contributor@Llamaxyzgovernance.aave.com
→Aave Treasury Runway Analysis November 2022
Treasury holds strategic $1m position in CVX; excluded from runway modeling to conservatively treat non-stables as liquid stables.
Overview
Convex Finance(CVX)
Token Price$1.33
24h Change-8.3%
All Time HighJan 1, 2022$60.09
All Time LowJun 4, 2026$1.28
Key Metrics
Market Cap$120.5m
Fully Diluted Valuation$133.36m
Circ. Supply90.36m CVX
Max Supply100m CVX
Outstanding FDV$128.74m
Volume 24h$15.15m
CEX Volume$11.8m
DEX Volume$9.75m
Token Liquidity$24.25m
Curve DEX · Ethereum$22.63m
Uniswap V3 · Ethereum$1.11m
SushiSwap · Ethereum$509,566
Treasury$11.8m
Majors$623,282
Stablecoins$1.64m
Own Tokens$9.22m
Others$327,785
Income Statement for Convex Finance
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $1.91M | $5.25M | $9.19M | $17.58M | $15.78M | $15.73M | $14.67M | $9.14M | $20.06M | $24.86M | $23.93M | $27.58M | $40.12M | $48.79M | $43.55M | $77.98M | $181.12M | $402.33M | $499.01M | $183.92M | $64.68M |
| CRV Revenue | $1.72M | $5.17M | $8.94M | $17.11M | $15.31M | $15.55M | $14.34M | $8.84M | $19.38M | $23.46M | $22.12M | $25.47M | $36.13M | $42.48M | $34.86M | $59.95M | $92.58M | $176.01M | $208.88M | $90.47M | $25.89M |
| CVX Revenue | $153.13K | $15.37K | $25.18K | $63.56K | $68.03K | $112.55K | $165.71K | $216.64K | $389.24K | $701.65K | $975.17K | $1.54M | $3.31M | $5.57M | $8.03M | $17.47M | $88.38M | $226.32M | $290.13M | $93.44M | $38.72M |
| FXS Revenue | $13.29K | $14.46K | $29.87K | $71.10K | $50.91K | $0 | $0 | $0 | $164.72K | $565.61K | $725.48K | $484.82K | $551.88K | $672.35K | $654.20K | $565.05K | $155.97K | $0 | $0 | $0 | $0 |
| Others Revenue | $19.87K | $46.08K | $195.31K | $331.02K | $350.15K | $69.64K | $166.98K | $78.46K | $122.17K | $128.95K | $110.61K | $72.97K | $124.44K | $58.74K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Cost of Revenue | $2.66M | $4.85M | $8.40M | $16.12M | $14.43M | $14.64M | $13.57M | $8.48M | $18.92M | $23.40M | $22.47M | $25.92M | $37.72M | $46.15M | $41.52M | $74.62M | $175.97M | $392.18M | $486.85M | $179.21M | $63.81M |
| CRV Revenue | $2.65M | $4.83M | $8.36M | $15.99M | $14.31M | $14.53M | $13.40M | $8.27M | $18.38M | $22.16M | $20.82M | $23.92M | $33.88M | $39.93M | $32.88M | $56.62M | $87.44M | $165.86M | $196.72M | $85.76M | $24.61M |
| CVX Revenue | $4.16K | $15.37K | $25.18K | $63.56K | $68.03K | $112.55K | $165.71K | $216.64K | $389.24K | $701.65K | $975.17K | $1.54M | $3.31M | $5.57M | $8.03M | $17.47M | $88.38M | $226.32M | $290.13M | $93.44M | $38.72M |
| FXS Revenue | $9.72K | $6.78K | $20.68K | $60.83K | $44.23K | $0 | $0 | $0 | $152.05K | $538.96K | $682.82K | $456K | $525.38K | $646.28K | $611.58K | $530.59K | $146.66K | $0 | $0 | $0 | $0 |
Gross Profit | $904.69K | $391.79K | $788.94K | $1.45M | $1.35M | $1.08M | $1.10M | $656.57K | $1.14M | $1.45M | $1.45M | $1.65M | $2.40M | $2.63M | $2.02M | $3.36M | $5.15M | $10.14M | $12.15M | $4.71M | $1.28M |
| CRV Revenue | $314.83K | $338.02K | $584.43K | $1.11M | $1M | $1.01M | $937.19K | $578.11K | $1M | $1.30M | $1.30M | $1.55M | $2.24M | $2.55M | $1.98M | $3.32M | $5.14M | $10.14M | $12.15M | $4.71M | $1.27M |
| FXS Revenue | $3.57K | $7.68K | $9.19K | $10.26K | $6.67K | $0 | $0 | $0 | $12.66K | $26.65K | $42.66K | $28.81K | $26.50K | $26.07K | $42.61K | $34.45K | $9.31K | $0 | $0 | $0 | $0 |
