Convex (CVX) Updates its Staking Process – Why DeFi Users Should Take Notice
Convex Finance announces an update to its staking mechanism and rewards distribution amidst competition from other yield aggregator protocols like Yearn and Stake DAO. The update impacts CVX holders, cvxCRV holders, and liquidity providers on Curve. Happy 2023 ! The first update of the year is here; updated dynamics for $cvxCRV staking are coming soon. More inside!https://t.co/tXey1HicjX As per the announcement, the following changes are being implemented: Source: Convex Finance This update from the team comes in response to Convex losing its market share to Yearn Finance and Stake DAO over the past several months. Furthermore, the ownership of Convex’s veCRV has also been dropping as the protocol struggles to hold its price. The Convex team hopes that the new update to its staking process will help the protocol regain its majority ownership of CRV tokens. The impact of who owns a majority share of CRV tokens will determine the future of a major DEX in the ecosystem. Currently, the fight is seemingly between Convex, Yearn and Stake DAO. Curve is one of the most important DeFi protocols in crypto. Whoever owns its CRV tokens can vote to direct future CRV emissions to a pool of their choice. Protocols like Convex have created their economic model based on directing these emissions, so they get to influence the liquidity and incentives for pools on Curve. Other DeFi news:
What’s Changed for Convex (CVX) Users?
On the Flipside
Why You Should Care
Read more: https://dailycoin.com/convex-cvx-updates-staking-process/
Text source: DailyCoin.com
