What is Convex Finance (CVX)?
Convex Finance, abbreviated as CVX, is a notable player in the decentralized finance (DeFi) landscape. Launched in mid-2021, Convex Finance has swiftly garnered attention as a decentralized finance protocol built on the Ethereum blockchain with a primary focus on optimizing yield generation for users who participate in various DeFi platforms. The protocol achieves this by enabling users to maximize the yield from their deposited assets while minimizing risks. To understand its significance, let's delve into what Convex Finance is and why it holds a crucial role in the crypto space.
One of the core functionalities of Convex Finance is its interaction with Curve Finance, a leading stablecoin automated market maker (AMM) on Ethereum. Convex Finance allows users to deposit Curve Finance LP (liquidity provider) tokens into its platform, thereby receiving rewards in the form of vote-escrowed veCRV tokens, which offer governance and yield-boosting capabilities. Learn more
How to Deposit CVX Into Your Coinmetro Account
For all information on how to deposit CVX into your Coinmetro account, please see the following help center article: How to Deposit CVX.
As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk of loss of assets caused by a too-low gas limit.
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts or using a full ETH wallet as an intermediary.
How to Withdraw CVX From Your Coinmetro Account
For all information on how to withdraw CVX from your Coinmetro account, please see the following help center article: How to Withdraw CVX.
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be confirmed via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be canceled and the withdrawal status can be found by selecting the Wallet on your Coinmetro Dashboard. Please note that already-approved withdrawals cannot be canceled. If there is no Cancel button visible, this unfortunately means the withdrawal can no longer be canceled, and you will find a transaction ID (TXID) instead. This is a link to the relevant transaction hash on a Blockchain Explorer website where the status can be checked further.
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