Curve·Frax·f(x) Reward Market Continuity: Convex’s source revenue is strongly dependent on the fees and emissions of external protocols. vlCVX Voting Rights Demand
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.