In Brief:
- Curve Finance initiated a voting process for the community on the idle fee burning process update.
- Fees from newly introduced crypto pools will be handled more efficiently if the community votes for approval.
- If the user has more than 2500 veCRV then they have the chance to cast extra votes.
The ethereum-based exchange liquidity pool, Curve Finance opened a voting process for its community to update the idle fee burning process.
The voting is to decide on the conversion or fee burning process of some of the DAO fees that have been lying idle, such as those for the CVXETH pool.
Fees from newly introduced crypto pools and stableswap factory pools will be handled more efficiently if the community votes to approve the fee burning update.
More than 50% of the voters in the Curve DAO community are required to support the update and more than 30% of the users are required to at least engage with the proposal.
12 users have voted in support at the time of writing this post taking the total percent of support to 100%. But only 17.18% of the community has interacted with the proposal.
A total of 7621 users have their vote locked but the condition is that to make a vote a user must have a minimum of 2500 veCRV. In this proposal, if the user has additional 2500 veCRV tokens then they have the chance to cast additional votes.
veCRV refers to vote-escrowed CRV, which means that the CRV is locked for a set amount of time for voting. The further you lock CRV, the more veCRV you earn meaning more voting power for the user.
As only 4 days are left for the voting process to end we hope more users participate to bring the proposal to life.
Just last month 99% of the UniSwap community voted in support of UniSwap V3 deployment on Polygon. Going live on the Ethereum Layer-2 platform like Polygon is supposed to lessen the pain of high gas fees for Uniswap users.
