Convex Finance, the all-in-one platform for CRV staking and liquidity mining, announced its December updates on December 22nd. This latest development brings exciting opportunities for FXS holders and participants in the Frax Finance ecosystem.
Key Updates from Convex Finance
FXS Deposits Now Supported:
Convex Finance will enable FXS deposits this week, allowing users to:- Lock their FXS for 4 years
- Receive cvxFXS in return
- Qualify for the upcoming FPI airdrop from Frax Finance
Future Liquidity Mining Opportunities:
After the FPI airdrop distribution:- A cvxFXS/FXS liquidity pool will launch
- Mining reward programs will be introduced
- veFXS rewards will be allocated
👉 Discover how to maximize your DeFi rewards
Important Notes for Participants
While these developments present new earning opportunities, users should note:
- The platform fee structure for cvxFXS remains undetermined
- Reward distribution mechanisms are still being finalized
- All locked FXS will have a 4-year vesting period
FPI Airdrop Eligibility
Holders of cvxFXS will automatically qualify for the Frax Finance FPI airdrop. This integration demonstrates the growing interoperability between leading DeFi protocols.
👉 Learn more about airdrop strategies
FAQ: Convex Finance December Update
Q: How do I participate in the FXS locking program?
A: Simply deposit your FXS tokens through the Convex Finance interface when the feature becomes available this week.
Q: What's the benefit of receiving cvxFXS?
A: cvxFXS maintains your exposure to FXS while making you eligible for the FPI airdrop and future mining rewards.
Q: When will the FP airdrop occur?
A: The exact timeline hasn't been announced, but it will follow Frax Finance's schedule after the cvxFXS implementation.
Q: Can I withdraw my locked FXS before 4 years?
A: No, the 4-year lock period is mandatory for all participants in this program.
Q: Will there be penalties for early withdrawal attempts?
A: The system won't allow early withdrawals, so no penalty structure exists.
Q: How will veFXS rewards be distributed?
A: The exact distribution mechanism will be announced when the liquidity mining program launches.