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TVL $18MAPY 8.00%Medium riskUpdated Feb 1, 2025

Curve.fi Factory USD Metapool: Magic Internet Money 3Pool Convex Deposit

Deposit Curve MIM/3Pool LP tokens into Convex for boosted yields on this Abracadabra stablecoin metapool.

ProtocolConvex
Networkethereum
SymbolCVXMIM-3LP3CRV-F
CategoryYield Vaults
Underlying assets
MIMDAIUSDCUSDTCRVCVX
Contract address0xabb54222c2b77158cc975a2b715a3d703c256f05

What is MIM 3Pool Convex Deposit?

This vault optimizes yields for Curve's MIM (Magic Internet Money) metapool through Convex Finance. The metapool pairs MIM with Curve's 3Pool (DAI, USDC, USDT), providing deep stablecoin liquidity.

How Metapools Work

Curve metapools are a special design:

  1. One asset (MIM) paired with a base pool (3Pool)
  2. LPs get exposure to MIM + DAI + USDC + USDT
  3. More capital efficient than separate pools
  4. Base pool liquidity supports metapool swaps

How This Vault Works

  1. Provide MIM and/or 3Pool LP tokens to the metapool
  2. Stake resulting LP tokens in Convex
  3. Convex applies boosted CRV rewards
  4. Earn trading fees plus CRV and CVX
Yield Sources: Metapool swap fees, boosted CRV emissions, CVX rewards.

Understanding MIM

MIM (Magic Internet Money): Abracadabra's stablecoin minted against interest-bearing collateral. Users deposit yield-generating tokens (like yvTokens) as collateral to borrow MIM.

Key characteristics:

  • Overcollateralized stablecoin
  • Collateral earns yield while backing MIM
  • Managed by Abracadabra protocol
  • Has experienced depegs during market stress

Fee Structure

Standard Convex fees:

  • 16% of CRV rewards
  • No deposit/withdrawal fees

Risk Disclosures

MIM Risk: MIM has experienced significant depegs historically, including during the UST collapse. The protocol relies on complex collateral management. Smart Contract Risk: Exposure to Curve, Convex, Abracadabra, and all collateral protocols used in MIM backing. Cascading Liquidation Risk: If MIM collateral values drop, liquidations can cascade, affecting the peg. 3Pool Dependency: The 3Pool component exposes you to DAI, USDC, and USDT risks. Impermanent Loss: MIM depegging relative to the 3Pool basket causes LP losses. Protocol Reputation: Abracadabra has faced controversies affecting market confidence. Higher Yield, Higher Risk: The elevated APY reflects additional protocol risks.

Related Yield Vaults

USPD/USDC Convex Deposit1.34% APYDOLA/sUSDe Convex Deposit4.65% APYFRAXUSDe Convex Deposit2.50% APYYearn WETH yVault1.82% APYCurve.fi Factory Pool: stETH-ng Convex Deposit1.27% APY
Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

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