Convex Finance initiated a proposal to significantly reduce PYUSD holdings, but the community majority opposed it

Snapshot shows that Convex Finance has initiated a proposal to significantly reduce PYUSD holdings. The proposal states that Frax holds a large amount of PYUSD in assets, but the interest is very low. Frax should diversify away from low-interest assets, so it is recommended to reduce the more than two million US dollars of PYUSD in Curve FRAX/PYUSD to a maximum of US$500,000. The current proposal opposition rate is 99.51% and will end on September 20.