If you're providing liquidity on Curve, you know that maximizing your CRV rewards requires locking CRV for veCRV. This is capital-intensive. Convex Finance for Curve LPs offers a way to get maximum yield without the long-term lockup. This is How to boost Curve rewards the smart way.
Core Concept: Socialized veCRV Boosting
veCRV Boosting Explained: To get the max 2.5x boost on your Curve LP position, you need to lock a significant amount of CRV for four years. Convex solves this by pooling user-staked CRV into one giant veCRV position, which it then uses to apply a max boost to all of its LPs.
Step 1: Stake CRV for cvxCRV
The first step is to convert your CRV into Convex's liquid derivative, cvxCRV. This is a one-way conversion.
Navigate to the Stake CRV on Convex page.
Connect your wallet.
Select the "Convert" tab.
Enter the amount of CRV you wish to convert to cvxCRV and execute the transaction.
Step 2: Staking cvxCRV for Rewards
Now that you have cvxCRV, you can stake it to earn a share of the protocol's revenue.
On the same page, select the "Stake" tab.
Approve the staking contract to use your cvxCRV.
Enter the amount of cvxCRV to stake and confirm.
You are now earning rewards. This cvxCRV Staking Guide shows you are entitled to a portion of the platform fees, paid out in CRV and CVX tokens. You can visit the "Claim" tab for Claiming CRV and CVX rewards.
For a full breakdown of the tokenomics, please refer to the https://sites.google.com/koinly-tax-reports.org/convexfinance/.
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