Allocate $200k-$500k worth of FXS to Votium for the bi-weekly Convex Gauge-Weight Vote

Authors

Jason Huan, Dennis, Sam Kazemian

Summary:

Allocate $200k worth of FXS for the October 14th Convex Gauge-Weight Vote to bribe for the FRAX3CRV gauge on votium. If the gauge becomes competitive, the bribe can be increased up to $500k total 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 18.2% of Convex's entire veCRV amount in the Curve gauge-weight vote, up from 9% a month ago. Convex's veCRV gauge allocation is re-weighted every other week, with the current vote ending on October 18th. To keep increasing our allocation, we propose a $200k bribe of FXS taken from the original farming allocation, with an option of an additional $300k for up to $500k total at comptroller discretion. Rewards from increased gauge APR will be distributed across all FXS holders due to FXS1559 buying back FXS with protocol profit.

Since the Convex re-weight occurs biweekly, this is an ongoing allocation. Frax currently has an 11.5% share of all of the CRV inflation through the gauges.

For: Approve allocation Against: Do nothing