# Understanding cvxFPIS

&#x20;                        <img src="https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FryiO7cEdYaJF0tWQrHcb%2Fimage.png?alt=media&#x26;token=684b77ec-4955-423a-814b-ac7d62db5d2e" alt="" data-size="original">**cvxFPIS -** Convex-locked FPIS

### cvxFPIS is tokenized veFPIS

* If a user deposits **FPIS** into Convex, that **FPIS** is locked forever on the platform as **veFPIS**.&#x20;
* A tokenized version of **veFPIS**, **cvxFPIS**, is returned to the user at a 1:1 rate.&#x20;
* **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**.&#x20;
* 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](https://docs.convexfinance.com/convexfinance/general-information/convex-for-frax-finance/fpis-to-fxs-migration).


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