Allocate up to $2.5m worth of FXS to Votium for the bi-weekly Convex Gauge-Weight Vote

Authors

Jason Huan, Dennis, Sam Kazemian

Summary:

The October 28th Convex votium bribe snapshot continuously allocated up to $1m worth of FXS for the bi-weekly Convex Gauge-Weight Vote to bribe for the FRAX3CRV gauge on votium. As the gauges have become more competitive recently, we are proposing to increase the bribe up to $2.5m total FXS at comptroller discretion.

Background & Motivation:

The Curve pool gauge-weight vote is voted on by veCRV holders, of which Convex holds roughly half the circulating supply. Convex allows holders of vlCVX (vote-locked CVX) to vote on how the platform's veCRV should be allocated.

Votium allows for anyone to create a bribe for vlCVX holders for a specific gauge, claimable upon voting in Convex's bi-weekly snapshot allocation.

Frax currently has 15.1% of Convex's entire veCRV amount in the Curve gauge-weight vote, down from 19.5% last period. Convex's veCRV gauge allocation is re-weighted every other week, with the current vote ending on November 15th. To defend our allocation, we propose increasing the bribes to up to $2.5m total worth of FXS at comptroller discretion. Rewards from increased gauge APR will be distributed across all FXS holders due to FXS1559 buying back FXS with protocol profit.

As this has been on onging allocation, the change would carry forward to future Convex gauge weight voting periods.

For: Approve allocation Against: Do nothing