cvxCRV vs CRV vs veCRV: which should you hold?

Three forms of the same asset

CRV is Curve's liquid token. veCRV is CRV locked on Curve for up to four years — non-transferable but with votes, fees and boost. cvxCRV is CRV permanently locked through Convex and returned as a liquid token.

CRV: maximum flexibility

Plain CRV can be sold anytime but earns nothing by itself. It suits short-term holders or anyone who wants to decide later.

veCRV: maximum control

Locking directly gives you your own gauge votes, a share of Curve fees and a boost of up to 2.5× on your own LP positions. The cost: your CRV is locked and decays unless you keep relocking.

cvxCRV: yield plus liquidity

Stakers earn 10% of all CRV generated by Convex LPs, Curve fees and crvUSD fees passed through veCRV, and CVX. You can exit by selling on the market — but conversion is one-way and cvxCRV can trade below 1 CRV.

Side-by-side

• Liquidity: CRV high · cvxCRV medium (market) · veCRV none.
• Own votes: veCRV yes · cvxCRV no (Convex votes via vlCVX) · CRV no.
• Personal LP boost: veCRV yes · others no.
• Peg risk: only cvxCRV.

Which one to pick

Large LPs who need boost and votes often prefer veCRV. Holders wanting passive yield with the option to exit often prefer cvxCRV — ideally bought below 1:1 on the market rather than converted.

Key takeaways

• CRV = flexible, no yield.
• veCRV = control, fully locked.
• cvxCRV = yield and liquidity, with peg risk.