Convex aggregates ve token governance and boosted rewards, but depends heavily on Curve and Frax incentive demand.
Investment View
Key metrics are locked CVX, vlCVX voting incentives, Curve and Frax fees, and external emission decay pressure.
Convex has strong veCRV control and fee design, but shrinking TVL and Curve dependence limit maturity.
Investment View
Key tests are a return to billion dollar TVL, fee sources beyond Curve, and majority veCRV control.