| Others Revenue | $437.31K | $46.08K | $195.31K | $331.02K | $350.15K | $69.64K | $166.98K | $78.46K | $122.17K | $128.95K | $110.61K | $72.97K | $124.44K | $58.74K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| CVX Revenue | $148.96K | ||||||||||||||||||||
Incentives | $438.32K | $752.95K | $446.40K | $1.06M | $931.18K | $1.59M | $1.67M | $4.91M | $2.34M | $4.04M | $4.14M | $5.46M | $6.79M | $17.10M | $18.01M | $32.65M | $132.54M | $270.12M | $334.06M | $99.08M | $31.76M |
| MasterChef LP Farming | $0 | $0.02 | $0 | $13.24 | $0 | $0 | $0 | $0 | $0 | $0 | $117.48 | $0 | $0 | $4.08M | $6.78M | $7.94M | $33.72M | $35.11M | $41.68M | $10.52M | $6.90M |
| Curve LP Reward Mints | $20.30K | $33.22K | $37.34K | $77.20K | $117.18K | $129.66K | $216.71K | $253.28K | $389.36K | $824.20K | $1.05M | $1.60M | $3.13M | $6.09M | $7.66M | $17.80M | $81.06M | $218.41M | $282.08M | $87.71M | $23.95M |
| Treasury Distributions | $418.01K | $719.72K | $409.06K | $988.49K | $814K | $1.46M | $1.45M | $4.66M | $1.95M | $3.22M | $3.08M | $3.86M | $3.66M | $6.92M | $3.56M | $6.89M | $17.75M | $16.59M | $10.29M | $840.75K | $914.25K |
Earnings | $466.36K | -$361.15K | $342.53K | $393.72K | $426.41K | -$507.12K | -$572.53K | -$4.25M | -$1.20M | -$2.58M | -$2.68M | -$3.81M | -$4.39M | -$14.46M | -$15.99M | -$29.29M | -$127.39M | -$259.98M | -$321.91M | -$94.37M | -$30.48M |
Token Holder Net Income | $435.24K | $237.85K | $409.20K | $779.23K | $696.17K | $703.31K | $648.82K | $400.23K | $702.32K | $914.33K | $923.73K | $1.10M | $1.58M | $1.81M | $1.69M | $2.80M | $4.29M | $8.45M | $10.13M | $4.38M | $1.28M |
| CRV Revenue | $284.43K | $234.01K | $404.61K | $774.10K | $692.84K | $703.31K | $648.82K | $400.23K | $696.07K | $901.27K | $902.83K | $1.07M | $1.55M | $1.79M | $1.65M | $2.77M | $4.28M | $8.45M | $10.13M | $4.38M | $1.27M |
| FXS Revenue | $1.84K | $3.84K | $4.59K | $5.13K | $3.33K | $0 | $0 | $0 | $6.25K | $13.06K | $20.90K | $26.18K | $25.86K | $25.44K | $41.59K | $33.63K | $9.09K | $0 | $0 | $0 | $0 |
| CVX Revenue | $148.96K | ||||||||||||||||||||
Others Token Holder Flows | $1.29M | $2.49M | $4.47M | $5.33M | $5.63M | $4.60M | $5.43M | $1.11M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Bribes Revenue | $1.29M | $2.49M | $4.47M | $5.33M | $5.63M | $4.60M | $5.43M | $1.11M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Risk Timeline
Risk-management actions published about CVX by tracked risk managers and governance contributors, newest first.
risk managerGauntletgovernance.aave.com
↓Q4 2022 Aave Risk-Off Measures Recap
Post-FTX collapse, CVX faced deteriorating market liquidity, prompting a temporary freeze to prevent exploitative borrowing and dumps that could amplify volatility.
contributor@monet-supplygovernance.aave.com
↓Reducing Risk from Long Tail Assets
CVX reserves were frozen following the Mango Markets incident because of insufficient liquidity, increasing the potential for bad debt from market manipulations.
contributor@euler_mabforum.euler.finance
→Switch asset price oracles to Chainlink ahead of Ethereum Merge
Switching the price oracle for CVX from Uniswap v3 TWAP to Chainlink mitigates the reduced cost of manipulation attacks post-Merge, where PoS enables block proposers to more easily manipulate spot prices without arbitrage risks.
