DeFiPunk'd

Convex Finance

Yield

TVL $552.5M
Type Yield
Chains Ethereum, Fraxtal, Arbitrum, Polygon
View on DeFiLlama ↗
Control criteria
Upgradeability Unknown Bug bounty Governance forum Docs docs.convexfinance.com
About

Convex Finance is a yield-boosting protocol that simplifies staking for Curve LP providers and CRV stakers by aggregating liquidity and distributing boosted rewards. Users deposit LP tokens or lock CRV to earn enhanced yields plus CVX tokens. The protocol operates across Ethereum, Arbitrum, Polygon, and Fraxtal, extending boosting functionality to additional DeFi platforms including Frax and f(x) Protocol.

Risk analysis

One card per dimension, sorted by severity. Only Verifiability and Autonomy carry automated signals in Phase 0. See methodology for scope.

Audit a dimension yourself · DEFI@home Contribute an LLM-run assessment — any model, any dimension. Three agreeing runs merge automatically into the public record.

DEFI@home is a distributed audit network modeled on SETI@home: instead of CPU cycles, it crowdsources LLM reasoning. Paste a slice prompt into Claude, ChatGPT, Gemini, or any browsing-capable model, and submit the JSON output as a pull request. The quorum bot merges it once ≥3 independent runs (from different models) reach the same grade — no single model, and no single contributor, can move the needle alone. How it works →

  • Address discovery 15 addresses on file · 1 run Submit run ↗
  • Verifiability Unverified Submit run ↗
  • Control Unverified Submit run ↗
  • Ability to exit Unverified Submit run ↗
  • Autonomy Unverified Submit run ↗
  • Open Access Unverified Submit run ↗
  • Audit all 5 dimensions · one prompt Submit run ↗
  1. Verifiability tentative
    Open source + 3 audits

    Protocol publishes a GitHub repository and has at least one audit on record. This is a coarse Phase-0 signal only: auditor reputation, scope, and post-audit review coverage are not yet weighted.

    Run your own prompt Submit run ↗
4 dimensions not yet assessed (Control, Ability to exit, Autonomy, Open Access)
  1. Control unknown Unverified
    Not yet assessed

    Who holds admin privileges, how contracts can be upgraded, and how quickly. No automated heuristic grades this at Phase 0; a real assessment arrives when onchain discovery reads roles, owners, and timelocks.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  2. Ability to exit unknown Unverified
    Not yet assessed

    Whether users can exit on their own terms if the team disappears or acts adversarially. Requires per-protocol review; not available at Phase 0.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  3. Autonomy unknown Unverified
    No Phase-0 autonomy signal

    Neither the category heuristic nor the forkedFrom signal fires for this protocol. A real autonomy graph (oracles, bridges, fallbacks, governance-mutable dependencies) arrives with Phase-2 onchain discovery.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗
  4. Open Access unknown Unverified
    Not yet assessed

    Whether the protocol depends on privileged operators, whitelists, geo-restrictions, or off-chain infrastructure. This is not a signal DeFiLlama carries in a usable form; crawler-based detection lands in a later phase.

    No model has graded this dimension yet. Run the slice prompt through any LLM and submit the JSON — once ≥3 independent runs agree, the quorum bot merges the verdict here.

    Submit run ↗

Stage

Preview of the Phase-3 maturity framework. DeFiPunk'd will adopt DeFiScan v2's stages verbatim; the section is rendered below in its intended shape so the structure is visible today.

Convex Finance has not yet been assessed under the DeFiScan v2 stage framework.
The walkaway test is the central criterion. Once stages land, protocols reach Stage 1 only if users can exit in the presence of malicious operators even when the emergency council disappears.
Scope of assessment
Stages are assessed per-protocol against DeFiScan v2's criteria: governance structure, upgradeability path, timelock durations, emergency-council scope, and the walkaway test. The analysis depends on onchain discovery (roles, owners, timelocks) and deeper review of deployed contracts — neither of which DeFiPunk'd automates at Phase 0.
Stage 0 requirements pending
Governance is largely off-chain, contracts are upgradeable with short or no timelock, and the protocol depends on a multisig or team with full discretion. At Phase 0 DeFiPunk'd does not automatically evaluate these; the assessment lands with crawler-based onchain discovery.
Stage 1 requirements pending
Users can exit or opt out on their own terms even if the team disappears. Upgrades run through a meaningful timelock with an emergency security council clearly scoped. The walkaway test is the headline criterion.
Stage 2 requirements pending
Protocol is fully permissionless and immutable, or upgrades require a supermajority of token holders with a long timelock and no emergency override. This is the terminal stage of the DeFiScan v2 framework.
Learn more about DeFiScan v2 stages →
Stages are an opinionated assessment of maturity, not a rating of security or safety. A protocol can sit at Stage 2 and still carry substantial technical or economic risk; the framework exists to incentivize decentralization, not to rank protocols.

Contract surface

Every contract in scope for this protocol — pooled from DeFiLlama's TVL adapter (mechanical) and DEFI@home discovery submissions (LLM-curated). Verified-source flags come from Etherscan + Sourcify; owner / multisig metadata is read on-chain when available. Reviewer audit context, not a slice score. A lending protocol's adapter set will list third-party collateral tokens alongside its own contracts; attribution is the grader's job.

  • 21addresses
  • 7verified source
  • 1proxies
  • 1of 2 owners are Safes

TVL adapter pinned at 683d369. Sourcecode fetched 2026-05-06. Control fetched 2026-05-07.

Arbitrumadmin0x2ca7…5558discovery
Arbitrumadmin0x98ec…aa8bdiscovery
Arbitrumbooster0xf403…ae31discovery
Arbitrumfactory0x8014…86aediscoveryfactory
Arbitrumtreasury0xe7cd…878adiscoverytreasury
ethereumVyper_contract0xd533…cd52TVL
ethereumConvexToken0x4e3f…9d2bTVL + discfactory
ethereumCurve DAO Token0x365a…bb09TVLgovernance
ethereumFRAXShares0x3432…64d0TVL
ethereumPrismaToken0xda47…d71cTVL0xc53b…6734
ethereumCvxLockerV20x72a1…b86eTVL0xa3c5…e2fb3/5 Safe
Ethereumairdrop0xa1bc…2991discoveryfactory
Ethereumdepositor0x8014…86aediscovery
Ethereumfactory0x3c99…7ab9discoveryfactory
Ethereumlocker0xd181…af50discoverygovernance
Ethereummultisig0xa3c5…e2fbdiscoverymultisig
Ethereumrewards0x3fe6…587ediscoverytoken
Ethereumrewards0xdecc…360ddiscovery
Ethereumtoken0x62b9…0aa7discoverygovernance
fraxtalTransparentUpgradeableProxy0xfc00…0002TVLproxy
Polygonbooster0xf403…ae31discovery

Protocol Info

Security

[:] Source: DEFI@home quorum
Audits
1 audit
Bug bounty
unknown
Security contact
contact@convexfinance.com

Technical

[:] Source: DEFI@home quorum
Voting token
CVX Ethereum: 0x4e3fbd56cd56c3e72c1403e103b45db9da5b9d2b
Upgradeability
Unknown

Provenance

[defillama] Source: DeFiLlama
Review status
listed
Updated
2026-06-01 11:27 UTC

Hallmarks

  1. Dec '21cvxFXS Launched
  2. Jan '22MIM depeg
  3. May '22UST depeg
  4. Jun '22stETH depeg
  5. Nov '22FTX collapse
  6. Jul '23Curve reentrancy hack
  7. Sep '23cvxFXN Launched
  8. Oct '23cvxPRISMA Launched