Yearn Finance and Convex Finance both optimize DeFi yields, but with fundamentally different approaches. Yearn runs diverse automated strategies across many protocols, while Convex focuses specifically on maximizing Curve Finance yields through veCRV aggregation.
Head-to-Head Comparison
Strategy Focus
Yearn: Broad yield optimization across lending, LP, and complex strategies for many assets.
Convex: Laser-focused on Curve ecosystem. Boosting Curve yields through aggregated veCRV power.
TVL and Market Position
Yearn: $500M+ TVL across 100+ vaults
Convex: $2B+ TVL, controls ~50% of veCRV
Fee Structure
Yearn: 2% management + 20% performance
Convex: 16% of CRV rewards (split with LPs)
When to Choose Each
Yearn: Want automated yield across many assets and protocols
Convex: Want maximized Curve LP yields or CRV staking
Risk Analysis
Both are heavily audited. Yearn's risk is strategy-specific; Convex's risk is concentrated in Curve dependency.
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Risk analysis
Yearn has diverse strategy risks; Convex concentrates risk in Curve ecosystem. Both are well-audited.
Verdict
Use Yearn for broad yield optimization; Convex for maximizing Curve returns specifically.
Find the best opportunities on Yearn and Convex.
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