A Next Generation Unified Marketplace

Fenix eliminates the need for multiple fee extractive protocols by providing all of the functions that power the Curve (Balancer) & Convex (Aura) ecosystems into a unified protocol.

Fenix is eliminating the significant inefficiency, value extraction and complex UX that is associated with multiprotocol DEX ecosystems. Through a native voting incentives marketplace coupled to the Fenix Nest and quality of life upgrades like the automatic max-lock feature, Fenix can consolidate all of the functions that drive the entire Curve & Convex ecosystems within a single protocol to offer a better user experience for all users.

The Fenix Nest The Fenix Nest enables a superior liquidity marketplace for protocols on Blast. The Nest enables vote delegation, vote optimisation and reward auto compounding functions that all sit within a native voting incentives marketplace. The Nest charges 0% fees. For users, this means a passive experience that selects the most optimal voting strategy to collect fees and voting incentives that compounds rewards back into your veFNX position. For protocols, this means automatically voting for your own pools, collecting underlying revenue and growing increasing governance power over emissions. The Fenix Nest automates the process of building liquidity at low cost.

This is a significant improvement in user experience and will maximise revenue for veFNX holders over a system that requires multiple value extractive layers. Furthermore, this efficiency in design encourages more positive-sum outcomes through users and protocols who can compound their voting power and rewards.

Fenix provides the entire liquidity infrastructure that powers the Curve & Convex on one platform. For these reasons, we believe Fenix is best positioned to be the home for liquidity on Blast.

Removing the LP Boost. We are taking the best of ve-tokenomics and removing the inefficiencies. The LP boost enables veTOKEN holders (like veCRV or veBAL) to earn up to 2.5x more rewards according to the relative holdings of a users veTOKEN balance and LP position size. Given that both the Curve and Balancer ecosystems have had time to establish we can observe a number of problems. As a liquidity marketplace for protocols, we want to maximise governance decentralisation by ensuring that all protocols can have an equitable opportunity to benefit from FNX emissions. The LP boost across both Curve and Balancer has ensured that a meta-protocol (Convex and Aura) owns most of the veTOKEN supply. As 60% of emissions are allocated to boosted pools, these meta layers end up controlling the majority of supply allocation, governance power and charge additional fees for access. This is inefficient and value extractive by design, and what we can see is that these systems converge onto all participants earning the same boost levels, which makes the entire system redundant. Fenix removes the inefficient LP boost and delivers all the features that meta-governance protocols enable without the fees and on a single platform.