Convex Finance Proposes Significant Reduction of PYUSD Holdings, Met with Community Opposition
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September 17, 2024
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Convex Finance Proposes Drastic PYUSD Reduction
According to Mars Finance, Convex Finance has put forward a proposal to significantly reduce its PYUSD holdings. The proposal argues that Frax holds a large amount of PYUSD in its assets, but with minimal interest returns. It recommends diversifying away from low-interest assets, suggesting a reduction of over two million dollars of PYUSD in the Curve FRAX/PYUSD pool down to a maximum of $500,000.
Currently, the proposal faces a 99.51% opposition rate and will conclude on September 20th.
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