What Is Cortexdao (CXD)?
CortexDAO governs the Convex Index, granting instantly-diversified exposure to a screened basket of Curve/Convex positions through the purchase of a single index token. This is the DAO that develops and governs index products such as the Convex Index.
CXD Price Live Data
The live CortexDAO price today is $0.013747 USD with a 24-hour trading volume of $9,858.81 USD. They update the CXD to USD price in real-time. This is down 4.80% in the last 24 hours. The current CoinMarketCap ranking is #4951, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
If you would like to know where to buy CortexDAO at the current rate, the top cryptocurrency exchange for trading in stock is currently MEXC. You can find others listed on the crypto exchanges page.
Locking the CXD token for vlCXD grants access to:
- Fee distribution. A portion of protocol revenue is distributed to CXD lockers.
- Governance. Vote to update, change, and revise protocol system parameters.
- Boosted Index returns. Holding CXD + any CortexDAO Index = increased Index APR!
They designed the CortexDAO tokenomics to foster DAO growth and reward CXD lockers, those most committed to the long-term vision of the protocol. They set four goals to maximize value for CXD lockers:
- Encourage and reward DAO participation.
- Encourage CXD to buy pressure.
- Encourage locking.
- Decrease sell pressure.
Deflationary Token Flywheel
A user who purchases and locks CXD can earn idxCVX. Similarly, a user who purchases and stakes idxCVX can earn CXD. This creates tokenomics that are sustainable and deflationary.
Boosted Index Rewards
Once idxCVX is released, vlCXD will boost idxCVX staking rewards.
- Users buy idxCVX to gain exposure to the Convex Index.
- Users buy and lock CXD to earn vlCXD.
- Users earn CXD from boosted idxCVX staking rewards.
vlCXD will be used to create and vote on DAO proposals. A soon-to-be-released DAO constitution will define the proposal process.
What is the Convex Index?
The Convex Index instantly grants a user diversified exposure to a portfolio of Convex strategies through a single Index Token (idxCVX) purchase.
- User purchases idxCVX with stablecoins.
- Stablecoins are pooled and deposited into a portfolio of risk-assessed Convex strategies.
- Strategies generate returns in the form of reward and incentive tokens.
- Reward and incentive tokens are harvested.
- idxCVX accrues value over time.
How are Fees 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
How it Works
Index Token Exposure
A single purchase of the index token (idxCVX) instantly grants a user exposure to all of the currently active Convex strategies within the index.
This instantly grants a user a completely risk-adjusted, diversified portfolio through a single transaction.
The following details the mechanics of the CortexDAO protocol when batching and deploying capital from the Index and idxCVX purchases.
- Pooled deposits: Deposits from purchases of the index, or index token, are pooled.
- Capital deployment: Pooled deposits are diversified and deployed into any amount of the currently active Curve LP pools within the index.
- Staking: The Curve LP pools return Curve LP tokens, which are claimed and staked into various Convex positions within the index.
- Harvesting & Autocompounding: CortexDAO claims CRV/CVX/additional reward assets earned from deployments. Returned assets are swapped for stablecoins and re-deployed into actionable strategies to compound.
- Rebalancing: CortexDAO will rebalance positions incrementally to bring the portfolio pools closer to the target weights over time as position sizes deviate from the initial target weighting parameters. To ensure efficiency, each rebalances is tested for optimal trade execution and will not process until a subsequent test has passed.