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- If a user deposits FXS into Convex, that FXS is locked forever on the platform as veFXS.
- A tokenized version of veFXS, cvxFXS, is returned to the user at a 1:1 rate.
- cvxFXS conversion is 1-way. Liquidity pools may exist that allow users to swap cvxFXS for FXS tokens.
- cvxFXS can be staked on Convex to receive fees one would get for staking their veFXS on Frax, as FXS.
- Additionally, users staking cvxFXS may receive FXS from Convex staking fees as well as the platform native token CVX.