Convex Finance is a platform that allows users to provide LP tokens to different pools to get Curve Finance pool rewards and Convex native token (CVX) rewards. There are no withdrawal fees for stakers.
Convex Finance allows users to stake steCRV LP tokens into their vault, to get LDO, CVX, trading fees, as well as boosted CRV rewards - without the need for users to lock-up CRV themselves.
Because Convex Finance uses the Curve pool, there is no need to create a vote to seed LPs with LDO incentives since it is already seeded from the past proposal.
How to acquire stETH LP tokens beforehand:
Stakers require stETH LP tokens to stake into Convex Finance. A detailed guide can be found here. All the steps required are the same, but users should not stake their LP tokens into the Curve gauge.
Head over to the Curve stETH pool.
Deposit stETH or ETH into the pool. Users must approve and confirm the transactions.
Users will receive steCRV LP tokens in their wallet.
How to Stake steCRV LP tokens into Convex:
Head over to Convex Finance.
Select the stETH pool.
Input the amount of tokens you would like to stake.
Select “Approve” and approve the transaction.
Afterwards, select “Deposit & Stake” and confirm the transactions.
Upon completion, users should now be staked into the Convex pool, and should be receiving boosted CRV rewards as well as other native rewards.
How to Withdraw:
Head over to Convex Finance.
Select the stETH pool.
Select “Withdraw”.
Input the amount you wish to withdraw.
Select “Unstake & Withdraw” and confirm the transactions
How to Claim rewards:
Users must manually claim rewards, similar to that on Curve Finance.
Head over to the Convex Finance claim page.
Select “Curve Pools”
Scroll down to the stETH pool.
Select “Claim” and confirm the transaction.