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Convex (CVX) is flying high as altcoin market sets up for a parabolic run, says analyst Elliot Wainman

High-profile crypto KOL Elliot Wainman predicts Convex (CVX) is the next promising altcoin with huge profits to watch out as the altcoin market sets up for a parabolic run and Bitcoin (BTC) is entering into a volatility squeeze.

Convex overview

Convex allows Curve.fi (CRV) liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort.

If you would like to stake CRV, Convex lets users receive trading fees as well as a share of boosted CRV received by liquidity providers. This allows for a better balance between liquidity providers and CRV stakers as well as better capital efficiency.”

According to the trader, Convex has no withdrawal fees and minimal performance fees which is used to pay for gas and distributed to CVX stakers.

CRV stakers and liquidity providers also receive liquidity mining rewards in the form of CVX.

“It’s got this magical resource of allowing for all kinds of huge liquidity trading between stablecoins and it’s pretty much a core primary or primitive here in DeFi. Convex actually is one of the best things to come out of Curve,”

Tokenomics

At the time of video, the trading price of Convex Finance (CVX) is $13.05 with a trading volume of $27M in the last 24-hours. CVX has risen to nearly 90% within 7 days and holds the 257th position.

The trader then points out the upside potential of CVX by comparing Convex with Curve. In particular, he says that the current TVL of CVR is 14B with a market cap of $1B, meanwhile, the current TVL of CVX is 8B with a market cap of only $220M.

“So Conves is this more than half the TVL but only one-fifth the market cap and in my opinion Convex is wildly undervalued,”

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