[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

[@DefiShaka](/creator/twitter/DefiShaka)
"(6/13) Users who "convert and stake" exercise the Convex Finance CRV Depositor contract (0x8014595F2AB54cD7c604B00E9fb932176fDc86Ae). It accepts user $CRV mints $cvxCRV at a 1:1 ratio stakes the $cvxCRV and returns the user a receipt $stkCvxCrv token. Let's look at an example in the next post"  
[X Link](https://x.com/DefiShaka/status/1977633642227917010) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, 1597 engagements


"🚨(1/13) This thread examines how users have lost nearly $100000 converting their $CRV to $cvxCRV at @ConvexFinance which converts at a 1:1 ratio instead of swapping at the market rate. The goal is to educate users encourage improved documentation by @ConvexFinance and ask whether offering a 1:1 conversion option remains responsible when X $cvxCRV is worth about XXX $CRV today. Note: I've mentioned some of this to the team on the @ConvexFinance Discord and they are considering it"  
[X Link](https://x.com/DefiShaka/status/1977633630458454377) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, 24.7K engagements


"(2/13) First some quick stats before the background: * $83K in total user losses since Nov '24 (losses refer to the difference in value between the $CRV and $cvxCRV tokens at the time of the conversion) * XXX unique users (addresses) affected * 500+ affected transactions (users affected multiple times) * About XX% of users are affected by this behavior when *claiming/staking rewards* with the remaining XX% when convert/staking directly. * Worst user loss is $13250 by 0xa4cbe661"  
[X Link](https://x.com/DefiShaka/status/1977633633268871346) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, 1171 engagements


"(7/13) EXAMPLE 1: User 0x35dc55a on Feb XX 2025 via CRV Depositor contract (0x801459.) 1) Deposited 16883 $CRV ($8521) 2) Contract minted 16883 $cvxCRV ($5729; a $2792 loss) 3) Contract staked the 16883 $cvxCRV and returned 16883 $stkCvxCrv to the user User loses $2792 in value due to 1:1 conversion instead of swapping at market rates. Would have received about 25200 $cvxCRV if swapped at market rates"  
[X Link](https://x.com/DefiShaka/status/1977633644375384388) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(10/13) DOCUMENTATION: My main concern is that most users don't realize they are losing 40-70% of the value of their $CRV tokens via these transactions. Improving the @ConvexFinance documentation could mitigate these issues: 1) The main documentation on converting/staking doesn't mention this behavior at all 2) The main documentation on claiming rewards doesn't mention this behavior at all 3) The only documentation page that hints at this 1:1 conversion is a somewhat cryptic statement most users won't understand: "A tokenized version of veCRV cvxCRV is returned to the user at a 1:1 rate.""  
[X Link](https://x.com/DefiShaka/status/1977633650738106602) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(13/13) DISCLAIMER: I do my best to be accurate. If you find errors kindly let me know so I can correct them. I'm not a smart contract expert nor a developer. But I do enjoy data analysis and periodically uncover and post about interesting situations like this time in 2023 when OlympusDAO kept getting their vote-locked CVX kicked by a bounty hunter:"  
[X Link](https://x.com/DefiShaka/status/1977633658765980058) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:13Z 1734 followers, XXX engagements


"(5/13) There are two primary ways @ConvexFinance users may experience the 1:1 conversion of $CRV to $cvxCRV: 1) Converting & Staking 2) Claiming Rewards & Staking Let's look at each individually and show examples of users affected by each"  
[X Link](https://x.com/DefiShaka/status/1977633639904260232) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(9/13) EXAMPLE 2: User 0xa4cbe661ac. on Dec XX 2024 via Claim Zap V3 contract (0x3f29cB4111.) 1) Claimed/staked a variety of rewards including multiple batches of $CRV totaling 16061 $CRV ($18K) 2) Contract mints 16061 $cvxCRV ($12K; a $6K loss) 3) Contract staked the 16061 $cvxCRV and returned 16061 $stkCvxCrv to the user User loses $6K in value due to 1:1 conversion instead of swapping at market rates. Would have received about 25K $cvxCRV if swapped at market rates"  
[X Link](https://x.com/DefiShaka/status/1977633648838127945) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(14/13) Update 1: Regarding the 1:1 $CRV to $cvxCRV conversion when users claim/stake rewards: I asked Grok to analyze the smart contract code and it found that while the code has the ability to perform a swap using the Curve pool (instead of a 1:1 conversion) the "minAmountOut" variable in the contract that determines whether this occurs can only be modified via direct contract interaction (scripts bots etc.) but NOT via the Convex UI. The default when using the UI is the 1:1 conversion. Experts smarter than me will have to explore the details and see how accurate Grok's analysis is. See"  
[X Link](https://x.com/DefiShaka/status/1977682368086642720) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T10:26Z 1734 followers, XXX engagements


