Understanding cvxCRV
cvxCRV token, and how it fits in the Convex platform

cvxCRV is tokenized veCRV

  • If a user deposits CRV into Convex, that CRV is locked forever on the platform as veCRV.
  • A tokenized version of veCRV, cvxCRV, is returned to the user at a 1:1 rate.

cvxCRV Staking

  • cvxCRV can be staked into the platform to receive normal Curve admin fees one would get for staking their veCRV on, as 3CRV.
  • Additionally, users staking cvxCRV will receive CRV from Convex's performance fee, as well as the platform native token CVX.

cvxCRV Liquidity Pools

  • Rather than staking cvxCRV, users can also choose to contribute to the Sushiswap liquidity pool cvxCRV/CRV.
  • Users can then stake the SUSHI LP token on Convex Finance to receive a separate pool of CVX rewards for providing liquidity to others to enter and exit convex CRV ecosystem via the cvxCRV token.