L-FRAX

USDe

1/24/2025 - Convex USD Market Making has a 30d APY of 5.15%, a TVL of 75,020,740, and an Exponential Risk Rating of D. This pool facilitates trades between two USD stablecoins: FRAX-USDE.

Convex USD Market Making on Ethereum (L-FRAX, USDe)

This pool facilitates trades between two USD stablecoins: FRAX-USDE. Your yield is generated from swap fees paid by traders when an exchange happens.

L-FRAX is the legacy fully-collateralized stablecoin that uses Algorithmic Market Operation (AMO) smart contracts as stability mechanisms. frxUSD is the new, regulatory-compliant stablecoin backed 1:1 by U.S. Treasuries and cash equivalents.

USDe is Ethena's synthetic dollar backed 1:1 by stablecoins and crypto assets. It is fully hedged through delta-neutral positions to maintain peg stability while enabling scalable onchain liquidity.

This pool has been receiving protocol incentives to encourage more user deposits

Investment Strategy

Fundamentals

Risk

Risk of losing your entire investment due to systemic issues. Based on chain, protocols and assets.

Reflects how much principal is at risk due to the nature of the pool's economic design

Convex USD Market Making

Pool Design

Reflects how liquid the asset is, collateralization level, dependency risks, and reliance on centralized entities

FRAX

Risk Compounding

Asset Strength

Reflects the economic design of the asset and convex relationships

Asset Tokenomics

Code quality of the underlying smart contracts

Convex

Curve

Protocol Code Quality

Reflects how long the protocol has been around, the value of the assets deposited in the protocol and its level of decentralization

Protocol Maturity

Protocol’s systemic risks or ponzi like dynamics that can lead to loss of principal

Protocol Design

Reflects how long the blockchain has been running and the total value of assets on the network

Ethereum

Chain Maturity

Reflects the blockchain’s fundamental risks, total value invested, and level of decentralization

Chain Design

Reliability of the underlying blockchain from network congestion or halts

Chain Reliability

Pool Fundamentals

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Yield Source

This pool serves as a yield-generating savings account for you to earn yield on your USD stablecoins, subject to market conditions

Your yield consists of trading fees from the buying and selling of FRAX-USDE stablecoins on the Ethereum blockchain

Discover the best DeFi opportunities with expert research and risk insights.

Convex USD Market Making

This pool facilitates trades between two USD stablecoins: FRAX-USDE. Your yield is generated from swap fees paid by traders when an exchange happens.