Quorum: 7.88m CVX
As previously communicated, Convex will continue to look to raise the hard cap on gauge-weight voting. During the early 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%. In May 2022, we raised the hard cap to 70%.
Approximately 11 months have passed since the last adjustment. Governance participation has remained strong, and side-chains have been deployed, removing the need to cap side-chain gauge votes. As such, the Convex team believes it would be appropriate to remove all caps from gauge weight votes. The minimum vote weight of 0.1% should remain, but all maximum limits on gauge weight votes should be removed.
The Convex team proposes removing all hard-caps to include CRV paired gauges and side-chain gauges. If approved, these changes will go into effect for the gauge weight vote on April 13th.