Utilise Pharaoh's ve(3,3) system to build a vePHAR position and vote for $CHAT LP

I propose that the protocol leverages Pharaoh's ve(3,3) system to engage its flywheel and deepen liquidity through governance rewards. In order to do this, I propose the protocol:

• Applies for a gauge on Pharaoh
• Max locks earned $PHAR emissions every week
• Votes for $CHAT LP every week (legacy and CL) with >80% voting weight, with 20% of votes optionally allocated to other pairs to earn external incentives.
• Accumulates the trading fees earned by voting as treasury funds

Context:

Pharaoh, where $CHAT liquidity is hosted, is a ve(3,3) dex that operates on a decentralised emissions model. Currently, we are not utilising it, as the pair does not yet have a gauge on Pharaoh. With a gauge, protocol owned liquidity earns $PHAR emissions, which can be converted to vePHAR. By doing so, the protocol can vote for $CHAT LP every week, and as this position grows more rewards will be directed to the pair, incentivising increased liquidity. Currently, bribe efficiency on Pharaoh is greater than 1, meaning in theory it is more productive to yield with a gauge than without one, and every dollar earned in fees should direct more than one dollar of emissions to the pair. Additionally, adding $1 in voter bribes would return >$1 in rewards to liquidity providers.

This strategy would:

• Direct more $PHAR emissions to $CHAT LP providers, benefiting community members who provide liquidity and deepening LP
• Give more and more voting power to the protocol, because protocol owned liquidity earns more $PHAR over time, which means they get more votes, which means they direct more emissions, which means they get more votes, and the flywheel goes on etc.
• Earn yield for the protocol treasury, because trading fees on the pair are given to voters (in this case, the treasury)
• Effectively engage the Pharaoh flywheel and cement the partnership as a collaborative, symbiotic relationship that is mutually beneficial

To discuss the pros/cons of a Pharaoh gauge, the Pharaoh discord is an excellent resource with a bunch of big brain experts.

In future, it may be appropriate to introduce another DAO proposal to begin directing a higher percentage of votes to pairs other than $CHAT LP in order to yield from fees on external pairs, once $CHAT liquidity is sufficiently deep, or if the pair is not being productive in its fee accumulation.

tldr; use pharaoh mechanics to get more dollars and earn bank