Summary
This proposal aims to remove base weights from all gauges. This is designed to give all gauges an equal footing and provide maximum incentive for other protocols to lock veBAO to vote for their liquidity, or bribe for veBAO holders to vote.
Background
Base weights act like a vote on top of user votes for gauges. Each vote is the equivalent of 1 veBAO voting for the gauge. Base weights are currently set to:
-
5m baoUSD/3crv
-
3m bSTBL/DAI
-
2m BAO/ETH
When gauges launched, base weights were used to give gauges their starting weights and protect them from manipulation while voter turnout and awareness grew and the user interface was improved.
We no longer need this protection because voting power being used is quite well distributed and participation is good.
The downside of making a change to a gauge base weight is that it will remove all voting power for that gauge, meaning voters need to apply voting weights to all gauges again.
The ideal time to make this change is shortly after guardians receive their Bao allocations because guardians can use their new veBAO voting power to ensure that gauges are sensibly balanced during the first couple of voting epochs while the community re-allocates their voting power.
Goals
- Make gauge voting more fair
- Maximize incentive for other protocols to acquire veBAO and apply for new gauges
Proposed Solution
- Set base weight for all gauges to 0
- Guardians vote to help maintain a similar gauge balance to the previous voting epoch