[HIP 8] Direct Velodrome veNFT votes to a WETH/HOP pool

Description:

This is a snapshot-only proposal for the Hop Community Multisig to redirect its veNFT voting power on Velodrome (on Optimism) to the WETH/HOP volatile pair.

Now that $HOP is a multichain token, incentives are needed to bootstrap liquidity, volume, and price discovery on L2s. Velodrome is a protocol owned AMM on the Optimism Network. Hop’s community multisig already owns a Velodrome veNFT (granted by Velodrome) with significant voting power. This veNFT voting power can and should be directed toward the WETH/HOP pair on Velodrome in order to incentivize liquidity at effectively no cost to the Hop DAO. Currently, Hop’s veNFT is voting on a OP/USDC pair which does not directly serve Hop’s interests. A veNFT vote for WETH/HOP also would accrue HOP and ETH trading rewards from the pool to the community multisig. This proposal only allows for the execution of a veNFT vote on the WETH/HOP pair and does not discuss what should be done with HOP and ETH proceeds. What to do with these fees would be decided at a later point in a separate vote.

NOTE: As this is a snapshot-only proposal, the results of this vote grant power by the Hop DAO to the community multisig to execute all necessary transactions related to this proposal.

Vote options :

Yes - Authorize the community multisig to direct its veNFT voting power to the WETH/HOP volatile pair on Velodrome Finance (Optimism) No - No action

start

October 21, 2022

3:02 PM

end

October 26, 2022

3:02 PM

Voting

off-chain

Voting type

single-choice

Voters

270

Votes

8,276,589

Final Votes

closed

Yes

8.3M HOP (delegated)

99.96%

3K HOP (delegated)

0.04%

item label

Placeholder title of a dao proposal

DAO name

0x000000000000

Mon 00, 2024 00:00

About Voters Analytics

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Voting

100,000

Voting type

100,000

Starts in

100,000

Voters

1,000,000

Votes

1,000,000

Votes

Choice label

TICKER

100%

Choice label

TICKER

100%

Choice label

TICKER

100%