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 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.