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TVL $492MAPY 1.34%medium riskUpdated Feb 1, 2025

USPD/USDC Convex Deposit

Deposit Curve USPD/USDC LP tokens into Convex to earn boosted CRV and CVX rewards through aggregated veCRV voting power.

ProtocolConvex
Networkethereum
SymbolCVXUSPDUSDC
CategoryYield Vaults
Underlying Assets
USPDUSDCCRVCVX
Contract Address0x353ac8df45838196e64fbb915496452cd0449cd0

What is USPD/USDC Convex Deposit?

This vault allows users to deposit Curve USPD/USDC liquidity pool tokens into Convex Finance to earn enhanced yields. Convex aggregates veCRV voting power from all depositors, enabling even small depositors to receive boosted CRV rewards that would normally require locking large amounts of CRV.

How This Vault Works

The strategy follows Convex's standard Curve LP optimization:

  1. Deposit USPD/USDC Curve LP tokens into the Convex vault
  2. Convex stakes your LP tokens in Curve's gauge using its aggregated veCRV position
  3. Earn boosted CRV rewards plus CVX token incentives
  4. Rewards auto-compound or can be claimed manually
Yield Sources: Trading fees from the Curve pool, CRV emissions from Curve gauges (boosted via Convex's veCRV), and CVX token rewards from Convex.

Underlying Assets

Deposit Asset: Curve USPD/USDC LP token Underlying Pool Assets: USPD (Paxos stablecoin) and USDC Reward Tokens: CRV, CVX

USPD is a regulated US dollar stablecoin issued by Paxos, while USDC is Circle's widely-used stablecoin. This pool facilitates efficient swaps between these two dollar-pegged assets.

Fee Structure

Convex charges a 16% performance fee on CRV rewards:

  • 10% distributed to CVX stakers
  • 5% to vlCVX (vote-locked CVX) holders
  • 1% to harvest callers

There are no deposit or withdrawal fees on Convex.

Auto-Compounding Mechanics

Convex vaults do not auto-compound by default. Users can manually claim and restake rewards, or use third-party auto-compounders built on top of Convex. The displayed APY assumes regular harvesting of rewards.

Risk Disclosures

Smart Contract Risk: Exposure to Curve, Convex, and underlying stablecoin contracts. Both Curve and Convex have extensive audit histories. Stablecoin Risk: USPD and USDC are centralized stablecoins dependent on issuer reserves and operations. Regulatory actions affecting Paxos or Circle could impact these assets. Impermanent Loss: Minimal for stablecoin pairs that maintain their pegs, but depeg events could cause losses. Reward Token Risk: CRV and CVX token values fluctuate, affecting overall APY when converted to USD terms. Governance Risk: Curve and Convex governance can modify reward rates and parameters.

Related Yield Vaults

DOLA/sUSDe Convex Deposit4.65% APYFRAXUSDe Convex Deposit2.50% APYYearn WETH yVault1.82% APYCurve.fi Factory Pool: stETH-ng Convex Deposit1.27% APYDOLA/wstUSR Convex Deposit4.98% 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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