Convex Proposal: Raise gauge-weight voting hard cap

As previously communicated, Convex will continue to look to raise the hard cap on gauge-weight voting. During the beginning days of vlCVX gauge-weight voting, the maximum weight for any single pool was set to 30%. In December 2021, Convex most recently raised this cap from 30% to 50%.

Approximately 4 months have passed since the last adjustment. As of now, there are more governance participants than ever, and CVX distribution among DAO’s and individuals continues to expand. The Convex team believes it would be appropriate to adjust the maximum weight higher again, with intent to remove the cap entirely in a future governance proposal.

The Convex team proposes moving the hard cap up, from 50% (current) to 70%.