CRV possesses a single large VCM composed of three sub-VCMs. One is exactly equivalent to a regular Yield-Bearing Staking Token, encapsulating the unconditional distribution of fees to all veCRV holders. Another is the classical Governance Token. The third encompasses the acquisition of liquidity boost by the liquidity providers that also possess veCRV.
This sub-VCM represents the value received in the form of a cashflow by all veCRV holders. This value is delivered to all stakers of CRV in the form of the fees generated by Curve and crvUSD administration fees. This cashflow in contingent only on locking the CRV token to obtain veCRV.
The exact portion of fees paid to locked token positions is defined by the governable parameters of the protocol, such as the FeeSplitter parameter governing the split of the crvUSD fees.
This sub-VCM represents tangible and intangible value derived from controlling the decision-making regarding resources, parameters, or updates on the protocol level. The requirement for obtaining governance power is locking the CRV token in the vote-escrow contract.
The governance power and related value can be obtained only after locking CRV (action which corresponds to the Risk Exposure) and casting a vote (the Conditional Action).
The governance of the protocol controls a number of protocol parameters, the distributions of several income streams, and a countable number of improvement proposals, current and future (more details in the VCIP section).
This sub-VCM represents the augmentation of the yield a liquidity provider normally receives thanks to having a quantity of veCRV. This value is received in the form of application of a boost dependent on the relative weight of the liquidity provider's veCRV position within a given pool; this boost multiplies the provider's contribution for the purposes of distributing the epochal gauge allocations within the pool. This value is delivered to stakers of veCRV who also provide liquidity and is therefore contingent thereon.