> For the complete documentation index, see [llms.txt](https://docs.convexfinance.com/convexfinance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.convexfinance.com/convexfinance/general-information/why-convex/understanding-cvxcrv.md).

# Understanding cvxCRV

![](/files/-MZQ41SW4DZoWb_o8-oI)

### 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.