The Unlockening



Dec 29, 2021

As 2021 draws to a close, the first great Convex unlocking wave is upon us.

Over 6 million CVX that have been locked in governance will awake from hibernation and seek a new home.

If you are an owner of one or more of these CVX tokens, it’s a great time to consider your options post-unlock:

  • Perhaps claiming bribes was not gas efficient?
  • Perhaps you are looking for more liquidity in your CVX position?
  • Or perhaps you don’t need the part time job of managing your CVX biweekly votes?

If any of these sound familiar, you might want to take another look at the Badger Vote Locked Convex Vault.

Since BadgerDAO launched this vault in October, it has become a favoured option for CVX holders who want a solid, low stress, and most importantly liquid home for their CVX so they can preserve max optionality in this market.

When you deposit into Badger’s Locked Convex Vault, you immediately get a number of benefits:

  • All vlCRV bribes normally claimable through Convex
  • Targeted 15% APY in BADGER (calculated weekly)
  • A pro-rata share of 20,000 per week cvxCRV (from the Badger Treasury)
  • Share of all Votium Bribes on pools Badger votes for (Including BADGER bribes)
  • Liquidity for your Convex from our Badger-sponsored Curve pool that allows you to swap back to CVX with generally low levels of slippage
  • Convex airdrops

And with our latest emissions proposal, BadgerDAO intends to support these benefits well into the future, making it a no brainer to lock with us.

Vote Bonuses & Gas Rebate

On top of this, Badger has extended it’s 10 BADGER gas rebate to help defray the costs of migrating.

From now until Jan 1 2022, any addresses that migrate into Vote locked Convex will receive a bonus of 10 BADGER, payable on or before March 1, 2022.

Even better, any CVX holders who didn't originally lock with Badger but delegated to us between Oct 10th and December 30th are eligible to receive a Badger bonus. However, in order to receive the bonus, users must lock their previously delegated, freshly unlocked CVX tokens in the Badger Locked Convex vault before January 21, 2022. For doing so, users will receive a bonus of .0015 BADGER per vote.

To break it down, if you delegate 1,000 CVX for 3 votes and then deposit 1,000 CVX to bveCVX when it unlocks you accrue 3000 x 0.0015 BADGER or 4.5 BADGER.

Details of this program can be found in BIP 70.

Steady yield, no stress, liquidity options, and a nice gas rebate.

Badger Locked CVX Supports BTC Yields in DeFi

By amassing a significant voting stake in Convex (1.2M and counting thus far), and Curve by extension, Badger has been able to vote for major and sustainable increases in the underlying yield paid to Bitcoin assets across DeFi, more specifically our ibBTC focused vaults.

Better BTC yields will drive more TVL for Badger, which will allow us to re-invest in rewarding users who lock even more CVX.

The result is a positive feedback loop that will benefit Badger users and the wider Bitcoin community in DeFi.

Read more about the Badger Flywheel.