Quorum: 8.13m CVX

Summary

• Remove vlCVX from CVX Staking, removing cvxCRV rewards.
• Give undiluted 4.5% of Curve fees to staked CVX.

Abstract

As we want to create an avenue for staked CVX outside of vlCVX, we will unstake vlCVX and allow staked CVX to capture the full 4.5% of Curve protocol fees as cvxCRV.

Motivation

To allow further utility, such as new wrappers and lending, we want to strengthen the status of staked CVX. Currently, over 95% of staked CVX rewards go to vlCVX holders, heavily skewing the distribution towards lockers and diluting the staked CVX rewards. With this change, we are confident that this strategic adjustment will bring new usage for staked CVX and allow staked CVX to contribute to the growth of the CVX ecosystem as a whole.