Cryptocurrency platform Convex Finance (CVX) experienced a notable price surge after the developers released a call for voting on the upcoming pool weights on the new multi-asset platform. The CVX price spiked more than 8% within the past 24 hours, pushing its total market cap from around $56 million to over $60 million.

The multi-asset platform, which is under development, allows users to stake various cryptocurrencies into pools and earn rewards. As per the announcement made yesterday, users will be able to vote on the pool weights.

The developers have asked the users to participate in the voting process to decide the pool weights for five different Cryptocurrencies, including Ethereum (ETH), Filecoin (FIL), Polkadot (DOT), Kusama (KSM) and Wrapped Bitcoin (WBTC).

The voting process will be heavily weighted towards the community, as developers are expecting at least 10,000 participants which will determine the weights of these five Crypto assets. Moreover, all the participants need to stake CVX tokens to take part in the voting process.

The proposed model by Convex Finance has been designed to bring more rewards for the holders of staked tokens. The platform adopts a new approach for promoting decentralization by assigning a weight to the pool that reflects the overall allocator's vote.

In addition to the user voting system, Convex Finance also provides some extra features including efficiency bonus and optimized rewards. The bonus rewards are calculated based on the overall efficiency of the entire pool system and are given tocvx token holders.

Overall, the newly introduced user voting process is expected to bring more efficiency to the operation of the Convex Finance platform, as well as better rewards for the holders of staked tokens. It is worth noting that the voting process is still ongoing and will be completed on April 20th.

Convex Finance is a cryptocurrency platform which offers its users the opportunity to participate in rewards-earning pool staking activities. In a recent announcement, the developers have called for voters to decide the pool weights of five different Cryptocurrencies; Ethereum (ETH), Filecoin (FIL), Polkadot (DOT), Kusama (KSM) and Wrapped Bitcoin (WBTC). To take part in the voting process, a minimum of 10,000 CVX tokens need to be staked.

In order to ensure decentralization of the Convex Finance platform, the weight of the pool is determined by the overall allocator’s vote. Along with this, the platform provides additional features such as an efficiency bonus and optimized rewards system, which are calculated based on the efficiency of the whole pool system. This system is expected to increase the rewards allocated to CVX token holders.

The voting process began on April 15th and will conclude on April 20th. After the voting period, Convex Finance will be able to apply the new pool weights and set up the multi-asset platform accordingly. The changes are expected to bring more efficiency and better rewards for the users of the Convex Finance platform.

In light of the recent announcement by Convex Finance, the CVX price experienced a surge from $56 million to over $60 million within the past 24 hours. The developers are hopeful that the introduced system will be beneficial for the users of their platform by increasing the rewards for staked tokens and by providing better rewards for CVX token holders.



Other News from Today