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 conversion is 1-way. Liquidity pools may exist that allow users to swap cvxCRV for CRV tokens.

cvxCRV Staking

  • 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.

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