# Understanding cvxFXN

#### cvxFXN is tokenized veFXN

* If a user deposits **FXN** into Convex, that **FXN** is locked forever on the platform as **veFXN**.
* A tokenized version of **veFXN**, **cvxFXN**, is returned to the user at a 1:1 rate.
* **cvxFXN** conversion is unidirectional. Liquidity pools may exist that allow users to swap **cvxFXN** for **FXN** tokens.

#### cvxFXN Staking

* **cvxFXN** can be staked on Convex to receive the fees one would get for locking their **veFXN** on Protocol FX.