CVX is the governance token of Convex, a platform built to boost rewards for CRV stakers and liquidity providers. Convex boosts rewards thanks to the large amounts of veCRV that are under its control and the distribution of its CVX token as additional rewards.
CVX can be locked for 16 to 17 weeks for vote locked CVX (vlCVX) which cannot be traded or transferred. vlCVX holders can claim a portion of Convex platform fees and can vote for Curve governance proposals, including bi-weekly Curve gauge weight votes. vlCVX holders (and CVX holders for non-gauge weight votes) vote on Convex governance proposals in order to decide how Convex’s aggregate veCRV voting power will vote on Curve governance proposals. The veCRV voting power per vlCVX for each governance vote is calculated as Convex’s total veCRV voting power divided by the vlCVX (and CVX for non-gauge weight votes) that votes in that governance vote, with Convex voting on the Curve governance proposals in the same proportion as voted under the corresponding Convex proposal.