bveCVX Unlocking Update
Jan 20, 2022
For the last 16 weeks, bveCVX withdrawals have been limited to new deposits, not yet included in weekly locking. At the same time a Curve pool has been available for users who wish to swap locked Convex (bveCVX) for unlocked at any time.
Badger has begun the process of unlocking CVX and making it available for withdrawal from the bveCVX vault. You can see how much CVX is available to withdraw by visiting the Vault Address page on Etherscan.
This article seeks to help depositors understand what to expect.
How Tokens Become Available to Withdraw
This chart shows the bveCVX unlocking timetable (source).
On the 20th of January, 70,758 CVX will unlock with more to come in the subsequent weeks.
While tokens do unlock at Midnight UTC Wednesday-Thursday, the Badger Multisig must perform some operations to unlock the vault and make CVX available for withdrawal.
Once this transaction is run, that bveCVX becomes available to withdraw on a first come first serve basis.
Users who wish to withdraw their locked CVX outside of the unlocking periods can still do this by swapping bveCVX for CVX on Curve at any time.
Every Wednesday following the unlocking period between 23:00 UTC - 0:00 UTC, Badger will run earn() on bveCVX. This action will re-lock any remaining unlocked CVX from the previous week as well as any newly deposited CVX for another 16 weeks.
One hour later, the next week’s CVX will unlock and become available for the multisig to process.
IMPORTANT TO NOTE: Badger will attempt execute unlocking transactions as soon as possible however, this does mean that although the indicated amount will unlock at Midnight UTC on Thursdays, the tokens will not be available to withdraw until the subsequent transaction is processed. Processing times may vary.
For users who do not wish to withdraw their CVX and wish to re-lock, no action is required.