May 17, 2021: Convex Functions 🔢🧮
Convex Airdrop is Live, Plus Froyo Missing Dev Developments
The much anticipated Convex Finance launch is here.
When we last discussed Convex, it was clear the team was driving hard towards an ambitious deadline. Indeed, they are already live!
Convex Finance, supported by Curve, provides a simplified way of interacting with Curve. This could be of interest to anybody who lacks the time, ability, or resources to optimize their Curve portfolio natively.
Of particular interest to anybody with veCRV is their airdrop. 1% of the total CVX supply is being offered to veCRV holders across platforms. Additional bonuses were promised to users who voted in the Curve governance proposal for whitelisting. Nearly 6000 people were approved for some amount of the airdrop, listed on their github.
The airdrop comes as a well-timed act of charity for a crypto community badly need of handouts.
According to Coingecko, the $CVX token is currently trading around $2.50 - $3.50 on Sushiswap, although these often drop off quickly from the onset. This means the top 1% are getting over $6000 worth of airdrop, and a few impoverished users at the bottom end of the $veCRV spectrum are getting dust. Here’s a chart of the distribution of the airdrop on both a linear and log scale.
Instead of selling your $CVX token, you might consider staking it to earn a 4.5% share of the platform’s fees, paid out in $cvxCRV. At least some whales are staking, and the community reaction to this project has been strongly favorable.
Of course, some users may be understandably reluctant after the $FROYO fiasco. It’s worth noting that $FROYO had no official connection with the Curve team, while this project enjoys Curve support.
Additionally, FWIW, the missing $FROYO dev may have reappeared?
It’s tough to say, so DYOR.
Airdrops are always appreciated, even you opt not to claim. It looks like there could even be more to come around the corner? 👀
For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice. Author is a $CRV maximalist, has not yet claimed any $CVX as of yet.