Earn Stablecoins with vlCXD Fee Distributions!
With the launch of CortexDAO fee distribution, vlCXD holders will now earn stablecoins from protocol profits.
Current vlCXD holders will be able to claim the first fee distribution tomorrow at 8 pm EST from CortexDAO.
CortexDAO’s First Fee Distribution (~64% APR)
Our early CXD lockers are getting the last 18 days of distributions, all in the first week. An average APR of 64%, entirely in stablecoins (3CRV)!
From here on out, it’s distributed every 7 days. The previous week’s 7-day distribution would have had an average APR of 25%.
Only users who already own vlCXD will be able to claim this first distribution.
Claiming Fee Distributions
- Visit CortexDAO.
- Click “claim” from the ‘Fees Earned’ box.
- Approve the transaction in MetaMask.
How Fees are Earned
- The Convex Index collects a 15% fee on harvested rewards as the main revenue stream.
- A portion of revenue is used to cover protocol expenses such as deployment, staking, harvesting, and claiming.
- All profits are then distributed to vlCXD holders as 3CRV.*
- Users can redeem 3CRV for USDC, USDT or DAI from Curve’s 3pool.
*Once the Convex Index token (idxCVX) is launched, profits will be distributed in idxCVX.
Each protocol harvest earns reward tokens from active strategies, which are accrued as fees to be distributed.
Harvested rewards can be viewed from the new CortexDAO Dune Dashboard.
How are Fees Are Calculated
Each weekly epoch begins and ends on Wednesday at 8 pm EST.
A user’s vlCXD balance is checkpointed at the start of each weekly epoch, and the amount of earned fees a user will be distributed is calculated at the end.
Only vlCXD locked before the epoch (I.E. this Wednesday, 8 pm EST) will be used to calculate earned fees, claimable upon the next weekly epoch (I.E. next Wednesday, 8 pm EST).
All vlCXD holders receive fee distributions pro-rata to vlCXD total supply.
Enjoy!
