3cvxCRVg
Deposit Pool, deposit receipt.
Last updated
Deposit Pool, deposit receipt.
Last updated
Name: 3cvxCRVg
Address:
Type: SafeERC20.
Hard Cap: Theoretical maximum = underlying meta governance availability.
Deposit receipt for cvxCRV deposited into the cvxCRVg (governance) deposit pool.
cvxCRVg3 receipts are minted and issued by the cvxCRVg (governance) Deposit Pool on receipt of the said asset into the deposit contract. Receipts are issued 1:1 against deposited assets and may be redeemed 1:1 against the same deposited asset.
Deposits received by this pool are routed through to Convex.finance and staked within the cvxCRV pool with a 100% preference for governance returns.
Governance rights.
Deposit receipts receive a vote weight, to be applied against any proposal relating to Deposit Pools, for example:
Adding, upgrading or suspending an LDP.
Downgrading a CDP to an LDP.
Compositions.
cvxCRVg3 may be composed into 3.NFTs of 7 power levels. These levels are as follows:
Level 1 = 33 receipts.
Level 2 = 330 receipts.
Level 3 = 3,300 receipts.
Level 4 = 33,000 receipts.
Level 5 = 330,000 receipts.
Level 6 = 3,300,000 receipts.
Level 7 = 33,000,000 receipts.
Settlements.
3.NFTs of each power level may be burned to retrieve the underlying deposit receipts equivalent to that power level being burned.
Each deposit receipt can be redeemed from the Deposit Pool of its origin for the deposited assets at a rate of 1:1.