# Understanding cvxFXS

![](https://2181409797-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXUXhi90m2Jg6S04DpE%2Fuploads%2FWpzjH8d0hYzoWVz2b1v0%2Fimage.png?alt=media\&token=dadefbf1-6463-4377-9924-9ad1027d943f)

### cvxFXS is tokenized veFXS

* 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 Staking

* **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**.