Proposal to Kill Stax Frax/Temple xLP + LP Gauge


Kill emissions for Stax Frax/Temple xLP + LP pool by calling set_killed().


On October 11, 2022, STAX Finance was hacked for $2.3m. The attacker managed to steal a total of 321,154 xLP. Following this, STAX removed access to its front end.

Looking into the xFraxTplLP-f Gauge Deposit contract reveals very few interactions with this gauge. Since the hack, there have been 1 deposit/withdraw, which looks to be yearn transferring to a new vault strategy. The gauge is supplied >99% by the TempleDAO farming wallet via Yearn vault strategy and <1% by a gnosis safe that appears to be connected with TempleDAO.

Since the exploit, the STAX Frax/ Temple LP has had basically no activity. This pool does not have any possibility to accept LPs, and has been used by TempleDAO to farm CRV behind a walled garden.

It has continued to bribe for CRV emission. In the latest Votium round, it bribed almost $100k, making this gauge inexplicably in the top 10 highest weighted gauge at 3.2%. Furthermore, Yearn has an agreement with TempleDAO to provide gauge weighting to the pool in exchange for a portion of CRV emissions earned by the pool, codified by this contract.

As one might expect, this pool creates negligible value for Curve, producing extremely low volume and fees.

This is the definition of a freeloader gauge, it has no business being incentivized by Curve.



Thank you for opening this discussion topic. TempleDAO had bootstrapped the initial wrapper and LP pair in the xFraxTpILP factory pool since the aim of STAX Finance was to incentivize locked TEMPLE UNI-V2 LP liquidity.

After STAX Finance exploit occurred, the STAX Team removed the front-end to prevent additional deposits into the vault while deciding on the best path forward. TempleDAO continued to incentivize the pool until the future of STAX Finance was clear.

At this time, the STAX Team has decided to rebrand and pivot to a different product strategy. Therefore, TempleDAO would also support the proposal to end CRV emissions to the xFraxTpILP gauge and will migrate its LP tokens out of the pool.

In conclusion, TempleDAO will formally and proactively submit a Curve governance proposal to deprecate CRV emissions to the xFraxTpILP-f gauge in 5 days at the start of the next voting period.

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