CVX Description
Overview
Convex Finance (token contract name: "Convex Token") (CVX) is a decentralized finance protocol on Ethereum (ERC-20) that boosts staking rewards for Curve Finance liquidity providers and CRV holders. It lets users earn boosted yields and trading fees without individually locking their own CRV as veCRV.
Users deposit Curve LP tokens or CRV into Convex, which pools deposits, locks CRV to maximize boosted yield, and redistributes rewards to depositors. Convex launched on Ethereum mainnet in May 2021, with contract address 0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b.
Value Proposition
Convex Finance aggregates individual users' CRV into a single, pooled veCRV position, letting depositors access maximum Curve boost without individually locking CRV themselves.
By controlling roughly 47-50% of circulating veCRV, Convex became the dominant force in Curve gauge-weight voting, a dynamic known as the "Curve Wars" evolving into "Convex Wars," where other protocols bribe vlCVX holders directly. Protocol fees grew 13% as of 2026-08-26, ranking in the 95th percentile for revenue growth among similarly sized tokens.
Token Basics
CVX is both a governance and utility token: holders lock it to receive vlCVX (vote-locked CVX), which grants voting power rather than serving as a direct payment method.
- vlCVX grants voting power over Convex DAO proposals and over gauge-weight allocations across Curve, Prisma, Frax, and f(x) Protocol
- CVX can also be staked, such as cvxCRV, for a share of protocol fees
Tokenomics
CVX has a maximum and total supply of 100 million tokens, with a circulating supply of approximately 93.2 million as of 2026-08-31.
- Max/total supply: 100,000,000 CVX
- Circulating supply: ~93.2 million CVX
- Token supply inflation: LOW, approximately -0.02%, indicating an effectively flat to mildly deflationary net emission with no material ongoing inflation
Launch & Funding
Convex Finance launched on Ethereum mainnet in May 2021 using a fair-launch model with no ICO and no pre-mine.
CVX was distributed via airdrop to veCRV holders and to addresses that had whitelisted the Convex contract. Development began around April 2021 by an anonymous team, shortly before on-chain deployment.
Blockchain & Consensus
CVX is deployed as an ERC-20 token on Ethereum, which uses a proof-of-stake consensus mechanism.
Convex Finance does not operate its own blockchain or validator set; the protocol runs entirely as smart contracts on Ethereum mainnet.
Team
Convex Finance was built by an anonymous, pseudonymous team; its founder is publicly known only by the pseudonym "C2tp."
This identity is corroborated by an on-chain ENS name, c2tp.eth, associated with the project.
Issuing Organization
Convex Finance has no traditional issuing company; it is an open-source, non-custodial DeFi protocol governed by its CVX and vlCVX token holders.
Its codebase is maintained on GitHub under convex-eth/platform. Official channels include convexfinance.com, Discord, Telegram, X (@ConvexFinance), and Medium.
Governance
Convex Finance is governed on-chain by vlCVX (vote-locked CVX) holders, who vote on DAO proposals and direct gauge-weight allocations in Curve and partner protocols.
- DAO proposals: binary yes/no with weighted allocation
- Gauge-weight votes: require distributing 100% of voting power across eligible gauges
- DAO and gauge voting can be delegated independently
- As of 2026-07-30, governance moved fully on-chain via a dedicated voting platform, replacing prior off-chain Snapshot-based coordination
Roadmap
On 2026-07-30, Convex Finance moved its governance fully on-chain through a new dedicated voting platform at convexfinance.com/vote, replacing off-chain Snapshot coordination for both DAO proposals and gauge-weight votes.
An ongoing "Creator Collective" program distributes monthly CVX rewards to top content creators as a community-growth initiative.
Security
Convex Finance's core contracts have undergone multiple third-party audits: MixBytes (April 2021), PeckShield (April 2022, September 2022, and November 2022), and Nomoi (January 2023, two reports).
- ChainSecurity audited a third-party Curve/Convex integration (Silo Finance, April 2023)
- CertiK's Skynet tracker lists a score of 86.96 (AA rating)
- The contract is verified, with a security score of 75/100
- Holder concentration is high: the top 10 holders control 71% of supply, a structural concentration risk
Frequently Asked Questions
What is Convex Finance (CVX)?
Convex Finance (token contract name "Convex Token") (CVX) is a DeFi protocol on Ethereum (ERC-20) that lets Curve Finance liquidity providers and CRV holders earn boosted staking rewards without locking their own CRV. It pools user deposits, locks CRV as veCRV, and redistributes the resulting boosted yields and fees to depositors. It launched in May 2021.
Is CVX a governance token?
Yes. CVX holders lock tokens to receive vlCVX (vote-locked CVX), which grants voting power over Convex DAO proposals and over how Convex directs its pooled veCRV to vote on Curve, Prisma, Frax, and f(x) Protocol gauge weights. CVX can also be staked, such as cvxCRV, for a share of protocol fees.
How many CVX tokens are there?
CVX has a maximum and total supply of 100 million tokens, with a circulating supply of approximately 93.2 million as of 2026-08-31. Net token supply inflation is rated low, at roughly -0.02%, meaning emission is effectively flat rather than materially inflationary.
How did Convex Finance launch?
Convex Finance launched on Ethereum mainnet in May 2021 through a fair-launch model with no ICO and no pre-mine. CVX was distributed via airdrop to veCRV holders and to addresses that had whitelisted the Convex contract, following development that began around April 2021 by an anonymous team.
Who founded Convex Finance?
Convex Finance was created by an anonymous, pseudonymous team that began development around April 2021. Its founder is publicly known only by the pseudonym "C2tp," an identity corroborated by an on-chain ENS name, c2tp.eth, associated with the project. This anonymity is consistent with a broader pattern among Curve-ecosystem protocols of that era.
Has Convex Finance been audited?
Yes. Convex's core contracts have been audited by MixBytes (2021), PeckShield (three audits in 2022), and Nomoi (two audits in 2023), with all reports published on GitHub. CertiK's Skynet tracker separately lists a score of 86.96 (AA rating), and the contract's security score is rated 75/100.
How is Convex Finance governed?
Convex is governed on-chain by vlCVX holders, who vote on binary DAO proposals and on gauge-weight allocations across Curve and partner protocols each weekly epoch. As of 2026-07-30, this voting moved fully on-chain via a dedicated platform, replacing prior off-chain Snapshot-based coordination for full transparency.
What blockchain is CVX on?
CVX is an ERC-20 token issued on Ethereum, which uses proof-of-stake consensus. Convex Finance does not operate its own blockchain or validator set; its protocol runs entirely as smart contracts on Ethereum mainnet, with contract address 0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b. The contract was created in May 2021.
