Understanding cvxCRV
cvxCRV token, and how it fits in the Convex platform
- 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 3CRV.
- 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% 3CRV, 100% CRV/CVX, or any ratio in-between in the "Rewards preferences" tab.
Last modified 4d ago