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TVL $23MAPY 1.04%medium riskUpdated Feb 1, 2025

Curve.fi Factory Plain Pool: stETH/frxETH Convex Deposit

Deposit Curve stETH/frxETH LP tokens into Convex for boosted yields on this Lido and Frax liquid staking ETH pair.

ProtocolConvex
Networkethereum
SymbolCVXST-FRXETH-F
CategoryYield Vaults
Underlying Assets
stETHfrxETHETHCRVCVX
Contract Address0x01492a2cb0bd14034710475197b4169501b49ead

What is stETH/frxETH Convex Deposit?

This vault provides boosted yields for the Curve stETH/frxETH liquidity pool through Convex Finance. The pool pairs two liquid staking derivatives: Lido's stETH and Frax's frxETH, both representing staked Ethereum.

How This Vault Works

  1. Provide stETH and/or frxETH to the Curve pool
  2. Stake LP tokens in Convex
  3. Convex applies veCRV boost for enhanced CRV rewards
  4. Earn staking yield plus CRV and CVX
Yield Sources: ETH staking rewards (from both LSDs), Curve swap fees, boosted CRV emissions, CVX rewards.

Understanding the Pool Assets

stETH (Lido): Liquid staking token representing ETH staked through Lido. Rebases daily to reflect staking rewards (~3-4% APY). Most widely used ETH LSD. frxETH (Frax Ether): Frax's liquid staking token pegged to ETH. Unlike stETH, frxETH does not rebase. To earn staking yield, users must stake frxETH as sfrxETH.

Staking Yield Dynamics

stETH in Pool: Continues earning staking rewards through rebasing, benefiting all LPs. frxETH in Pool: Does not earn staking yield directly (yield accrues to sfrxETH holders). However, frxETH maintains its ETH peg.

This creates an interesting dynamic where the pool composition may shift based on relative yields.

Fee Structure

Standard Convex fees:

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

Risk Disclosures

Smart Contract Risk: Exposure to Curve, Convex, Lido, and Frax contracts. Multiple protocol dependencies. Validator Risk: Both LSDs depend on their respective validator operations. Slashing events could affect token values. Depeg Risk: Either LSD could trade at discount to ETH during market stress. LPs face impermanent loss. Rebasing Complexity: stETH rebasing within an LP position creates accounting complexity. Ethereum Risk: Both assets are ETH-denominated. ETH price declines affect USD value. Yield Asymmetry: frxETH holders in this pool forgo direct staking yield compared to holding sfrxETH.

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.

Track Curve.fi Factory Plain Pool: stETH/frxETH Convex Deposit performance and compare alternatives.

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