{"post_stream":{"posts":[{"id":7983,"name":"Amirnader","username":"nader.frax","avatar_template":"/user_avatar/gov.frax.finance/nader.frax/{size}/1849_2.png","created_at":"2026-01-26T02:24:53.548Z","cooked":"\u003ch2\u003e\u003ca name=\"p-7983-authors-1\" class=\"anchor\" href=\"#p-7983-authors-1\" aria-label=\"Heading link\"\u003e\u003c/a\u003eAuthors\u003c/h2\u003e\n\u003cp\u003eFrax Core Team\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-7983-summary-2\" class=\"anchor\" href=\"#p-7983-summary-2\" aria-label=\"Heading link\"\u003e\u003c/a\u003eSummary\u003c/h1\u003e\n\u003cp\u003e$FRAX: 1 Token, 1 Mission, 1 Vision is a unifying governance proposal that completes Frax’s transition into a single-token, Frax-centric system with clear ownership, disciplined monetary policy, and a growth-first revenue framework.\u003c/p\u003e\n\u003cp\u003eThis proposal consolidates and finalizes several major evolutions already underway across the Frax ecosystem by:\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003eClarifying intellectual property ownership between the Frax DAO and Frax Inc. and Frax Core Team,\u003c/li\u003e\n\u003cli\u003eEstablishing a permanently fixed FRAX supply with explicit, time-bounded budget caps,\u003c/li\u003e\n\u003cli\u003eUnifying governance on Fraxtal through veFRAX,\u003c/li\u003e\n\u003cli\u003eRe-architecting revenue flows to prioritize frxUSD and Fraxtal expansion while preserving long-term value for FRAX and veFRAX holders.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eTogether, these changes align the protocol around a single mission: scaling frxUSD as a systemically relevant stablecoin, with FRAX as the scarce governance and ownership asset coordinating that growth.\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-7983-background-motivation-3\" class=\"anchor\" href=\"#p-7983-background-motivation-3\" aria-label=\"Heading link\"\u003e\u003c/a\u003eBackground \u0026amp; Motivation\u003c/h1\u003e\n\u003cp\u003eFrax North Star v2.1 (\u003ca href=\"https://gov.frax.finance/t/fip-428-frax-north-star-proposal-v2-0/3652/17\"\u003eFIP-428\u003c/a\u003e) set the long-term direction for the protocol’s tokenomics and governance. Since its approval, key components have been delivered, including the FRAX/FXS rebrand, the North Star hardfork making FRAX the Fraxtal gas token, the launch and growth of frxUSD and sfrxUSD, expanded protocol revenue streams, and FXTL as the primary Fraxtal incentive system. Together, these changes advanced Frax toward a Fraxtal-centric, product-driven ecosystem.\u003c/p\u003e\n\u003cp\u003eSome elements of v2.1 were intentionally sequenced or left inactive, including FXTL conversion, floxCAP deployment, and the long-tail emission model, which introduced additional complexity as the ecosystem evolved. With frxUSD, Fraxtal, Fraxnet, and protocol revenues now at the center of Frax’s growth, This Proposal consolidates what has been implemented, clarifies IP ownerships in Frax’s world, simplifies the remaining tokenomics, and finalizes a more durable structure by fixing supply, unifying governance on Fraxtal, and aligning protocol revenue with current ecosystem priorities.\u003c/p\u003e\n\u003cp\u003eFor a detailed status update of all North Star v2 components and their mapping to this proposal, see the Appendix: North Star v2 Status Update.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-7983-frax-1-token-1-mission-1-vision-4\" class=\"anchor\" href=\"#p-7983-frax-1-token-1-mission-1-vision-4\" aria-label=\"Heading link\"\u003e\u003c/a\u003e$FRAX: 1 Token, 1 Mission, 1 Vision\u003c/h2\u003e\n\u003cp\u003eOne Token. FRAX is permanently supply-capped. It governs emissions, protocol upgrades, revenue allocation, and long-term strategic direction. By unifying governance on Fraxtal and retiring legacy gauge systems, FRAX becomes simpler to understand, harder to dilute, and structurally aligned with protocol growth rather than short-term yield extraction.\u003c/p\u003e\n\u003cp\u003eOne Mission. The mission of the Frax ecosystem is to scale frxUSD into a systemically relevant, capital-efficient stablecoin. Every major design choice in this proposal is optimized to expand frxUSD adoption and durability. FRAX holders benefit not by chasing payouts, but by owning and governing a growing monetary system.