> For the complete documentation index, see [llms.txt](https://docs.curvance.com/app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.curvance.com/app/old-dev-doc-pages/core-token-ecosystem/cve-token.md).

# CVE Token

## Token Utility

CVE serves multiple core functions within the Curvance ecosystem:

* **Governance:** When locked in voting escrow positions (veCVE), holders gain the ability to direct gauge system emissions through offchain voting.
* **Fee Accrual:** veCVE holders receive protocol fees distributed via the Reward Manager, creating a direct economic benefit to participation.
* **Emissions:** Users can receive CVE through the protocol gauge system as rewards for various activities.
* **Boosting:** When claiming gauge emissions, users can choose to lock their CVE directly into a voting escrow position with a multiplier applied, incentivizing long-term alignment.

## Emission Structure

Unlike traditional DeFi protocols that rely heavily on inflationary token models, Curvance has designed CVE with sustainability in mind:

* **Gauge Emissions:** The primary source of new CVE tokens entering circulation, directed to markets based on governance voting.
* **No Inflationary Rewards:** The system prevents disproportionate rewards for early participants, **creating a protocol that remains as attractive in year 15 as on day 1.**
* **Strategic Treasury Allocation:** Protocol fees received in non-CVE tokens can be used to purchase CVE tokens via OTC mechanisms, supporting token value.