Simply put, a gauge weight translates into how much of the daily CRV inflation it receives.
For example on the below chart, the Y pool is currently receiving around 72% of the daily CRV inflation. This means that all liquidity providers in the Y pool share 72% of the daily CRV.
Because those weights decide where the CRV inflation goes, it allows the DAO to control where most of the liquidity should go and balance liquidity. It's a powerful tool for voters that must be used responsibly.
The gauge weight is updated once a week on Thursdays.
Who can vote for gauge weights?
Anybody who has vote locked CRV can vote to direct its voting power towards one or multiple Curve pools.