In the first part we got acquainted with the concept of the CRV Pensioner and learned that there are several ways to earn income from the Curve ecosystem. Today we’ll explore the simplest of them — vlCVX, which delivers investors ~30% annual returns without the need to lock CRV for 4 years.
CONTENTS
Liquidity War: why your votes are worth millions
What is vlCVX in simple terms
Why protocols are willing to pay you
The two main marketplaces for votes
How this auction works
vlCVX: your ticket to the bribe recipients club
Advantages of vlCVX
Disadvantages of vlCVX
Who it suits
How it works: step-by-step guide
Step 1: Obtaining vlCVX
Step 2: Choosing an income strategy
Option A: delegate to StakeDAO
Option B: Votium — the tried and tested classic
Option C: Union — full autopilot with reinvestment
Option D: VoteMarket — for active investors
Risks: an honest conversation
Frequently Asked Questions
Why now
What’s next
Every two weeks, protocols compete for the right to direct the emission of more than 5.27 million CRV (worth about $3 million) into their pools. To steer CRV emissions, they must incentivize vlCVX holders to vote for their target pool. The process of incentivizing vlCVX holders to vote for specific pools got the cheeky name "bribes". Sounds like fantasy? Welcome to the reality of Curve Wars — the battle among protocols for control over emissions and liquidity worth billions of dollars.
Rewards for LP providers are not credited directly into the pool: they flow through a separate “gauge” contract. To receive them, simply stake (lock) your LP tokens in that gauge — the contract will automatically distribute the rewards. Voting on emission allocation happens not for the pools themselves, but for their corresponding gauge contracts.
Imagine Curve as a giant fountain that pours $3 million worth of CRV tokens every week. Everyone wants to channel that flow into their own “pool” (liquidity pool), but the tap is controlled by holders of voting tokens.
vlCVX is your share of governance power in Convex, which in turn controls over half of all votes on Curve. It's like one party controlling Congress with a supermajority.
CVX is the Convex Finance token. vlCVX stands for “vote-locked CVX,” a special token issued to you in exchange for locking your CVX on Convex Finance for a base period of 16 weeks (aligned to weekly epochs). This token lets you participate in votes on distributing liquidity-provider rewards on Curve as CRV emissions.
Moreover, vlCVX is more than just voting power on Curve, although Curve remains the main income source. Convex has evolved into a multi-protocol platform by adding voting power in other DeFi protocols alongside its core asset (veCRV).
To date, vlCVX grants voting power equal to 10 veCRV — the bedrock of bribe income. But on top of that, you also receive votes in veFRAX (Frax Finance), veFXN (f(x) Protocol), veRSUP (Resupply), and other protocols.
Convex Finance controls an absolute majority of voting power in the Curve ecosystem. With 415 million veCRV under management, Convex holds 52% of all votes — more than all other participants combined.
Importantly, Convex secured this dominant position back in mid-2022 and has held it ever since.
Control over these votes means control over the weekly emission of 2.64 million CRV worth over $3 million. Protocols literally have no choice: to secure a significant share of CRV emissions for their pools, they must pay vlCVX holders.
In over 4 years of the bribe market’s existence, more than $500 million has been distributed among voting-token holders. And that’s only public bribes — many protocols strike private OTC deals with large vote holders.
Here’s where it gets interesting. Imagine there are special marketplaces where protocols can “buy” your votes. It’s like eBay, but instead of goods, votes for governing a DEX are sold. Every two weeks, these platforms host a real wallet battle.
Bribes (from English “bribes”) are rewards that projects pay vlCVX/veCRV holders for voting in favor of their pools on Curve.
Mechanism: more votes → more CRV emissions to the pool → more CRV rewards for liquidity providers → more liquidity for the project’s token.
Votium is the oldest and largest bribe market. Think of it as NYSE for vlCVX votes. In the 98th two-week round (yes, they’ve already done 100 rounds), Votium distributed $1.2 million:
Resupply paid $330,230 for votes
Inverse Finance — $198,050
Convex — $151,890
And dozens more protocols competed for vlCVX holders’ attention
VoteMarket is a newer player, created by the StakeDAO team. It operates as a modern marketplace with a user-friendly interface and low fees. In rounds 195–196 it handled $659 thousand. It’s like a modern shopping mall next to a traditional market.
The process is surprisingly simple. Protocols come to these marketplaces and say, “We will pay $0.03 for each vlCVX that votes for our pool.” vlCVX holders review the offers and choose the most profitable. This happens every two weeks, synced with Curve’s voting cycle.
Why do protocols pay such sums? Because it’s an efficient way to boost liquidity. For every $1 spent on buying votes, a protocol receives CRV emissions to its gauge worth more than $1. Bribe efficiency often exceeds 2×.
This mechanism attracts liquidity providers like a magnet and creates a win-win collaboration between protocols and vlCVX/sdCRV/veCRV holders.
Forget the complexities of locking CRV directly for 4 years, managing votes yourself, and optimizing strategies. vlCVX is a simplified gateway into the Curve economy, often yielding higher returns than direct veCRV ownership.
