Convex Finance initiated a proposal to significantly reduce PYUSD holdings, which was opposed by the majority of the community.

According to ChainCatcher's message, the Snapshot governance page shows that Convex Finance has initiated a proposal to significantly reduce the PYUSD holdings.

The proposal states that Frax holds a large amount of PYUSD in its assets, but the interest is very low. Frax should diversify away from low-yield assets, and therefore it is suggested to reduce the over two million dollars of PYUSD in the Curve FRAX/PYUSD to a maximum of 500,000 dollars.

The current proposal has a 99.51% opposition rate and will end on September 20.