Summary:
Currently, Spectra allocates 25% of protocol fees to veCRV holders as a direct revenue share. We instead propose to use those funds to bribe voters on the SPECTRA-OETH gauge on Ethereum mainnet.
Main:
This proposal suggests redirecting the 25% of protocol fees currently allocated to veCRV holders via direct revenue share, and instead using those funds to bribe voters on the SPECTRA-OETH gauge on Ethereum mainnet.
The goal is to attract deeper liquidity into Spectra’s mainnet liquidity pair.
In total, veCRV holders would receive the same dollar value, but through vote incentives, and SPECTRA-OETH liquidity providers would receive CRV emissions in return.
Motivation:
Spectra currently allocates 25% of protocol fees to veCRV holders as a passive revenue share. This aligns the protocol with the broader Curve ecosystem. However, we believe this model can be optimized to more directly drive liquidity to our core pools.
As Spectra scales, strengthening the SPECTRA-OETH pool on Ethereum mainnet becomes a strategic priority. Redirecting protocol fees into targeted bribes offers a more capital-efficient way to achieve this.
This adjustment would:
Increase weekly CRV emissions to the SPECTRA-OETH gauge
Attract deeper liquidity and trading volume
Reinforce alignment with Curve and ETH-native yield primitives (e.g. Origin’s OETH)
This change preserves the intent of rewarding veCRV holders but shifts from a passive income model to an active vote market strategy that directly benefits LPs and supports deeper market structure around SPECTRA.
Additionally, OETHs fee redirection model might allow additional OETH yield to be redirected to bribing the liquidity as well, if economic circumstances allow for it.
Context:
Spectra Finance is a Curve-aligned DAO that uses Curve Factory Pools to enable permissionless yield tokenisation and thereby enables PT/YT trading on any interest-bearing asset. This includes not only interest-bearing stablecoins, but also rehypothecated assets, restaked LSTs, vaults, metavaults, and even LP positions if they are wrapped into an ERC-4626 container such as a yv3 vault.
Previous fee shares were shared from this address directly with the Curve: Fee Receiver contract, while upcoming fees or bribes, will be shared via a different eoa.