# cvxCRV rewards did not cover the price loss

The $1,000 staked-cvxCRV position earned $296 of identified income and lost $157 overall.

Over the same period, holding CRV gained $426. The direct max-lock account gained $544 when locked principal is valued at the CRV market price.

Income is part of total return. Comparing reward rates alone misses the wrapper-price loss.

## The wrapper discount loss exceeded reward income

Staked-cvxCRV fixed-entry account over the study window, gross before unmeasured execution costs. The first four contributions add to the total shown in the last row. Wrapper-discount loss is separate from the change in CRV’s USD price.

[Figure](../charts/return_components.svg) · [Data](../data/return_components.csv)

| Observation | Contribution to the holder account ($ per initial $1,000) |
| --- | --- |
| Underlying CRV price | 443.2446 |
| Reward income | 296.4137 |
| Wrapper discount | -861.4108 |
| Reward-token prices | -34.9384 |
| Total profit / loss | -156.6907 |

## Reward income did not offset the cvxCRV discount loss

Fixed-entry historical holder accounts, 27 October 2024–26 October 2026, gross before unmeasured execution costs. Positions start with $1,000. Income is already included in total profit and is shown for comparison; the bars must not be added. Direct-lock wealth values locked principal at CRV’s mark, without a liquidity discount. Strategies follow the recorded claim, lock and reward policies.

[Figure](../charts/holder.svg) · [Data](../data/holder.csv)

| Observation | Total profit / loss ($ per initial $1,000) | Identified income ($ per initial $1,000) |
| --- | --- | --- |
| hold CRV | 425.7179 | 0 |
| veCRV max-lock | 543.7604 | 117.9489 |
| veCRV decaying-lock | 522.6051 | 96.8008 |
| stkcvxCRV | -156.6907 | 296.4137 |

## Measurement

These are historical fixed-entry accounts, gross before unmeasured execution costs. Direct veCRV principal is valued at the CRV market mark despite being locked. The comparison describes the recorded strategy policies and period; it is not a liquid-exit comparison. Partial-income strategies remain in the source report rather than being presented as complete returns.