Abstract
Remove the ability for the following LPs on Curve Finance to receive FXN emissions: mkUSD/fxUSD, ULTRA/fxUSD, GRAI/fxUSD, rgUSD/fxUSD, and USD0/fxUSD.
Motivation
With the crypto market in a general bearish state, the price of FXN has correlated to general market movements and decreased in value. Additionally, the current efficiency for bribing veFXN holders for gauge weight is near an all-time high at over $5 in FXN emissions per $1 in bribe incentives. This situation has the potential to put the FXN token and the governance of f(x) Protocol in a fragile state, as a bad actor could gain a large share of liquidity in a seldom used fxUSD pool, and begin bribing for a large quantity of FXN tokens. This activity potentially threatens both the price of FXN (should the tokens be sold off) and governance over Protocol f(x) (should the bad actor wish to lock the tokens to increase influence over governance decisions for the DAO). As such, a bit of housekeeping is necessary to kill FXN gauges that have seen little use in low TVL/volume liquidity pools.
Proposal
In order to prevent abuse of FXN gauges, core team recommendation is for the following gauges to be killed:
- mkUSD/fxUSD
- LP: 0xca554e2e2948a211d4650fe0f4e271f01f9cb5f1
- FXN gauge: 0xDbA9a415bae1983a945ba078150CAe8b690c9229
- ULTRA/fxUSD
- LP: 0xf33ab11e5c4e55dacb13644f0c0a9d1e199a796f
- FXN gauge: 0x0d3e9A29E856CF00d670368a7ab0512cb0c29FAC
- GRAI/fxUSD
- LP: 0x69Cf42F15F9325986154b61A013da6E8feC82CCF
- FXN gauge: 0xfa4761512aaf899b010438a10C60D01EBdc0eFcA
- rgUSD/fxUSD
- LP: 0x6fC7eA6CA8Cd2759803eb78159C931a8FF5E0557
- FXN gauge: 0x4CA79F4FE25BCD329445CDBE7E065427ACa98380
- USD0/fxUSD
- LP: 0x74c204520c9e88aA3EB9d61788ABA11Be1e0193F
- FXN gauge: 0x0B700C60de435D522081cC5eB12B63875FE7e65a
FXN gauges for the aforementioned LPs will be killed immediately upon passage of this proposal.
Poll:
- For: Kill FXN gauges for the following Curve liquidity pools: mkUSD/fxUSD, ULTRA/fxUSD, GRAI/fxUSD, rgUSD/fxUSD, USD0/fxUSD.
- Against: No action will be taken.