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.
Anybody who has vote locked CRV can vote to direct its voting power towards one or multiple Curve pools.
Select the gauge you would like to put your voting weight towards, enter an amount in BPS (10,000 = 100% the maximum) and confirm your transaction.
You can change your voting weight once every 10 days.