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Understanding cvxFXS

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.