currencies (for example, only accept CRV and CVX or only accept 3CRV), pledging that cvxCRV conforms to the ERC-20 standard.

Additionally, Convex Finance will soon publish a proposal to adjust the structure of the platform’s fee distribution to take advantage of Wrapper’s new features.

Convex hopes to use 2% of the platform fee to repurchase the existing cvxCRV and pledge it in the new Wrapper contract, aiming to increase the overall Wrapper reward in this way and remove cvxCRV from circulation. The following charge adjustments will be suggested:

Incentivizing cvxCRV stakers

Convex Finance will also migrate part of the current CVX emissions to this wrapper in addition to the price increases to purchase and remove cvxCRV from circulation and using such cvxCRV to increase wrapper payouts in order to give further incentive to directly stake cvxCRV. Future cvxCRV staking mechanisms may also include additional options.

cvxCRV/CRV Liquidity Pool

Convex will soon develop and roll out a new Factory pool for cvxCRV/CRV. Utilizing the most recent Factory pools, specifically, an internal price oracle, will enable extra capabilities. Any incentives for that pool will be transferred by the platform to the new one once it has been completely opened.

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