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