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DeFi’s Sleeper Yield Opportunity

How Convex Finance is still serving top farming opportunities four years after its peak.

Jack Inabinet
Mar 19, 2026 • 3 min read

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Convex was once DeFi’s ultimate power broker.

At its peak in early 2022, this DeFi protocol controlled more than $20B in user deposits and used its immense governance control over the adjacent Curve ecosystem to mold crypto’s liquidity landscape.

While Convex remains firmly embedded in the onchain economy – still fulfilling its role as a battle-tested bastion for yield and ranking among the largest protocols in its category – this former giant stands diminished, with total value locked down 97% after having failed to reclaim its DeFi dominance in recent years.

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DeFi’s Sleeper Yield Opportunity

Written by Jack Inabinet

907 Articles • View all

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.