[Convex] Align Frax and Curve Gauge votes

Summary

• Align Frax gauge vote to mirror Curve gauge vote for any pools that are on Curve and Convex Finance with a corresponding Frax gauge.

• Further increases rewards to these pools, and incentivizes creation of Frax base paired pools and gauges.

• Convex Finance staked positions inside the Frax gauges will receive FXS, CVX, and CRV rewards and can be staked on frax.convexfinance.com.

• A maximum of 80% of Frax gauge will be allocated via Convex gauge proposal results. The remaining 20% will be used strategically by the Convex team.

Abstract

Frax recently launched their Frax Base pool on Curve, and to help incentivize adoption of these frax base pools and adoption of frax on Convex Finance, we propose allocating Frax gauge weight based on Convex’s Curve gauge voting results. If a Curve pool is voted for and has a corresponding Frax gauge, it will receive weight corresponding to its voting results against any other pools that also have a Frax gauge.

Example:

• FRAX/FPI and FRAX/USDC pools are on both Curve and Frax.

• During the Curve gauge vote, both of these pools receive 5% of the vote weight.

• For Frax gauge weight voting, each of these pools will receive 40% of Convex’s veFXS gauge weight.

• The remaining 20% is reserved for the Convex Finance Team to decide allocation.

Motivation

By aligning the Curve and Frax gauge votes, this simplifies gauge voting to remain a single gauge vote per week, further increasing the power of each vlCVX vote. Any pool that has a corresponding frax gauge will now receive FXS rewards in addition to their CVX and CRV rewards. Additionally, this proposal aims to increase adoption of Convex for Frax and new Frax Base pools, bringing more liquidity into Curve, Convex, and Frax.