Convex Finance to Launch New Wrapper Contract for Staked cvxCRV

Convex Finance will launch a new wrapper contract for staked cvxCRV. This new wrapper contract will enable several enhancements to existing cvxCRV staking:

• Ability to directly add additional incentives to cvxCRV staking.
• Adjustable rewards, user can choose to receive only $CRV and $CVX, only 3CRV, or any user-adjustable weighted mix there of.
• ERC-20 transferable staked cvxCRV

In addition, Convex will be posting a proposal soon to change the platform fees, with the goal of utilizing the new functionality of the wrapper. 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 to wrapper’s overall rewards, while removing cvxCRV from circulation.