Understanding cvxCRV
cvxCRV token, and how it fits in the Convex platform
Last updated
cvxCRV token, and how it fits in the Convex platform
Last updated
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 conversion is 1-way. Liquidity pools may exist that allow users to swap cvxCRV for CRV tokens.
cvxCRV can be staked into the platform to receive normal Curve admin fees one would get for staking their veCRV on Curve.fi, as crvUSD.
Additionally, users staking cvxCRV may receive CRV from Convex's performance fee, as well as the platform native token CVX.
cvxCRV stakers can elect to receive rewards as 100% crvUSD, 100% CRV/CVX, or any ratio in-between in the "Rewards preferences" tab.
