The category's dominant wrapper — 418.5m veCRV, 53.63% of all voting escrow — issuing a receipt that has no redemption at any price and cleared 53.02% below the underlying on a $100k exit at block 25,738,905. Strongest on contract control and dated incident record of the wrapper itself (8/10): MINT PATH re-verified. cvxCRV 0x62B9c7356A2Dc64a1969e19C23e4f579F9810Aa7: EIP-1967 slot reads 0x0, code 3,762 bytes. cCrv.sol gates both mint and burn on the operator. operator() = CrvDepositor 0x8014595F2AB54cD7c604B00E9fb932176fDc86Ae (non-upgradeable), which exposes no setOperator call, so the mint right is… Weakest on the exit that does not exist: measured discount and any contractual redemption (4/10): RE-VERIFIED 2026-08-12. Character-exact in re-fetched llms-full.txt (83,850 bytes): "If a user deposits CRV into Convex, that CRV is locked forever on the platform as veCRV." and "cvxCRV conversion is 1-way. Liquidity pools may exist that allow users to swap cvxCRV for CRV tokens." CORRECTION: "Remember, this process… Published price: Re-fetched and re-verified 2026-08-12 as raw markdown from https://docs.convexfinance.com/convexfinance/faq/fees (HTTP 200, text/markdown, 3,127 bytes). Every quote below is character-exact.
Liquid Lockers
Liquid Lockers evaluated across the exit that does not exist: measured discount and any contractual redemption, who controls the votes and the bribes, and what reaches the depositor, what happens if the base protocol changes or dies, and whether the wrapper can unwind at all, and contract control and dated incident record of the wrapper itself.
Ranked on 4 published criteria weighted 35/25/20/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
What matters most before choosing in this category
You are being asked to convert a governance token into a receipt, permanently. Convex states it in its own documentation: "cvxCRV conversion is 1-way". So the only money you can actually get back is whatever the secondary market will pay, and on 2026-08-12 that market was pricing these receipts 39% to 54% below the asset they represent — 52.96% for cvxCRV, 53.72% for sdCRV, 50.59% for yCRV and 72.07% for clevCVX, all measured at a $100,000-equivalent exit. That size qualifier is not pedantry: one receipt shows 4.53% at $10,000 and 72.15% at $100,000, a sixteen-fold difference in the same asset on the same day, which is why every discount here is quoted at two sizes and why any single-number quote for these instruments is close to meaningless. A contract-enforced redemption at net asset value therefore outranks any market price, because a bid can vanish and an obligation cannot. Then ask what the lock actually earns you: the receipt you hold and the token that votes are frequently different tokens held by different people, so read the published fee split to the decimal rather than the marketing about maximised yield.
You are being asked to convert a governance token into a receipt, permanently. Convex states it in its own documentation: "cvxCRV conversion is 1-way". So the only money you can actually get back is whatever the secondary market will pay, and on 2026-08-12 that market was pricing these receipts 39% to 54% below the asset they represent — 52.96% for cvxCRV, 53.72% for sdCRV, 50.59% for yCRV and 72.07% for clevCVX, all measured at a $100,000-equivalent exit. That size qualifier is not pedantry: one receipt shows 4.53% at $10,000 and 72.15% at $100,000, a sixteen-fold difference in the same asset on the same day, which is why every discount here is quoted at two sizes and why any single-number quote for these instruments is close to meaningless. A contract-enforced redemption at net asset value therefore outranks any market price, because a bid can vanish and an obligation cannot. Then ask what the lock actually earns you: the receipt you hold and the token that votes are frequently different tokens held by different people, so read the published fee split to the decimal rather than the marketing about maximised yield.
Expert review and scoring weights
How this category is reviewed
Reviewed on the exit that does not exist: measured discount and any contractual redemption, who controls the votes and the bribes, and what reaches the depositor, what happens if the base protocol changes or dies, and whether the wrapper can unwind at all, and contract control and dated incident record of the wrapper itself.