Just wondering, how Convex is giving less APY than... @curvefi

Convex is offering less APY than Yearn because it has a different yield structure. While Yearn offers auto-compound yields, Convex does not. Instead, Convex offers a single yield that is calculated based on the amount of veCRV locked in the protocol. This means that the more veCRV locked, the higher the yield. As such, if Yearn has more veCRV locked in its protocol, it will offer a higher APY than Convex. However, if Convex has a higher amount of veCRV locked in its protocol, it may offer a higher APY than Yearn. Ultimately, it comes down to the amount of veCRV locked in each protocol and the yield they are offering.

Yearn auto-compound yields