Convex Finance offers three distinct ways to earn yield, each suited to a different asset and risk appetite: depositing Curve LP tokens for boosted rewards, converting CRV into staked cvxCRV, and locking CVX into vlCVX. The first two require no long commitment and pay out in a mix of CRV, CVX, and trading fees, which is why Convex became the default home for Curve liquidity. Picking the right one depends on what you hold and how liquid you need to stay.
This guide walks through each path, what it pays, and the trade-offs, so you can match a strategy to your position.
The Three Ways to Earn
| Strategy | What you deposit | What you earn | Liquidity |
|---|---|---|---|
| Curve LP staking | Curve LP tokens | Boosted CRV + CVX | Withdraw anytime |
| cvxCRV staking | CRV (converted to cvxCRV) | CRV + CVX + fees | cvxCRV is tradeable |
| vlCVX locking | CVX | Fees + voting incentives | 16-week lock |
The first two carry no lock. The third trades liquidity for governance power and bribe income, and it is covered in depth in our guide to vote-locked CVX.
Staking Curve LP Tokens
This is Convex's original product. If you provide liquidity to a Curve pool, you receive an LP token. Deposit that token into Convex and you earn the same CRV rewards you would on Curve, boosted by Convex's pooled veCRV, plus additional CVX on top. You skip the four-year veCRV lock entirely while still receiving boost close to the maximum.
The process is short:
- Provide liquidity to a Curve pool and receive the LP token.
- Deposit the LP token into the matching Convex vault.
- Stake the receipt token to start earning.
- Claim accumulated CRV and CVX whenever you like.
Because the boost comes from Convex's shared position rather than your own locked CRV, this route delivers a higher effective yield than most LPs could achieve solo. A clear walkthrough of the boost mechanics is published on independent DeFi resources such as Portals' Convex explainer.
Staking cvxCRV
If you hold CRV directly and want yield without locking it yourself, you can convert it to cvxCRV through Convex and stake that. cvxCRV represents Convex's permanently locked veCRV, so staking it earns a blend of CRV emissions, a portion of Convex's fee revenue, and CVX rewards.
The key feature is liquidity. Converting CRV to cvxCRV is one-way, but cvxCRV itself trades on secondary markets, so you can exit by selling rather than waiting out a lock. That flexibility usually comes at a small price: cvxCRV often trades slightly below CRV, reflecting the one-way conversion. The exact reward split and conversion terms are documented in Convex's staking documentation. This route gives CRV holders most of the benefit of a maxed-out veCRV lock while keeping an exit open, which is the same logic that powered Convex's win in the Curve Wars.
How the Yields Compare
Returns shift constantly with Curve emissions, trading volume, and CVX price, so any figure is a snapshot. As a general shape, Curve LP staking pays the steadiest yield and stays fully liquid, cvxCRV staking adds fee income and a CVX kicker while remaining sellable, and vlCVX locking carries the highest potential return through bribes but demands the 16-week lock. The CVX you earn from the first two strategies links your returns to the token's price, which is analyzed in our CVX price prediction analysis. How those CVX rewards are minted and capped is set out in our CVX tokenomics breakdown.
The Risks to Weigh
Convex staking inherits Curve's risks and adds its own. Impermanent loss applies to any Curve LP position before Convex even enters the picture. cvxCRV can trade at a discount to CRV, so converting at the wrong time costs value. Reward rates fall when Curve emissions or bribe demand decline. And the staking contracts, audited and battle-tested as they are, carry the smart contract risk common to all DeFi. None of these are reasons to avoid Convex, but they should shape position sizing.
Frequently Asked Questions
What rewards do you earn on Convex?
Convex pays rewards in a mix of CRV, CVX, and a share of protocol fees, depending on the strategy. Curve LP staking earns boosted CRV plus CVX, cvxCRV staking adds fee income, and vlCVX locking earns fees plus voting incentives.
Is cvxCRV the same as CRV?
No. cvxCRV is a token representing CRV that has been permanently locked through Convex into veCRV. It earns staking rewards and can be sold on secondary markets, but converting CRV to cvxCRV is one-way and cannot be reversed directly.
Do I need to lock anything to earn on Convex?
Not for the main strategies. Staking Curve LP tokens and staking cvxCRV both let you withdraw or sell at will from a compatible wallet. Only vlCVX requires a lock, in exchange for governance power and bribe income.
Choosing a Convex Strategy
The right Convex strategy follows from what you already hold. Curve liquidity providers get the cleanest boost by depositing their LP tokens, CRV holders get fee-enhanced yield through cvxCRV while keeping an exit, and CVX holders willing to lock get the richest returns through vlCVX. Each path pays partly in CVX, so your yield is tied to the token's health regardless of which you pick.
Match the strategy to your liquidity needs first, then to your conviction. The fundamentals behind all three sit in our Convex vs Curve comparison.
Trade CVX on the spot market or open a leveraged position with CVX perpetual futures on LeveX. Explore Crypto in a Minute for more DeFi guides.