Hey everyone,
This is a proposal to gradually switch the veCRV voting power allocated to the 3EUR gauge to the agEUR-EUROC gauge on Curve once it’s live and can receive CRV rewards.
Context
The protocol has a gauge for Curve-related incentives. Currently and as stated in this governance proposal, ANGLE tokens directed to this gauge are used to buy veCRV voting power OTC to vote for the 3EUR gauge.
With the vote that is going to pass for the gauge on the agEUR-EUROC gauge on Curve, we’ll have a new agEUR pool able to receive CRV rewards (and potentially CVX on Convex, and SDT on StakeDAO).
This new pool only has two tokens, which means that for every 1$ of incentives going to the pool, 50% will go to agEUR holders and 50% will go to EUROC holders.
On the 3EUR pool, the ratio is such that for every 1$ of incentives, only 1/3rd is going to agEUR holders.
Proposal
The proposal is to keep the Curve incentives gauge but gradually switch where the veCRV voting power is allocated from the 3EUR pool to the agEUR-EUROC pool.
Once the gauge is live and ready, we’ll start by putting 50% of the veCRV voting power on each gauge for a week before putting 100% on the new gauge for the week after.
Value to the protocol
The protocol should be a rather significant LP on the agEUR-EUROC pool so it should enable it to gain revenue from CRV and CVX inflation.
Note
Curve LPs on the 3EUR pool will need to switch their liquidity from the 3EUR pool to the agEUR-EUROC pool if they want to keep receiving rewards.