Algorithmic / under-collateralized stablecoin
Convex Finance's assessment for RD-F-069 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
Convex Finance does not issue a stablecoin. cvxCRV is a derivative wrapper (1 CRV locked = 1 cvxCRV issued) backed fully by locked veCRV in the VoterProxy -- not an algorithmic or under-collateralized stablecoin design. Per PD-024, F069 is lending-only and not applicable. Note: cvxCRV trades at ~60% discount to CRV in secondary markets due to structural one-way conversion illiquidity, not under-collateralization.
Sources #
- InternalTaxonomy Cat 4 PD-024 applicability tableresearch/outputs/03-taxonomy.md Cat 4 section: PD-024 resolution -- RD-F-069 lending-onlyretrieved 2026-05-16
- Understanding cvxCRV - Convex Finance DocsConvex docs: cvxCRV conversion is 1-way; 1 CRV deposited locks as veCRV and 1 cvxCRV is minted -- full backing by locked CRVretrieved 2026-05-16
Methodology #
Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.
See the full factor methodology and distribution across all protocols →