Quorum: 8.33m CVX

Authors

@ankhrypto

Summary

Implement VST-FRAX Gauge ragequit function with 7% withdrawal fee.

Background and Motivation

The Vesta-Frax VST-FRAX pool was a popular stable pool on Arbitrum, contributing to liquidity provision and stablecoin swaps. However, the protocol is set to wind down in Oct 17 2023 as seen here .

In light of these developments, this proposal seeks to introduce a “ragequit” mechanism to the VST-FRAX Gauge on Arbitrum, allowing lockers to exit the pool without a penalty. This feature will offer liquidity providers an organized route to withdraw their assets from the pool, considering the evolving context driven by sunset of Vesta protocol.

I recreated this proposal because discussion has fizzled out about it and no new proposal has arisen, all while many people's liquidity (including mine) is held hostage by Frax due to the will of the few managing Convex governance.

Why 7% fee?

Lockers respected all their obligations and willingly made a commitment to Frax, and while I feel it is unfair to charge any withdrawal fee in this case, this proposal will not pass without one, leaving us hostage. Considering lockers are equally being deprived of many years of yield they were promised, a 7% fee should be a reasonable amount to pay for the early unlock of these assets.

If anyone feels this should be higher, feel free to discuss it, preferably before this goes to Snapshot.

Pool Details

LP Token: 0x59bf0545fca0e5ad48e13da269facd2e8c886ba4 Gauge: 0x127963a74c07f72d862f2bdc225226c3251bd117

Vote

• For: Implement the ragequit function with 7% fee. • Against: Do Nothing