Convex Finance APY explained: where the yield comes from

APY is a sum of parts

The APY shown for a Convex pool is not one number from one source. It adds trading fees from Curve, boosted CRV, CVX minted on top and sometimes extra tokens from the pool's partner protocol.

Base APY: trading fees

Paid by traders using the Curve pool. It grows with volume and does not depend on token prices.

CRV APY after the fee

Convex pools earn CRV at the boost of Convex's large veCRV balance. Convex takes 17% of this CRV (10% to cvxCRV stakers, 4.5% to CVX stakers, 2% treasury, 0.5% harvest caller); the rest goes to LPs.

CVX and extra rewards

CVX is minted pro-rata to the CRV you claim, at a ratio that falls as supply approaches 100 million. Some pools also stream extra tokens funded by partner protocols.

Why APY changes

• CRV and CVX prices move.
• Gauge votes shift emissions every week.
• Pool TVL grows or shrinks.
• Incentive campaigns end.

Reading APY correctly

Treat reward APY as a projection at today's prices, not a promise. Base APY is the most stable part; a pool with mostly reward APY can drop fast.

Key takeaways

• APY = fees + boosted CRV + CVX + extras.
• Convex keeps 17% of CRV for stakers and treasury.
• Reward APY floats with prices and votes.