Summary

• Limit Prisma emission weight votes to a maximum of 10% for any vePrisma wrapper-based liquidity pools such as cvxPrisma/Prisma and yPrisma/Prisma.
• Align governance vote executions to match vePrisma. Allowing execution if the Convex proposal is over quorum and 24 hours have passed for any non-emission votes.

Abstract

In order for Convex to foster a strong working relationship with Prisma, we are proposing the following changes to Convex voting rules in relation to Prisma governance votes:

1. Prisma emission votes will be limited to a maximum of 10% for any one vePrisma wrapper. If any vePrisma wrapper emissions receiver receives more than 10% of Convex’s allocation, its vote will be redistributed proportionally to the other emission receivers that received votes.
2. Normal Prisma governance votes outside of emissions votes will be aligned to match the vePrisma execution policy. This will mean the ability to immediately execute the governance vote before the end of the snapshot vote if the quorum is met and 24 hours have passed since the proposal started.

Motivation

As one of the largest holders of vePrisma, Convex Finance has an obligation to help Prisma continue to be a successful protocol. To do this, Prisma needs to be able to pass governance votes swiftly to react to changing circumstances. By aligning Convex’s Prisma vote execution policy to reflect that of vePrisma, changes necessary to the good governance of Prisma can be affected in a more timely manner.

In addition, to prevent overallocation of votes to vePrisma-wrapped token liquidity pools, Convex is proposing limiting the weight to a maximum of 10% for any such pools. Yearn has also agreed to these limits in their own emission votes.