$CVX -- One of the strongest performers from the DeFi narrative, with the best flywheel in action. - @ConvexFinance controls over 50% of the supply of $CRV and $FXS, two major DeFi projects that partnered with @BlackRock for DeFi expansion. - The intrinsic value of $CVX is around $10.78, derived from their overall exposure in CRV, FXS, PRISMA, and FXN treasury. The market price of $CVX is around $5.25—giving a straight 50% discount. - Around 62% of the $CVX is locked, staked, and managed by the treasury right now, indicating a lower supply available in the market, while demand is set to increase with more adoption of Curve Finance and Frax Share due to upcoming RWA side interest. - Convex made over $18M in fees last year and $7.5M in revenue. We could expect these numbers to grow by at least 2x in 2025.