Understanding cvxFXS
Last updated
Last updated
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.