Lock for only 16 weeks (4 months vs 4 years)
No need to renew the lock to maintain power
Current voting-power multiplier: 1 vlCVX = ~10 veCRV votes (at 4.5× price)*
Automation via delegation
Yield ~30% APR*
*Exact ratio may vary depending on the total CRV locked in Convex and the percentage of staked CVX. As of June 2025, Convex controls 419.8 M CRV with 41.3 M vlCVX, yielding ~10.17 to 1 ratio. This means each vlCVX controls votes of 10 CRV "locked forever" → "Each vlCVX = 10 veCRV votes. However, you only need to lock CVX for 16 weeks.
Historical peak yield reached 69% APR, of which 61% came from bribes. As of mid-2025, yield has stabilized around ~30% APR — StakeDAO offers 33.85% APR and 98th-round Votium data shows 31.61% APR.
Additional protocol risk tied to Convex
No access to Curve trading fees (2–3% APR) — if fees rise, veCRV may be more attractive
No boost for your own liquidity
CVX is more volatile vs CRV
Extra technical complexity due to the Convex contract layer
vlCVX — if you want maximum bribes with a short lock. veCRV — if you provide liquidity on Curve yourself and seek the most reliable, native option. Best for those who never plan to sell, since waiting 4 years without renewal means significant income loss.
Buy CVX tokens on any exchange or aggregator
Go to Convex Finance
Lock CVX for 16 weeks
Receive vlCVX — your voting tokens
⚠️ Important: After 16 weeks, you'll need to relock. Before voting starts or before your delegate votes (you have 4 days from unlock). Miss it — miss the round's bribes.
Let’s explore four popular paths, each with its own features and advantages:
StakeDAO offers vlCVX delegation with additional incentives in their SDT token. The delegation mechanism launched a few months ago and already manages 2.5 million vlCVX.
It’s like hiring a professional manager for your investments. StakeDAO:
Picks the most profitable bribes for you
Delegate once and forget
Pays extra bonuses in SDT tokens
Can convert all rewards into crvUSD stablecoin
Who it’s for: those who want high yield with minimal effort.
Advantages:
Higher yield — extra SDT tokens on top of base rewards
Full automation — delegate once and earn
Two reward modes:
Direct rewards in various tokens
Automatic conversion to crvUSD + bonus SDT
Yield optimization by professionals
Feature:
4% profit fee
Especially attractive is automatic conversion to crvUSD — instead of dozens of tokens you get one stablecoin plus bonus SDT. Ideal for those who want to simplify reward management and cut gas costs.
StakeDAO delegation with crvUSD conversion is especially profitable for small vlCVX holders, as gas fees for collecting bribes in various tokens can eat up a significant portion of profits. The platform collects all rewards for you and converts them into a single stablecoin.
INSTRUCTIONS
Choose reward mode:
“Receive direct rewards” — get all tokens directly
“Receive crvUSD and additional SDT” — automatic stablecoin conversion
Confirm the transaction
Claims can be made after distribution on https://votemarket.stakedao.org/curve/claim
Votium is time-tested and runs without your active involvement. 100 rounds of continuous payouts. The platform has proven its reliability and dominates the bribe market.
Picks the most profitable bribes for you
Delegate once and forget
Requires manual conversion of collected rewards
Who it’s for: conservative investors who value reliability.
Advantages:
Full automation — delegate once and earn
Proven reputation since 2021
Yield optimization by professionals
Feature:
4% profit fee
Votium processes hundreds of millions of dollars in bribes and has never missed a payout. The choice for those who value stability.
INSTRUCTIONS
Go to https://votium.app
Click Delegate
Confirm the transaction
Claims can be made after distribution on https://votium.app/claim
For those seeking full automation plus reinvestment, there’s Union by Llama Airforce.
Union not only collects rewards but also automatically reinvests them:
All rewards are converted and reinvested
Compound-interest effect boosts yield
Solves high-gas fee issues
Works on top of Votium, so fees accumulate accordingly
Features:
Votium profit fee 4% + Union fee 2% (on all Votium-collected income)
If you capitalize in scrvUSD:
Votium profit fee 4% + Union fee 4% (on all Votium-collected income)
Who it’s for: long-term investors seeking maximum automation; small capital investors wanting to save on gas.
Union delegation is attractive for small vlCVX holders, as gas fees for collecting various token bribes can eat into profits. The platform collects, converts, and automatically reinvests rewards via “pounders” — special compounding vaults.
INSTRUCTIONS
After delegating on Votium, go to https://llama.airforce/union/member
Choose a reinvestment allocation among yield tokens
Click Submit
Confirm the transaction
Claims can be made after distribution on the same page, in the respective token tab
VoteMarket is a handy tool for active, experienced users who want to pick the most lucrative bribes themselves.
It’s like trading on an exchange:
You choose which pools to vote for
You can earn more or less by selecting the most generous bribes and combining strategies
Requires participation every 2 weeks
Who it’s for: experienced users ready to spend time optimizing.
