Understanding CVX1

CVX1 is a tokenized version of staked CVX (stkCVX). CVX1 can be minted and redeemed at a 1:1 rate against CVX at any time.

CVX1 alone doesn't provide any yield, and can't be single-side staked, as its only purpose is to be paired with cvgCVX in the stablepool. All rewards produced by its underlyings stkCVX are passed to cvgCVX single-side stakers.

This system allows cvgCVX to keep its floating peg to CVX and to earn stkCVX rewards, while all its underlyings CVX are locked for vlCVX.

You can swap cvgCVX back to CVX directly in the Convergence's UI, whitout having to handle CVX1. The system will swap cvgCVX for CVX1 and redeem CVX in a single transaction.