Convex Finance (CVX) Exchange

About Convex Finance

CVX is the governance token of Convex Finance, an Ethereum yield protocol that sits on top of Curve Finance and lets liquidity providers earn boosted CRV rewards without locking CRV themselves. Curve pays its highest rewards to users who lock CRV into veCRV, a process that trades away liquidity for up to a 2.5x reward multiplier and voting power over which pools receive emissions. Convex absorbs that friction: users deposit Curve LP tokens or CRV into Convex, and the protocol pools everyone's stake into one enormous veCRV position, passing the boosted yield back without requiring individuals to lock anything for four years. A group of anonymous founders launched Convex in 2021, and it grew into a major holder of Curve voting power. CVX itself is the claim on that accumulated voting power. Holders who vote-lock CVX into vlCVX for a minimum of 16 weeks direct where Convex points its veCRV, which is why a market for vote incentives, commonly called bribes, formed around vlCVX. Convex also extended the same wrapper model to other protocols, including Frax, so CVX governs voting power beyond Curve alone.

CVX tokenomics

CVX has a hard cap of 100 million tokens, and its issuance is unusual: rather than releasing on a time schedule, CVX is minted pro-rata each time a Curve LP claims CRV on Convex, so emission slows as the cap approaches. About 93.2 million CVX were in circulation as of November 2026, according to CoinGecko.
Maximum supply — 100,000,000 CVX, hard cap
Circulating supply — approximately 93.2 million CVX (about 93% of the cap) as of November 2026, according to CoinGecko
Market data — market capitalization of about $166 million and a price of about $1.78 as of November 2026, according to CoinGecko; the all-time high was about $60 in January 2022
Emission model — CVX is minted pro-rata for each CRV claimed by Curve LPs on Convex, not on a fixed time schedule
Vote-locking — CVX locked into vlCVX for 16+ weeks earns protocol fees and directs Convex gauge votes
Protocol fee — Convex takes a 17% cut of CRV rewards generated by Curve LPs on the platform, split among CVX stakers, cvxCRV stakers, and vlCVX holders
Deployment — Ethereum, single contract, ERC-20

What determines CVX's value

CVX value is a geared bet on Curve's relevance. Every mechanism that gives CVX worth flows from Curve: the 17% fee Convex takes on CRV rewards, the veCRV voting power CVX controls, and the vote-incentive market that pays vlCVX holders to direct emissions. When Curve's total value locked and trading fees rise, the revenue accruing to vlCVX rises with them. CVX has no standalone yield source, so a structural decline in Curve would remove its primary revenue with no fallback.

Supply mechanics amplify whatever demand exists. With about 93% of the 100 million cap already circulating, future dilution is limited, and a large share of supply sits vote-locked in vlCVX for 16-week terms, which pulls it out of the tradable float. A near-exhausted cap and a high lock ratio compress liquidity and magnify price moves in both directions. The price is far below its January 2022 high, which reflects how far DeFi yield demand has fallen from its peak.