Vote Locked CVX (bveCVX)

This page contains a full tutorial on how to deposit in the Vote Locked CVX vault and important information regarding the vault.

This vault locks 100% of deposited Convex tokens for rolling periods of 16 weeks. Badger will use locked Convex to vote for bribes, sell them, and emit them back to HODLers in the form of BADGER and bveCVX less fees.

Important Note: Unlike other Badger Setts, this Vault limits the times when users may withdraw their funds. Please carefully read the sections on Locking and Unlocking.

How to Deposit

This Sett accepts deposits of CVX (Convex Finance governance token).

Locking

This vault locks batches of CVX tokens for a period of 16 weeks.

Tokens are locked once a week just before 00:00 UTC on Thursday.

As tokens unlock, they are available to withdraw from 00:01 UTC on Thursday, until the next weekly locking event when they are relocked along with new deposits.

The unlock schedule of bveCVX can be found HERE.

Emissions & Rewards

• Underlying rewards are distributed in BADGER, bveCVX and bcvxCRV (claimable in the app).

• As approved in BIP-87:

  • All underlying cvxCRV earned from underlying vlCVX will be emitted to HODLers as bcvxCRV.

  • 85% of the vote weight of the vlCVX in bveCVX will vote each round for bribes, which will be sold and distributed to HODLers as:

    • 75% bveCVX

    • 25% BADGER

• As approved in BIP-85, up to half of the USD value of bveCVX will be counted as a native asset for Badger Boost, depending on the badger balance of the wallet holding the bveCVX.

  • All emissions earned by bveCVX are emitted flat, not boosted.

Vault Fees:

• 0% performance fee

• 0.10% withdrawal fee

Influence/vote handling fees:

• 5% of each vote is sold for bribes and paid to the DAO

• 5% of each vote is sold for bribes and paid as BADGER to bveCVX/CVX LPs

• 5% of each vote votes for WBTC/BADGER

Exit Liquidity:

As described above, 5% of the vote goes to supporting liquidity for bveCVX through incentivising the bveCVX/CVX sett. As a result, even when withdraws are not available, bveCVX can be bought and sold on Curve.

Note: the vault distributes bcvxCRV tokens as rewards, which themselves have an underlying 10% performance and 0.10% withdrawal fees, and also participate in the Badger Boost system.

At times bveCVX can also be purchased for a discount from this pool

Convex Voting Delegation

The Sett delegates its CVX voting power to to the Badger Voting engine. Rewards are claimed and processed through the Badger Bribes Processor.