Curve Wars: veCRV, Convex and the taxation of bribes in Spain

The "Curve Wars" are one of the most fiscally complex DeFi dynamics: multiple protocols compete to control Curve Finance's CRV issuances, generating a chain of tokens, rewards and blocks with tax implications in Spain.

Curve Finance: the core

Curve is the largest DEX for stablecoins and correlated assets (stETH/ETH, USDC/USDT). It works with an AMM specialized in low slippage.

Liquidity provision at Curve:

• You deposit USDC + USDT + DAI → you receive Curve LP token (e.g.: 3CRV).
• Earn: trading fees + CRV emissions.
• Taxation: the same as any DeFi liquidity pool (transmission upon entry, returns as movable capital or capital gain upon exit).

CRV and the veCRV model

To maximize rewards, you must lock CRV for up to 4 years in exchange for veCRV (vote-escrowed CRV):

• veCRV is not transferable and loses weight gradually.
• With veCRV: (1) boost of up to 2.5× in emissions for your pools, (2) right to vote which pools receive the most CRV, (3) % of protocol fees.

Taxation of the CRV block → veCRV:

• Blocking CRV for veCRV can be considered streaming if veCRV is a different asset.
• You cannot recover CRV until the end of the block → there is real immobilization.
• Weekly fees received (in 3CRV or others) → return on capital.

Convex Finance: the layer on top of Curve

Convex allows you to obtain a "liquid" version of the power of veCRV:

• You deposit CRV in Convex → you receive cvxCRV + CVX emissions.
• Convex controls most of the veCRV and votes in Curve.
• You can also stake Curve LP tokens on Convex to receive: CRV + CVX + fees.

Convex Taxation:

• CRV → cvxCRV: CRV transmission (profit/loss) + cvxCRV acquisition.
• CVX issues received → movable capital at the time of receipt.
• CRV + CVX that you receive from farming in Convex → periodic furniture capital.

Votium: the bribes market

Votium is a platform where projects pay in tokens (bribes/bribes) to veCRV or cvxCRV holders to vote in favor of their pools.

How do bribes work?

• You delegate your veCRV to Votium.
• Every 2 week period you receive tokens from projects that want more CRV emissions.
• You can receive dozens of different tokens (FRAX, ALCX, CVX, etc.).

Taxation of the bribes:

• Each bribe received = capital gain on the general basis or return on movable capital.
• The AEAT will probably treat it as CPM: "income derived from the transfer of voting rights."
• Each token received has an acquisition cost = value in EUR at the time of receipt.

Aladdin DAO and the metaprocolo on Convex

Aladdin DAO adds another layer: convert cvxCRV to acvxCRV with auto-compounding. Similar to the Convex over Curve model.

The tracking problem

An active user in the Curve/Convex ecosystem can receive:

• Weekly rewards in up to 10 different tokens.
• Bribes in another 20 tokens every 2 weeks.
• Protocol fees in 3CRV.

→ You must register the date, quantity and price in EUR of each event.

Useful tools

• Llama.airforce: dashboard of Convex bribes and rewards.
• Convex Finance app: claims history.
• Koinly: Ethereum import but with limitations for kids.
• Nansen / DeBank: complete transaction history.

Table of tax events in the Curve ecosystem

Updated: April 2026 | Fiscal year: 2025