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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.
Today, we’re exploring how Convex is continuing to produce leading crypto market yield for DeFi's capital allocators despite its more modest scale in 2026.
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