vlCVX holders will collect 5% of all FXS emissions from pools staked on Convex, paid out as FXS.
Frax governance proposals (veFXS and veFPIS) are available for vlCVX holders to vote on. Voting will take place on Snapshot. Governance proposals are weighted respectively by their vlCVX vote outcome. Thus if 60% of vlCVX votes for YES and 40% for NO, Convex will submit a vote for 60% YES and 40% NO.
For gauge-weight votes, Convex may allocate up to 20% the protocol’s veFXS for strategic reasons such as optimizing liquidity or FXS rewards for vlCVX holders and LPs.
The remaining veFXS weight will be distributed proportionally according to the bi-weekly vlCVX gauge votes on pools that are on both Curve and Frax eg. Frax metapools.