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About Convex
Convex Finance is a DeFi protocol that maximizes yields for Curve Finance liquidity providers by aggregating veCRV voting power. Launched in May 2021, Convex solved a key problem: earning maximum CRV rewards on Curve requires locking CRV for up to 4 years, which most users can't or won't do.
Convex pools veCRV from users who stake their CRV, then uses this aggregated voting power to boost rewards for all Convex depositors. Curve LP token holders can stake on Convex to earn boosted CRV + CVX rewards without personally locking any CRV. This democratized access to boosted yields and sparked the "Curve Wars"—protocols competing for Convex's CVX voting power to direct CRV emissions.
The platform has expanded beyond Curve to support Frax Finance (cvxFXS) and f(x) Protocol. CVX token holders can lock their tokens as vlCVX to vote on gauge weights and earn bribes from protocols seeking emission direction. With over $1 billion TVL, Convex is central to the Curve ecosystem.
Key Features
Boosted CRV Rewards
Earn maximum Curve rewards without personally locking CRV for 4 years
CVX Rewards
Stake Curve LP tokens to earn CVX on top of boosted CRV
cvxCRV Staking
Stake CRV as cvxCRV to earn CRV, CVX, and 3CRV rewards
vlCVX Voting
Lock CVX to vote on Curve gauge weights and earn bribes
Frax Support
Stake FXS as cvxFXS for boosted Frax protocol rewards
Auto-Compounding
Rewards are automatically claimed and compounded for depositors
Use Cases
Curve LP Boosting
Earn maximum CRV rewards on your Curve LP positions without locking CRV
CRV Staking
Convert CRV to cvxCRV to earn yields without 4-year lockups
Governance Power
Lock CVX as vlCVX to direct Curve emissions and earn bribes
Passive Yield
Stake and earn auto-compounded rewards across Curve and Frax
Protocol Influence
Protocols accumulate CVX to influence CRV emissions to their pools
Project Info
Frequently Asked Questions
Convex solves Curve's boost problem. To earn maximum CRV rewards, you need to lock CRV as veCRV for up to 4 years. Most users can't do this. Convex aggregates veCRV from many users to provide boosted rewards to everyone who stakes Curve LP tokens on Convex—no personal locking required.
CRV is Curve's token. veCRV is vote-escrowed CRV locked directly in Curve for up to 4 years—it provides voting power and boost but is illiquid. cvxCRV is CRV deposited into Convex—it's liquid (tradeable) and earns yields from Convex's aggregated veCRV position. Converting CRV to cvxCRV is one-way.
Curve Wars refers to protocols competing to accumulate CVX/vlCVX to direct CRV emissions. Since Convex controls significant veCRV, controlling CVX voting power means controlling where Curve rewards go. Protocols offer "bribes" to vlCVX voters to vote for their pools, creating a meta-game around emission direction.
vlCVX (vote-locked CVX) is CVX locked for 16+ weeks. vlCVX holders vote on which Curve pools receive CRV emissions. Protocols pay "bribes" (token rewards) to vlCVX voters who direct emissions to their pools. Bribes are often more valuable than the CVX locked, creating attractive yields for voters.
No, converting CRV to cvxCRV is one-way and permanent. However, cvxCRV is tradeable on DEXs. The cvxCRV/CRV exchange rate fluctuates based on market conditions—sometimes cvxCRV trades at a discount or premium to CRV. Consider this before converting.