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TVL $8MAPY 2.95%medium riskUpdated Feb 1, 2025

sUSD/3CRV Convex Deposit

Deposit Curve sUSD/3CRV LP tokens into Convex for boosted yields on this Synthetix stablecoin metapool.

ProtocolConvex
Networkethereum
SymbolCVXSUSD3CRV
CategoryYield Vaults
Underlying Assets
sUSDDAIUSDCUSDTCRVCVX
Contract Address0xd3e4f5a6b7c8d9e0f1a2b3c4d5e6f7a8b9c0d1e2

What is sUSD/3CRV Convex Deposit?

This vault optimizes yields for the Curve sUSD/3CRV metapool through Convex Finance. sUSD is Synthetix's synthetic USD stablecoin, backed by SNX collateral and integrated with the Synthetix derivatives ecosystem.

Understanding sUSD and Synthetix

Synthetix is a pioneering DeFi derivatives protocol:

  1. Synthetic Assets: sUSD is part of a family of synthetic assets (stocks, commodities, crypto)
  2. SNX Collateral: sUSD is minted against staked SNX tokens
  3. Protocol Integration: sUSD enables synthetic asset trading with no slippage
  4. Debt Pool: All Synthetix stakers share a global debt pool

sUSD is one of the oldest DeFi-native stablecoins, operating since 2019.

How sUSD Maintains Peg

The sUSD mechanism:

  • Minted by SNX stakers at 400%+ collateralization
  • Burned to reduce debt position
  • Arbitrage with synthetic assets
  • Protocol fee buybacks

sUSD has maintained reasonable peg stability, though with more volatility than centralized stablecoins.

How This Vault Works

  1. Provide sUSD and/or 3CRV to the metapool
  2. Stake LP tokens in Convex vault
  3. Convex applies veCRV boost for enhanced CRV
  4. Earn from trading fees + CRV + CVX
Yield Sources: Curve swap fees, boosted CRV emissions, CVX token incentives.

Fee Structure

Convex standard fees:

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

Synthetix V3 Evolution

Synthetix is transitioning to V3:

  • Multi-collateral system beyond SNX
  • Improved capital efficiency
  • Cross-chain deployment
  • sUSD mechanics may evolve

This transition could affect sUSD dynamics over time.

cvxCRV and vlCVX Mechanics

The Convex ecosystem driving this vault:

  • Aggregated veCRV provides boost
  • cvxCRV stakers earn protocol fees
  • vlCVX holders direct gauge votes
  • Bribes incentivize specific pools

Risk Disclosures

Smart Contract Risk: Exposure to Curve, Convex, Synthetix, and 3pool contracts. Synthetix is complex multi-contract system. sUSD Peg Risk: sUSD has experienced more peg volatility than centralized stablecoins. Extreme SNX price moves affect minting/burning incentives. SNX Dependency: sUSD value ultimately depends on SNX collateral value. SNX crashes could affect sUSD confidence. Protocol Transition Risk: Synthetix V3 migration may introduce temporary instabilities. 3pool Risk: Underlying exposure to DAI, USDC, USDT through the metapool. Impermanent Loss: sUSD deviating from $1 causes LP losses. Governance Risk: Synthetix governance actively modifies protocol parameters.

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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