There are trillions of dollars of TAM on the line with financial services – asset management, asset issuance...Today’s financial markets are plagued with structural inefficiencies: high settlement times, fragmentation...The hunger for efficiency, transparency, and global access to financialized assets has never been higher...

Financial Markets Are Always Evolving Markets have continually changed throughout history....Financial markets have always had risks of sudden sell-offs....within financial markets....Martin Wolf said it best in the Financial Times, “Beware the liquidity delusion....reality is financial markets and the real economy have become increasingly interdependent.

Introduction: Understanding the Convex Flywheel Through the latter half of 2021, Curve and Convex were...How Convex Creates Value At the time of our last report, Convex’s value accrual was largely realized...Convex’s control over them....the Convex platform....we can estimate Convex’s emissions.

Convex takes 17% of the LP yields as fees....As a result, Convex has grown considerably, with 90% of Curve’s TVL deposited in Convex....As with how Convex controls Curve, whoever controls Convex can significantly influence Curve emissions...Boosting CRV Incentives Through Convex As Convex’s emissions have significantly scaled down, depositors...

Convex Dominated Curve’s TVL Recently, the “Curve Wars” have been a hot topic....To dive deeper, check out our latest Convex report....Convex Has the Most Influence Over Curve’s Liquidity Incentives Convex is now the single largest owner...Now that Convex dominates Curve’s voting power, protocols have focused their bribing efforts on Convex...

Despite Yearn having approximately an 8 month head start, Convex’s veCRV holdings quickly surpassed it...Convex and Yearn hold ~20% and ~9%, respectively, of the total veCRV supply....Convex’s impressive growth can be attributed to its economics....APY organically higher than Convex....The emergence of Convex on the scene has clearly accelerated this development.

Convex Finance is a Curve-focused yield optimization platform that boosts yields for liquidity providers...Specifically, that all CRV deposited into Convex is locked up forever....What does Convex’s value accrual look like?  ...As mentioned previously, Convex is earning ~73% of CRV emissions.

Convex Accumulating FXS Since Convex launched its cvxFXS platform, deposits of FXS have grown to over...It has been publicly announced that users depositing FXS into Convex will be eligible for Frax Finance...

Convex Finance Owns Largest Piece of CRV Pie Convex Finance continues to dominate the Curve wars as...The political power of being a CRV “whale” is extremely valuable, as it allows for Convex to boost Curve...rewards for Convex’s depositors instead of having individual depositors lock up their own CRV to boost...

Chart of The Day: Convex Now Owns 10% of Circulating Frax Frax is the first fractional algorithmic...Convex has been the key leader in acquiring veCRV voting power to boost its users’ Curve yield without...Convex implemented cvxFXS in December 2021 and has accumulated around 10% of FXS’s circulating market...You can check it out on the Frax Convex page!

Opyn Squeeth (oSQTH) is a new financial primitive that tracks the price of ETH squared....Long Squeeth provides exposure to pure convexity, offering an asymmetric payoff with a higher upside...ecosystem by helping Convex farmers earn up to 50% more with less hassle and less gas fees....still maintaining exposure to the Curve/Convex ecosystem.

...exchange to facilitate trade Build mass-market interfaces for dApps Build the dApps to power an open financial...A Look at Convex’s Business Model and a Looming Catalyst Convex has become a cornerstone protocol in...enables Curve LPs to receive boosted yields in exchange for a portion of the yield earned, turning Convex...

...at any time, with near-instant settlement and none of the usual friction associated with the current financial...As we wrote about in our report on Convex, Convex controls roughly half of all Curve governance allowing...In April 2021, Convex pioneered this bribing game with a 1% airdrop in exchange for support from veCRV...

Chart of The Day: Terra Leads CVX Accumulation Convex is a yield optimization platform that allows...The 4pool will drive up demand for both UST and Frax, and might also end the Curve/Convex wars as smaller...To learn more about Convex, read our Delphi Pro report here. Where’d The Liquidity Go?

The Convex AMO, where the Frax protocol stakes its Curve LP tokens, makes up the majority of the Curve...A look under the hood shows that the majority of the Convex AMO LP positions are FRAX-USDC basepool (...Their ownership makes up 54% of the FBP, allowing them to farm CRV and CVX emissions on Convex with this...

Topics Covered: 00:08 – Intro with Nick. 02:27 – Convex Financial with Duncan. 15:52  – Lido Liquid...Convex Financial with Duncan:  2. Lido Liquid Staking with Paul:  3.

Once veCRV was launched, Convex created a liquid wrapper called cvxCRV....This accelerated Convex’s accumulation of veCRV, as individual users tended to avoid the unnecessary...Users who locked CVX for 16 weeks in exchange for vlCVX controlled the gauge votes of Convex’s veCRV...financial products will prove to be key endeavors over the next decade.

The Genesis Halloween day, 2008: The financial world is still reeling from the implications of the Great...Financial Crisis....March 2020: Covid-19 causes capitulation across all financial markets May 2020: The third BTC halving...Lastly, if Ethereum can solve its scaling issues and capture even a small percentage of the traditional financial...

As we wrote about in our report on Convex, Convex controls roughly half of all Curve governance allowing...Curve + Convex Symbiosis: Curve and Convex have a symbiotic relationship that’s has launched Curve to...Analyst Notes: Below are some analyst quotes regarding Curve, Convex, and stablecoins: “Convex’s tokenomics...

Chart of The Day: The Great cvxCRV Lockening Convex Finance has experienced a record-breaking period...This massive increase in cvxCRV supply was primarily driven by the recent proposals by Frax and Convex...Having Frax help maintain the cvxCRV peg is a huge advantage to Convex and the Curve ecosystem.