"@DingusPrime69_ @ConvexFinance You receive voting rights on @ConvexFinance by vote-locking $CVX not by staking $cvxCRV"  
[X Link](https://x.com/DefiShaka/status/1977957936501785053) [@DefiShaka](/creator/x/DefiShaka) 2025-10-14T04:41Z 1734 followers, XXX engagements


"Update: After additional investigation since Nov '24 users have lost nearly $300000 of value due to @ConvexFinance converting users' $CRV to $cxvCRV at a 1:1 price ratio instead of swapping at the market rate. This behavior occurs BOTH when users claim/stake rewards AND when users convert/stake directly). Image below shows cumulative user losses due to these conversions since Nov '24 when the $cvxCRV price dropped dramatically below that of $CRV. View the data yourself on my @Dune dashboard: Additional details about this analysis in the thread below"  
[X Link](https://x.com/DefiShaka/status/1979718726003163504) [@DefiShaka](/creator/x/DefiShaka) 2025-10-19T01:18Z 1734 followers, 6157 engagements


"🚨 While the $CRV price is up about XX% in the last week yesterday the $cvxCRV peg hit its lowest level ever: 0.42"  
[X Link](https://x.com/DefiShaka/status/1945266552778916094) [@DefiShaka](/creator/x/DefiShaka) 2025-07-15T23:37Z 1732 followers, 10.4K engagements


"🚨 $cvxCRV peg hits another all-time low of 0.35🚨"  
[X Link](https://x.com/DefiShaka/status/1945662187978260603) [@DefiShaka](/creator/x/DefiShaka) 2025-07-17T01:49Z 1732 followers, 16.7K engagements


"$cvxCRV peg hit another all-time low of XXXX today"  
[X Link](https://x.com/DefiShaka/status/1946051840770220032) [@DefiShaka](/creator/x/DefiShaka) 2025-07-18T03:38Z 1732 followers, 16.2K engagements


"For spot buyers of $CRV now underwater after today's liquidation event: if you are a long-term believer in the @CurveFinance & @ConvexFinance ecosystems one option is to stake your $CRV to earn yield while waiting for prices to recover. Multiple staking protocols exist in the community with different benefits and risks. One of those options is staking your $CVX as $cvxCRV on @ConvexFinance. Current APR is about 15%. Risks exist converting to $cvxCRV. The $cvxCRV to $CRV "peg" (not really a peg in the technical sense) is at XXX and could go lower (losing you money when you convert back to"  
[X Link](https://x.com/DefiShaka/status/1976828979270254955) [@DefiShaka](/creator/x/DefiShaka) 2025-10-11T01:55Z 1728 followers, 7276 engagements


"Are you saying the single step "convert then stake" option on @ConvexFinance ignores the current market rate for swapping $CRV to $cvxCRV and gives a 1:1 exchange rate no matter what Or is there another conversion you are referring to I find this hard to believe but will read the governance docs to verify"  
[X Link](https://x.com/DefiShaka/status/1977067459506323945) [@DefiShaka](/creator/x/DefiShaka) 2025-10-11T17:43Z 1732 followers, XXX engagements


"(11/13) APP UI: The @ConvexFinance web application also does a poor job informing users of this 1:1 conversion practice but gets credit for throwing a last-minute warning pop-up right before a user executes a conversion: 1) By default the 1:1 conversion practice is not mentioned at all on the convert/stake page nor on the claim rewards page. 2) On the convert/stake page a warning pop-up will show up if the user a) connects their wallet and b) enters an amount to convert (see image). The content of the pop-up is great but why is it only showing the information AFTER the user has decided to"  
[X Link](https://x.com/DefiShaka/status/1977633653409952230) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:13Z 1734 followers, XXX engagements


"(12/13) CONCLUSION: @ConvexFinance hard converts $CRV to $cvxCRV at a 1:1 rate losing users 40-70% of the value of their $CRV in the current market environment. Documentation and awareness of this practice is poor and users have lost nearly $100K in value due to this practice over the last year. Easy fixes include updates to documentation and the web UI to better educate users. Perhaps years ago when Ethereum gas prices were higher and $cvxCRV tracked $CRV prices much more closely the "convert and stake" feature saved users money. But in today's environment it's harming users. Updating the"  
[X Link](https://x.com/DefiShaka/status/1977633656375333194) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:13Z 1734 followers, XXX engagements


