Allocate $200k worth of FXS on Votium for the FRAX3CRV Gauge

Summary:

Allocate $200k worth of FXS from the community farming rewards to create a bribe for the FRAX3CRV gauge on votium.

Background & Motivation:

The curve pool gauge 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 weekly snapshot allocation.

Frax currently has 9% of Convex's entire veCRV amount in the curve gauge vote, which will now be open to allocation by vlCVX holders instead of pre-determined amonts. As a result, Convex's veCRV gauge allocation is due to change this upcoming week, starting Sept. 22nd. To defend this allocation, we propose a $200k bribe of FXS taken from the original farming allocation. Since Frax is currently roughly 60% of the entire veCRV pool, rewards from increased gauge APR will be distributed across all FXS holders due to FXS1559 buying back FXS with protocol profit.

Note that other protocols with convex veCRV allocations are also considering bribes for vlCVX holders to vote for their gauges. Frax currently has a 5.13% share of all of the CRV inflation through the gauges.

For: Allocate $200k worth of FXS on Votium

Against: Do nothing