Convex Finance expands sidechain trips; launches on Polygon

ambcrypto.com:

In the last quarter of 2022, Convex Finance [CVX] committed to integrating several sidechains on its network. So, on 9 March, the liquidity provider announced that it had launched on Polygon [MATIC] to further foster the mission. 

How much are 1,10,100 CVXs worth today ?

Sidechains are secondary blockchains with their own consensus protocol, allowing the parent blockchain to improve its security and privacy.

According to the Medium-channeled statement , the integration would improve liquidity provision on Curve Finance [CRV] , and also boost token staking on the protocol.

The disclosure means that Polygon becomes the second sidechain and layer-two (L2) Ethereum [ETH] scaling solution to be involved.

In November 2022, Convex added Arbitrum to the fray. This led the former to create a cross-chain interface so users can interact with its Liquidity Pools (LPs).

Convex confirmed that the case Polygon would be similar to the interaction with Arbitrum. However, information from DeFi Llama revealed that the Convex Finance Total Value Locked (TVL) remained still in the fifth position. 

Source: DeFi Llama

The TVL represents the number of assets deposited by liquidity providers in smart contracts into a protocol. At the time of writing, the TVL had decreased by 5.60% in the last 24 hours. An interpretation of this points to hesitation in positively impacting the DeFi sector capital and applications. 

Convex added that the development would enable the single-sided staking in line with its recently-passed cvxFXS proposal. Furthermore, the blockchain yield optimizer pointed out that the current Arbitrum pools would align with the Polygon integration to aid user access. The communique mentioned, 

“Convex will be