Understanding cvxFPIS
cvxFPIS is tokenized veFPIS
If a user deposits FPIS into Convex, that FPIS is locked forever on the platform as veFPIS.
A tokenized version of veFPIS, cvxFPIS, is returned to the user at a 1:1 rate.
cvxFPIS conversion is 1-way. Liquidity pools may exist that allow users to swap cvxFPIS for FPIS tokens.
cvxFPIS Staking
cvxFPIS can be staked on Convex to receive fees one would get for staking their veFPIS on Frax, as FPIS.
Additionally, users staking cvxFPIS may receive the platform native token CVX.
Frax has voted to merge FXS with FPIS governance tokens, and Convex has since sunsetted cvxFPIS and will be converting its FPIS to veFXS. Convex Finance will support the migration of both FPIS and cvxFPIS to cvxFXS at a 3 to 1 ratio. See more details about this in the FPIS to FXS Migration section.
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