Pirex liquid wrapper for vote-locked Convex (vlCVX).


pxCVX, or Pirex vlCVX, is a liquid wrapper designed specifically for vlCVX. Its primary aim is to boost liquidity, yield, and utility for holders of CVX tokens. Known as a 'pure' liquid wrapper, each pxCVX token is directly backed by one vlCVX token. As a pxCVX holder, you'll receive all the value derived from that underlying vlCVX, after deducting fees.

The focus of pxCVX gauge votes is exclusively on maximizing returns for pxCVX holders. It's important to note that these votes are not used to promote other products from Pirex or Redacted. They are solely for the benefit of pxCVX holders.

Pirex is the market leader for vlCVX liquid wrappers.


CVX can be deposited into the Pirex protocol in exchange for pxCVX. Following this deposit, Pirex automatically re-locks the CVX as vlCVX, except if an unlock is initiated (more details below). Each pxCVX is backed by 1 vlCVX.

Every two weeks (i.e. one pxCVX epoch) pxCVX token holders are eligible to claim their share of bribe yield that Pirex earns from platforms like Votium. Importantly, it's not mandatory for pxCVX holders to claim this yield every epoch. They have the flexibility to let the rewards accumulate over time and claim it when convenient.


Users interested in automatically reinvesting their pxCVX yield to accumulate more pxCVX have the option to deposit their pxCVX tokens into an ERC-4626 compliant pxCVX pounder vault. This vault operates under a partnership between Llama Airforce and Pirex. Upon deposit, users receive uCVX tokens, symbolizing their share in the vault. For users preferring to convert their CVX tokens into uCVX directly, the protocol provides a simple process. It automatically locks the CVX tokens, converts them into pxCVX, and deposits them into the vault, with uCVX tokens provided in return.

Exiting pxCVX

There are two methods for users to exit their pxCVX positions: Firstly, Redacted will establish and maintain a pxCVX/CVX liquidity pool on Curve. Secondly, users can opt to unlock pxCVX for CVX. Since every pxCVX token is backed 1:1 by vlCVX, the time required to unlock depends on the availability of unlocking vlCVX within Pirex.

It's noteworthy that an unlock fee is applied, which scales inversely with the unlock time. This feature contributes to maintaining the stability of the pxCVX/CVX liquidity pool peg.

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