[FIP - 353] Shut down Convex rETH/frxETH for an 8,300 FRAX fee
Summary
Shut down Convex FRAX rETH/frxETH for an 8,300 FRAX fee.
Background and Motivation
As C2tP indicated, Convex FRAX rETH/frxETH doesn’t have a migration function, but it could be shut down so that lockers could withdraw. As FRAX can’t just charge a rage quit fee in this scenario, I propose the protocol to pay 8,300 FRAX to shut it down so that I can unlock my LP tokens and then withdraw from them on Curve.
Since I locked in that product 234 days ago, these have been my total claimed rewards plus my currently claimable ones: 8141,27 CRV + 67,16 CVX + 378,77 FXS. That’s a total of $7,696 as of now. I own 93% of the Convex FRAX TVL, so I would pay 8,300 (7696/0.93 rounded up) FRAX for the protocol to shut it down.
This pool has almost no volume, so the protocol doesn’t benefit in any way from me providing liquidity there. On top of that, if I can leave the pool I’d be able to provide liquidity in some other FRAX products, which would also be better for the protocol.
Pool Details
Pool / LP Token : ETH: 0xe7c6E0A739021CdbA7aAC21b4B728779EeF974D9 My Convex FRAX vault: ETH: 0x8335EAd657C223A16F2cF8762FD88f8A3a32DbB8
Vote
• For: Shut down Convex FRAX rETH/frxETH for 8,300 FRAX • Against: Do Nothing
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x7240...07b5Bf | 29.494M | 0.5% for For, 99.5% for Against |
 0xEB45...Db5d31 | 37,820 | 55.6% for For, 44.4% for Against |
 0x37B1...c85724 | 2,151 | 100% for For |
 gigigi1 | 801 | 100% for For |
 0x2eb7...637b7f | 504 | 100% for For |
VOTE POWER
Proposal Status
- Thu April 25 2024, 12:14 amVoting Period Starts
- Tue April 30 2024, 12:14 amEnd Voting Period
Current Results
1-Against
29.374M
2-For
164,099.519