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.
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