Pounders
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Once you've joined the Union, you have the ability to choose the form in which you'd like to receive your rewards, with three main options:
uCRV: This is an auto-compounded cvxCRV vault share token that stakes single-sided on Convex. The Union aims to maximize your yield by optimizing reward weights on Convex, which can vary between CRV + CVX governance tokens and 3CRV Curve revenue share.
uCVX: In collaboration with Redacted Protocol, we offer an auto-compounded pxCVX, a liquid CVX wrapper. The compounding occurs by converting bribe rewards bi-weekly into more pxCVX, which is then distributed over the subsequent two weeks.
scrvUSD: This is the official Curve vanilla scrvUSD vault that has a 0% fee on yield.
Each of these pounders has its own fee structure that can be viewed by hovering over the APY figure on its page.
Note that even if you're not a Union member, you can still deposit into and withdraw from these pounders, as they operate independently of Union membership. This is very helpful in case you don't want to join the Union, but still want to auto-compound your cvxCRV or pxCVX.
The uCVX pounder does require some extra attention: it involves temporary depeg and custody risks. However, in the rare case of a depeg there is a secure path to redemption, given the collateral-backed and leverage-free nature of the system. In a worst-case scenario, if the pool depegs, the pxCVX would revert to a standard 16-week CVX lock, ensuring you always have a way to reclaim your CVX.
uTokens are essentially your representation of your stake in the respective pounder. The key thing to understand is that for example 1 uCRV does not equate to 1 cvxCRV. Here's why:
When the pounder claims and reinvests profits, the number of your uCRV tokens doesn't change. However, the value of each uCRV token increases as it represents more underlying cvxCRV.
Moreover, every two weeks, as Votium bribes are processed, the amount of cvxCRV each of your uCRV tokens represents grows.
For example:
You have 100 uCRV worth 150 cvxCRV
Someone calls harvest() on the Pounder
You still have 100 uCRV but they’re now worth 155 cvxCRV
The value of 1 uCRV in terms of cvxCRV is dynamic and keeps increasing. You can find the current ratio by looking up the pounder contract on Etherscan and then divide the totalUnderlying by totalSupply to get the value.
As for the value of uCRV in dollars, you can use the built-in slider or input box on the Union's platform. Just indicate that you want to withdraw 1 uCRV, and the platform will display the dollar value of 1 uCRV for you. The system dynamically calculates the dollar value based on the current market rate.
