3stCVX

Deposit Pool, deposit receipt.

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Token characteristics.

• Name: 3stCVX

• Address: 0x0683b2f6042adc7a6b1274b737b68c0b21eebe42

• Type: SafeERC20.

• Hard Cap: Theoretical maximum = underlying meta governance availability.

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Overview.

Deposit receipt for CVX deposited into the stCVX deposit pool.

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Issuance.

stCVX3 receipts are minted and issued by the stCVX 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 CVX pool. These tokens are not vote locked.

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Benefits.

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.

• stCVX3 may be composed into 3.NFTs of 7 power levels. These levels are as follows:

  • Level 1 = 1 receipts.

  • Level 2 = 10 receipts.

  • Level 3 = 100 receipts.

  • Level 4 = 1,000 receipts.

  • Level 5 = 10,000 receipts.

  • Level 6 = 100,000 receipts.

  • Level 7 = 1,000,000 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.

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