Fees

Pirex’s goal is to provide users of its default offering (uCVX) with a best in class return from the autocompounding of rewards, unionising gas fees, and more. Users of Pirex’s other modes enjoy the freedom of utilising protocol’s functionality to the fullest (e.g. liquidity, tokenising future yield, borrowing against pxCVX value, etc.) while also potentially earning an yield greater than uCVX. pxCVX’s fees were designed with consideration to the aforementioned goals and the continued development of Pirex and its ecosystem.

There are a number of fees related to the pxCVX wrapper:

• Bribe fee:

  • When vlCVX bribes are claimed, a 4% fee is taken.

• CVX platform fee

  • 100% of the platform fees that vlCVX earns on Convex. As of May 15, 2022, this is <3% APR.

• Pounder fees

  • 7% compounding fee. This is only charged on the assets compounded and not on the principal.

  • 1.5% exit tax which does not go to Pirex. Instead, this exit tax is shared by all uCVX holders and is used to disincentivize those entering the vault and leaving before contributing to any of the streamed rewards (i.e., before one full Pirex epoch).

• Unlock fee:

  • For a 17 week unlock the fee is 1% and scales linearly for shorter unlocks, with there being a 5% fee on a unlock with no wait time