upxCVX (Redemptions)

pxCVX can be unlocked for CVX. As all pxCVX is backed 1:1 by vlCVX the time required for unlock depends on the overall unlock schedule for the vlCVX in Pirex. There is an unlock fee which scales inversely with unlock time, which helps to rangebound the pxCVX/CVX LP peg.

A user who wishes to unlock their pxCVX for CVX can view the unlock schedule for the vlCVX in Pirex and choose which vlCVX they wish to have unlock for their pxCVX. The longer the unlock time for the vlCVX and therefore the pxCVX, the smaller the unlock fee. After choosing the duration of the unlock based on the fee and the vlCVX unlock schedule, the pxCVX can be exchanged for upxCVX (unlocked Pirex vlCVX) and RFNs or VFNs for the remainder of the Pirex epochs until the chosen vlCVX unlocks. At the end of the unlock period, the upxCVX can be exchanged for CVX. upxCVX can also be traded on the Pirex marketplace.

Example

Josie has 5 pxCVX which she wants to unlock for CVX. She sees that there are 10 vlCVX unlocking in 4 weeks and 20 vlCVX unlocking in 6 weeks. She chooses the vlCVX unlocking in 6 weeks and exchanges her 5 pxCVX for 5 upCVX which will unlock for CVX in 6 weeks and 5 RFNs for each of the next 3 Pirex epochs until the upxCVX unlocks. Josie’s upxCVX differs with upxCVX which unlocks in 4 weeks or 8 weeks, etc..