risk managerLlama Riskllamarisk.com
→Curve Risk Multisig Now Voting on Convex
The multisig will vote on Convex gauge weight rounds, prioritizing pools bribed with CVX, CRV, or FXS to support the flywheel while adhering to risk policies.
contributor@seraphimforum.euler.finance
↑eIP 5 Oracle Report: Strong Ratings for Key Assets
CVX's Uniswap V3 pool demonstrates full-range liquidity coverage, with TWAP manipulation costs exceeding hundreds of millions, justifying a strong oracle security assessment.
contributor@MatthewGrahamgovernance.aave.com
↑Add CVX as Collateral on Aave
CVX is the governance token for Convex Finance, which boosts CRV rewards for Curve liquidity providers without locking veCRV. Listing it enables borrowing for yield staking and generates aCVX revenue to direct incentives toward Aave's Curve pools, capturing first-mover demand similar to CRV's high utilization.
Markets
Token Rights and Value Accrual
Updated Mar 09, 2026Overview
- Token(s)
- CVXvlCVX
- Token Type
- GovernanceUtility
- Utility
- Liquidity Incentives, Staking
CVX is the native platform token for Convex Finance. CVX can be staked to earn a share of Curve and Frax LP's earnings. CVX can be vote-locked and used to vote on how Convex allocates veCRV and veFXS toward gauge weight votes and other proposals. CRV, FXS, and FXN can be deposited to Convex to receive cvxCRV, cvxFXS or cvxFXN and can be staked for additional rewards.
Governance Rights
ControlLocking CVX enables governance participation in Convex, Curve, Frax, and f(x) Protocol. CVX must be locked for a fixed time period (minimum of 16 weks) in order to vote on any proposal. Voting rights can be delegated to another address or entity.
Governance Decisions
vlCVX
Locked CVX holders can vote on Convex DAO proposals and Curve gauge Weights
Treasury Decisions
N/A
Currently the use of treasury funds will be at the discretion of the Convex Team
Revenue Decisions
vlCVX
Locked CVX entitles holders to vote on where token emissions are directed on platforms boosted by Convex every 14 days. Fees can be adjusted between hard-coded ranges
Fee Switch
ONOf the fees generated by CRV, FXS & FXN, a portion of revenue is distributed to stakers of those tokens.
Resources
Multisig Admin Rightshttps://docs.convexfinance.com/convexfinance/faq/multisig-admin-rights
Treasury Dashboardwww.convexfinance.com
Primary Value Accrual
Protocol Revenue ShareValue accrues to locked & staked CVX holders through a share of platform fees
Equity Statement
Fees & rewards flow to stakers and voters
Economic Rights
Value CaptureStaked CVX earns a share of platform revenue, and can be withdrawn at any time. Locked CVX earns a different share of platform revenue, and allows to vote on all governance proposals related to Convex and all of its integrated platforms (Curve, Prisma, Frax, f(x) Protocol)
Buybacks
N/ADividends
cvxCRVcvxFXScvxFXN
Staking earns a portion of fees, boosted earnings and rewards
Burns
N/ANo burn mechanism is currently active
Ownership
- Fundraising
- Unknown
- Equity Revenue Capture
- No
- Associated Entities
- DAODevCo
Token Usage
An is required to view token usage.
Unlocks
An is required to view token unlocks.
Yields
Showing 10 of 25 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-CVX | $4.44m | 9.25% | 2.25% | 7.84% | |||||
| open in new tabWETH-CVX | $3.26m | 13.55% | 2.25% | 11.66% | |||||
| open in new tabFRXETH-CVX | $1.37m | 12.17% | 0.96% | 11.17% | |||||
| open in new tabCVX-CLEVCVX | $322,908 | 16.17% | 0.01% | 16.13% | |||||
| open in new tabCVX-CLEVCVX | $294,258 | 25.77% | 0.01% | 24.73% | |||||
| open in new tabWETH-CVXCurve | $152,713 | 15.82% | 1.22% | 15.10% | |||||
| open in new tabCVX-CRV1% | $88,208 | 34.84% | 34.84% | 26.02% | |||||
| open in new tabCVX-ETHStake DAO - OnlyBoost | $69,749 | 14.27% | 14.27% | 10.33% | |||||
| open in new tabCVX-WETHConvex | $36,156 | 13.32% | 11.57% | ||||||
| open in new tabCVX-CLEVCVXCurve | $27,959 | 33.03% | 0.02% | 33.57% |
Page 1 of 3