What is cvxCRV? 

cvxCRV is the Convex Finance's staking representative ERC-20 token that is given to stakers for staking CRV. Convex Finance is a DeFi staking yield boosting protocol that serves Curve Finance. 

According to Convex's official document, cvxCRV is a tokenized version of 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 one-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 will receive CRV from Convex's performance fee, as well as the platform native token CVX.

What is Convex Finance?

Convex Finance is initially a Curve Finance staking boosting DeFi protocol that helps both Curve's LPs and CRV stakers maximize their capital efficiency. Convex Finance also expands its strategies into other DeFi protocols like Frax Finance, which adopted a similar token-locking model for its governance token FXS. 

How does Convex Finance work?

Convex allows Curve.fi liquidity providers to earn trading fees and claim boosted CRV without locking CRV themselves. Liquidity providers can receive boosted CRV and liquidity mining rewards with minimal effort.

For more detailed information, please refer to the official documentation.