Feature:
No fees on voting income
INSTRUCTIONS
Even if you plan to vote yourself, it's still worth delegating vlCVX once using any of the listed methods — this is insurance in case you miss a round.
Pool selection:
Open the pool table
Evaluate APR, bribe size, and other metrics
Select pools
Vote allocation:
In the right-hand menu, assign percentage weights to your chosen pools
Click Vote
Confirm the transaction
Claims can be made after distribution on https://votemarket.stakedao.org/curve/claim
Technical risks:
16-week lock — you cannot sell CVX early
Smart-contract risks — audited and battle-tested, but no 100% guarantee
Complexity for newcomers — requires basic DeFi understanding
Market risks:
CVX volatility — price may change during the 16-week lock, but the token can be easily hedged on numerous futures markets
Yield reduction — bribes may decrease with market conditions
Regulatory risks:
Taxation of bribes varies by jurisdiction
Q: Which to choose — StakeDAO delegation, Votium, or self-voting on VoteMarket?
A: Depends on your goals:
StakeDAO delegation: maximum yield with minimal effort
Votium + Union: simple “set and forget” solution
VoteMarket: for active users optimizing each round
Q: Can you exit vlCVX early?
A: No — the 16-week lock is mandatory. Plan your liquidity in advance.
Q: What happens to CVX after unlocking?
A: You get all your CVX back and can sell them or lock again.
If you want to continue, don't forget to relock in advance! If voting yourself — before voting starts, if delegated — before your delegate votes (you have 4 days from unlock). Otherwise you'll miss that round's bribes and income will stop.
Q: Do you pay gas for each bribe claim?
A: Yes, if you use Votium directly — each token must be claimed separately. Delegation into Union or StakeDAO (with crvUSD option) bundles and converts rewards, solving this.
Q: Do you need to re-delegate after each lock?
A: No. Votium delegation is a one-time setup and persists even if you unlock and re-lock CVX.
Q: Can I vote myself if I’ve delegated?
A: Yes — voting for a specific pool temporarily overrides delegation only for that round.
Q: When can Votium rewards be claimed?
A: 24–48 hours after the voting round ends (Tuesday). You can accumulate rewards over multiple rounds to save gas.
Q: When can StakeDAO rewards be claimed?
A: Depends on voting method:
Direct Votium rewards: every second Tuesday
Direct Votemarket rewards: every Thursday
Rewards converted to crvUSD in StakeDAO: every Tuesday, together with bonus SDT
Q: What are SDT tokens and should I hold them?
A: SDT is StakeDAO’s governance token. Delegating through StakeDAO grants extra APR in SDT. You can sell immediately or hold for governance participation.
The bribe market has matured: every two weeks, protocols distribute $1–3 million among vlCVX holders. This isn’t a fleeting hype — it’s a sustainable economic model running for over 4 years. New players like Resupply and others pay hundreds of thousands weekly, proving the mechanism’s viability.
Key mid-2025 factors:
Almost all CVX is already in circulation — 98 M out of 100 M max (98% of circulating supply)
Votium is on its 100th stable payout round
Convex DAO has controlled a veCRV majority for years
Real yield ~30% APR
New protocols constantly enter to compete for votes
Head over to VoteMarket or Votium and witness a live economy: hundreds of active bribes, millions in rewards, thousands of participants. This is a mature market with predictable returns.
vlCVX isn't just an investment. It's your participation in a new financial system where income is distributed fairly, where there are no intermediaries taking the lion's share of profits, where smart contracts guarantee payouts.
It’s your stake in a protocol that controls the absolute majority of voting power in one of the largest DEXes.
Currently, with equal capital invested, vlCVX delivers ~2× more total income than veCRV, while requiring only a 16-week lock instead of 4 years.
In upcoming parts of the series we’ll cover:
sdCRV and liquid wrappers — earning without locking
Advanced strategies — leverage, hedging, arbitrage
Building a CRV Pensioner portfolio — diversification and risk management
The DeFi revolution is here, and it's just getting started. The only question is, will you be a CRV Pensioner or an observer?
Note: Human-reviewed AI translation. Read the original article here.
This material is provided solely for informational purposes and does not constitute investment, financial, legal, or other professional advice. Bribe data are taken from the 98th Votium round (June 2025) and may vary from round to round. StakeDAO yield figures are sourced from the official delegation page (votemarket.stakedao.org) at the time of writing, and Convex Finance data from www.convexfinance.com/lock-cvx. The share of veCRV controlled by Convex is based on historical sources indicating it has consistently held over 50% since mid-2022. The vlCVX-to-veCRV ratio is drawn from buycvxcorrect.netlify.app and reflects the amount of CRV locked by Convex for the maximum duration. Some metrics are approximate estimates based on available information. The author is not responsible for any losses resulting from the use of the information presented herein. Cryptocurrency markets are characterized by high volatility and risk; before making any investment decisions, you should consult a qualified professional. All actions taken based on this material are at the reader’s own risk.
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