Convex Finance, a project on Curve, spiked 47% yesterday and continues its gains today. However, it suffered dramatic losses recently and generally appears quite volatile. If you are attracted to unique features and want to learn how and where to buy Convex Finance, this guide is for you.
Top places to buy Convex Finance now
As CVX is such a new asset, it's yet to be listed on major exchanges. You can still purchase CVX using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy CVX right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You'll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and 'connect' your wallet to it.
4. You can now swap your ETH for CVX
Now that you're connected, you'll be able to swap for 100s of coins including CVX.
What is Convex Finance?
Convex Finance is a DeFi project built on top of Curve, a community governed DEX focusing on stablecoins. Its model is to attract Curve liquidity providers and Curve DAO Token (CRV) holders to deposit their tokens in return for CVX tokens and large rewards.
Curve makes trading possible by creating crypto pools provided by users, who can generate fees on the crypto assets they’ve deposited. In return for locking CRV, they get veCRV tokens.
The more CRV users lock up and the longer they lock it up for, the bigger the yields. They also get more power in terms of how the system is managed.
Convex Finance encourages users to deposit CRV with its platform by promising higher yields than they would get by going directly to Curve.
By acting as a middleman to deposit and pool CRV on behalf of its holders, Convex Finance can grow its dominance and its yields.
Should I buy Convex Finance today?
Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never take any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose.
Convex Finance price prediction
Price Prediction forecasts a minimum price of $37.26 next year, up from around $20 now. It can go up to as much as $44.47 with the average price of $38.32 throughout the year.
The following year, Convex Finance will trade for at least $51.50 according to them. It can reach $63.83 with the average trading price of $53.03. In 2025, 1 CVX is expected to trade for at least $75.92.
Convex Finance on social media
— Curve Market Cap (@CurveCap) January 20, 2022