"I just watched this video which was posted about X years ago. He discusses the convert/stake option from 1:20-2:25 in the video. X years ago gas fees were much higher and the "peg" (not technically a peg) between $CRV and $cvxCRV was much closer so using that method was likely fine. However if you follow those instructions today it will lose you over XX% the value of your $CRV (because you'll only get half the $cvxCRV you would get if you swapped it on the market)"  
[X Link](https://x.com/DefiShaka/status/1977646239006257173) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T08:03Z 1731 followers, XXX engagements


"@DingusPrime69_ @ConvexFinance @ConvexFinance receives voting rights for its veCRV. It doesn't pass those voting rights on to $cvxCRV stakers"  
[X Link](https://x.com/DefiShaka/status/1977959417648984525) [@DefiShaka](/creator/x/DefiShaka) 2025-10-14T04:47Z 1733 followers, XXX engagements


"@DingusPrime69_ @ConvexFinance Like I said you get voting rights via vote-locking $CVX ( $vlCVX ) not by staking $cvxCRV"  
[X Link](https://x.com/DefiShaka/status/1977959765407125593) [@DefiShaka](/creator/x/DefiShaka) 2025-10-14T04:48Z 1734 followers, XXX engagements


"On April XX 2025 user blacksail.eth lost about $26K by converting 81.5K $CRV to $cvxCRV on @ConvexFinance which converts at a 1:1 ratio (instead of swapping at the market rate). 81538*$0.63 = $51369 ( $CRV ) 81538*$0.31 = $25277 ( $cvxCRV ) Loss = $26092 (a XX% loss) @blacksail_fi is this you If so please note the thread linked below to avoid in the future"  
[X Link](https://x.com/DefiShaka/status/1978284505019687228) [@DefiShaka](/creator/x/DefiShaka) 2025-10-15T02:19Z 1728 followers, 2333 engagements


"When $YB bribes ser"  
[X Link](https://x.com/DefiShaka/status/1979335109615755543) [@DefiShaka](/creator/x/DefiShaka) 2025-10-17T23:53Z 1733 followers, 3051 engagements


"(3/13) Explore the data yourself on my @Dune dashboard. Not polished but functional"  
[X Link](https://x.com/DefiShaka/status/1977633635110138005) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(4/13) BACKGROUND: $cvxCRV is offered by @ConvexFinance as a liquid alternative to staking your $CRV directly on @CurveFinance (which requires a X year lock for the max boost; locking "allows users to participate in governance boost their LP rewards and earn protocol accrued fees.") Originally X $cvxCRV was worth about X $CRV. But in November of 2024 the value of $cvxCRV to $CRV dropped precipitously. $cvxCRV has remained at an XX% - XX% discount for most of 2025; it takes about X to X $cvxCRV to equal X $CRV"  
[X Link](https://x.com/DefiShaka/status/1977633637542838364) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, XXX engagements


"(8/13) Now let's look at a claiming rewards and staking example. Users who claim and stake their $CRV rewards in a single go exercise the Convex Finance: Claim Zap V3 Contract (0x3f29cB4111CbdA8081642DA1f75B3c12DECf2516). It appears that if $CRV rewards exist and are to be staked the contract calls the Curve Depositor contract mentioned above and the same process of minting $cvxCRV at a rate of 1:1 is performed. Let's look at an example in the next post"  
[X Link](https://x.com/DefiShaka/status/1977633646564741276) [@DefiShaka](/creator/x/DefiShaka) 2025-10-13T07:12Z 1734 followers, 1168 engagements


"I found a single user who lost $100000 converting their $CRV to $cvxCRV at @ConvexFinance which converts at a 1:1 ratio (instead of swapping at the market rate). Etherscan link to the transaction below"  
[X Link](https://x.com/DefiShaka/status/1977954200576561584) [@DefiShaka](/creator/x/DefiShaka) 2025-10-14T04:26Z 1734 followers, 8970 engagements


"Full price history of @yieldbasis $YB on @coinbase since release a few days ago"  
[X Link](https://x.com/DefiShaka/status/1979788081441194004) [@DefiShaka](/creator/x/DefiShaka) 2025-10-19T05:53Z 1734 followers, 3791 engagements