Convex Finance Proposes Significant Reduction of PYUSD Holdings, Community Votes Against
Article is form Jinse
September 17, 2024
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On September 17th, Snapshot revealed a proposal by Convex Finance to significantly reduce its PYUSD holdings. The proposal argues that Frax holds a substantial amount of PYUSD in its assets, but earns very little interest. It suggests that Frax should diversify away from low-interest assets and proposes reducing the PYUSD holdings in the Curve FRAX/PYUSD pool from over two million dollars to a maximum of five hundred thousand dollars.
Currently, the proposal faces a 99.51% opposition rate and is set to end on September 20th.
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