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TVL $9MAPY 4.25%medium riskUpdated Feb 1, 2025

pxETH/WETH Convex Deposit

Deposit Curve pxETH/WETH LP tokens into Convex for boosted yields on this Pirex ETH liquid staking pool.

ProtocolConvex
Networkethereum
SymbolCVXPXETH-WETH
CategoryYield Vaults
Underlying Assets
pxETHWETHETHCRVCVX
Contract Address0x6a9162f3a2e41c549c6b4c0bb1d5db9a93a85f2c

What is pxETH/WETH Convex Deposit?

This vault optimizes yields for the Curve pxETH/WETH pool through Convex Finance. pxETH is Pirex ETH, a liquid staking derivative from the Redacted Cartel ecosystem that provides unique yield optimization features on top of standard ETH staking.

Understanding pxETH and Pirex

Pirex is Redacted Cartel's liquid wrapper protocol that creates yield-optimized versions of staking positions. pxETH represents staked ETH with additional features:

  1. Underlying Staking: ETH is staked through validators to earn consensus layer rewards
  2. MEV Optimization: Pirex captures MEV (Maximal Extractable Value) for stakers
  3. Liquid Token: pxETH is tradable while underlying ETH remains staked
  4. Integration with Redacted: Part of the broader Redacted/BTRFLY ecosystem

The pxETH/WETH Curve pool enables efficient swaps between Pirex's liquid staking token and native WETH.

How This Vault Works

The Convex deposit strategy follows standard Curve LP optimization:

  1. Provide pxETH and/or WETH to the Curve pool to receive LP tokens
  2. Deposit LP tokens into this Convex vault
  3. Convex stakes in Curve gauges with aggregated veCRV boost
  4. Earn boosted CRV emissions plus CVX token incentives
  5. Claim or compound rewards to maximize returns
Yield Sources: ETH staking rewards (via pxETH), Curve trading fees, boosted CRV emissions, and CVX rewards.

Pirex Mechanics and MEV Capture

What makes Pirex unique is its MEV capture mechanism:

  • Validators operated by Pirex actively capture MEV opportunities
  • Additional revenue beyond standard staking rewards
  • MEV profits distributed to pxETH holders
  • Potentially higher yields than vanilla liquid staking

Fee Structure

Convex standard fees apply:

  • 16% of CRV rewards (distributed to CVX ecosystem)
  • No deposit or withdrawal fees

Pirex may have its own fee structure for staking and MEV distribution.

Risk Disclosures

Smart Contract Risk: Multi-protocol exposure including Curve, Convex, Pirex, and Redacted Cartel contracts. Complex integrations increase potential attack surface. Pirex/Redacted Risk: Pirex is part of the Redacted ecosystem which has undergone governance changes. Protocol-specific risks should be understood. MEV Risk: MEV capture involves validator-level strategies. Poor MEV execution or changing MEV landscape could affect returns. Validator Risk: pxETH value depends on Pirex validator performance. Slashing or downtime affects underlying ETH value. Depeg Risk: pxETH may trade at premium or discount to ETH based on market conditions and protocol sentiment. Ecosystem Dependency: pxETH is tied to the broader Redacted/BTRFLY ecosystem. Issues in related protocols could affect confidence. Liquidity Risk: Smaller liquid staking derivatives may have limited exit liquidity during stress.

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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