Pirex liquid wrapper for vote-locked Convex (CVX)


pxCVX (Pirex vlCVX) is a vlCVX liquid wrapper which has the goal of increasing liquidity, yield and utility for CVX holders. pxCVX is a ‘pure’ liquid wrapper — each pxCVX is backed by 1 vlCVX and all of the value (minus fees) from that vlCVX is passed onto the pxCVX holder. pxCVX gauge votes will focus on maximising returns to pxCVX holders and not to bootstrap other Pirex or Redacted products.

Standard Mode

CVX can be deposited in Pirex for pxCVX. The Pirex protocol takes this CVX and continually re-locks it for vlCVX (unless an unlock is initiated - see below). Each pxCVX is backed by 1 vlCVX.
Every two weeks (one pxCVX epoch), those holding pxCVX can claim bribe revenue that Pirex claims, e.g., from Votium or other sources. pxCVX holders do not have to claim bribe revenue every epoch — they can let the revenue accumulate before claiming. Converting CVX to pxCVX and claiming bribe rewards every two weeks is known as ‘Standard Mode’.

Easy Mode

Those who wish to automatically compound their pxCVX yield into more pxCVX can deposit their pxCVX into a ERC-4626 pxCVX Pounder vault operated by a partnership between Llama Airforce and Pirex and receive uCVX, a vault share token, in return. Those wishing to convert their CVX for uCVX directly can do so and the protocol will automatically lock the CVX for pxCVX and deposit it into the vault for uCVX. Converting CVX to uCVX directly is known as ‘Easy Mode’.

Expert Mode

Those wishing to tokenise (and trade) their future pxCVX yield/vote events can stake their pxCVX, choose how many rounds of gauge votes they wish to tokenise, and receive in exchange spxCVX and Futures Notes for each of the future gauge votes.
A user can choose to tokenise their future gauge votes as either a Reward Futures Note (RFN) which can be used to claim bribe revenue in the future, or a Vote Futures Note (VFN) which can be used to vote on a gauge vote in the future. RFNs and VFNs can be exchanged 1:1 for one another and can be traded on the Pirex marketplace.
This futures platform gives users the ability to monetise future rewards and gives protocols the ability to pre-purchase future votes. The tokenisation of yield/vote events through spCVX is known as ‘Expert Mode’.

Exiting pxCVX

There are two ways to exit pxCVX positions: (i) Redacted will seed and maintain a pxCVX/CVX LP on Curve; and (ii) pxCVX can be unlocked for CVX. As all pxCVX is backed 1:1 by vlCVX, unlock time is dependent on the availability of unlocking vlCVX in Pirex. There is an unlock fee which scales inversely with unlock time, which helps to range bound the pxCVX/CVX LP peg.

Flow diagram