The Curve DAO has rejected a governance proposal to allocate 17.4 million CRV tokens, worth about $6.2 million, to the decentralized exchange’s (DEX) development team.

The proposal submitted by Curve Finance founder Michael Egorov sought approval for a grant of CRV tokens to fund Swiss Stake AG, the core development firm behind Curve, managed by Egorov.

The funding is intended to cover software development, infrastructure, security work and ecosystem support for Swiss Stake’s roughly 25-person team working on the protocol, which is the third-largest DEX in decentralized finance (DeFi) with over $2.1 billion in total value locked, according to DeFiLlama.

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