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TVL $12MAPY 3.67%medium riskUpdated Feb 1, 2025

Curve.fi Factory Plain Pool: alETHfrxETH Convex Deposit

Deposit Curve alETH/frxETH LP tokens into Convex for boosted yields on this Alchemix and Frax ETH pair.

ProtocolConvex
Networkethereum
SymbolCVXALFRXETH-F
CategoryYield Vaults
Underlying Assets
alETHfrxETHETHCRVCVX
Contract Address0x112e8f4b685475cced5c38142cd7a2ae41ef6737

What is alETHfrxETH Convex Deposit?

This vault optimizes yields for the Curve alETH/frxETH pool through Convex Finance. The pool pairs Alchemix's synthetic ETH (alETH) with Frax's liquid staking ETH (frxETH).

How This Vault Works

  1. Provide alETH and/or frxETH to the Curve pool
  2. Stake LP tokens in this Convex vault
  3. Convex applies boosted CRV rewards
  4. Earn trading fees plus CRV and CVX
Yield Sources: Curve swap fees, boosted CRV emissions, CVX rewards.

Understanding alETH

alETH (Alchemix ETH): Synthetic ETH token from Alchemix Protocol
  • Borrowed against ETH collateral in Alchemix
  • Loans are "self-repaying" via yield on collateral
  • alETH trades on secondary markets
  • Redeemable for ETH through Alchemix

Alchemix allows users to borrow up to 50% of their ETH collateral as alETH, with the loan repaying itself through yield.

Understanding frxETH

frxETH (Frax Ether): Frax's liquid staking derivative
  • Pegged to ETH
  • Does not rebase (yield goes to sfrxETH holders)
  • Tradable and DeFi-compatible

Pool Dynamics

This pool serves:

  • alETH liquidity for Alchemix users
  • Arbitrage between synthetic and staked ETH
  • Exit liquidity for both assets
  • DeFi-native ETH derivative exposure

Fee Structure

Standard Convex fees:

  • 16% of CRV rewards
  • No deposit/withdrawal fees

Risk Disclosures

Smart Contract Risk: Exposure to Curve, Convex, Alchemix, and Frax contracts. Multiple complex protocols. alETH Risk: Synthetic asset backed by Alchemix protocol mechanics. Protocol issues could affect alETH peg. Alchemix Yield Dependency: alETH's stability depends on Alchemix generating sufficient yield to repay loans. frxETH Risk: Frax validator operations and staking mechanics. Depeg Risk: Either synthetic ETH depegging causes LP losses. Ethereum Correlation: Both assets are ETH-denominated. USD value drops with ETH. Complex Mechanics: Multiple protocol dependencies make full risk assessment challenging.

Related Yield Vaults

USPD/USDC Convex Deposit1.34% APYDOLA/sUSDe Convex Deposit4.65% APYFRAXUSDe Convex Deposit2.50% APYYearn WETH yVault1.82% APYCurve.fi Factory Pool: stETH-ng Convex Deposit1.27% APY
Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

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