\u003c/p\u003e\n\u003cp\u003eOne Vision. Frax is built for longevity. Clear IP ownership, fixed supply economics, unified governance, and growth-first capital deployment position the protocol for institutional integration, regulatory compatibility, and multi-cycle relevance. As frxUSD adoption compounds, FRAX becomes an increasingly scarce claim on an expanding economic network, aligning long-term protocol success with long-term FRAX and veFRAX ownership.\u003c/p\u003e\n\u003ch1\u003e\u003ca name=\"p-7983-proposal-details-5\" class=\"anchor\" href=\"#p-7983-proposal-details-5\" aria-label=\"Heading link\"\u003e\u003c/a\u003eProposal Details\u003c/h1\u003e\n\u003cp\u003eThis proposal introduces updates across four major areas of the Frax IP ownership, Frax tokenomic, governance framework, and revenue distribution.\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-7983-h-1-frax-finance-ip-clarification-6\" class=\"anchor\" href=\"#p-7983-h-1-frax-finance-ip-clarification-6\" aria-label=\"Heading link\"\u003e\u003c/a\u003e1. Frax Finance IP Clarification\u003c/h2\u003e\n\u003cp\u003eThis proposal formally clarifies Frax’s intellectual property structure to eliminate ambiguity and align legal, operational, and governance realities as the ecosystem scales.\u003c/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cp\u003eAll Fraxlend, Fraxswap, and Fraxtal protocol IP belongs to the Frax DAO\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eAll on-chain subprotocols are managed by the Frax Core Team on behalf of the DAO\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eUI and application-layer Frax branding IP belongs to the Frax DAO and is licensed to Frax Inc and the core team’s Cayman Entity Corporation. The software, websites, and technology itself without Frax branding are IP of their respective corporations. The team will begin exploring formalized structures to enshrine this in a verified manner in a future governance proposal.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003efrxUSD intellectual property and issuance rights are licensed to Frax Inc. on an exclusive, perpetual, and irrevocable basis for the purpose of operating frxUSD as a regulated stablecoin, including under the GENIUS framework and similar regulatory regimes.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eThis license is not subject to discretionary revocation by DAO governance.\u003c/p\u003e\n\u003c/li\u003e\n\u003cli\u003e\n\u003cp\u003eTermination may only occur under narrowly defined conditions such as voluntary surrender, permanent regulatory prohibition, or material and uncured legal or fiduciary breach.\u003c/p\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis structure preserves DAO sovereignty over the protocol and its economics, while enabling professional execution, regulatory compatibility, and institutional adoption\u003c/p\u003e\n\u003ch2\u003e\u003ca name=\"p-7983-h-2-monetary-policy-7\" class=\"anchor\" href=\"#p-7983-h-2-monetary-policy-7\" aria-label=\"Heading link\"\u003e\u003c/a\u003e2. Monetary Policy\u003c/h2\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-21-fixed-frax-supply-cap-143m-8\" class=\"anchor\" href=\"#p-7983-h-21-fixed-frax-supply-cap-143m-8\" aria-label=\"Heading link\"\u003e\u003c/a\u003e2.1. Fixed FRAX Supply Cap (143M)\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eThe total supply of FRAX is permanently capped at 143M. This is the total supply passed in the North Star Proposal and is not being changed nor proposed to be changed.\u003c/li\u003e\n\u003cli\u003eTo implement the fixed-supply monetary policy, the DAO will pre-mint 43,000,000 FRAX, representing:\u003c/li\u003e\n\u003c/ul\u003e\n\u003col\u003e\n\u003cli\u003e23M FRAX allocated across seven annual budget caps.\u003c/li\u003e\n\u003cli\u003e10M FRAX required to fully provision FPIS redemptions per FIP-341, in addition to the 6.4M FRAX already held by the Comptroller excluding Community Multisig.\u003c/li\u003e\n\u003cli\u003e10M FRAX required to settle LFRAX balance sheet, in addition to FRAX that is kept in Community Multisig. The team will use this allocation to keep LFRAX peg stabilized as it deems necessary such as swapping for hard assets like frxUSD to keep LFRAX peg functioning strongly as it slowly winds down over months.\u003c/li\u003e\n\u003c/ol\u003e\n\u003cul\u003e\n\u003cli\u003eThe perpetual 3% tail emission period planned after year six is eliminated entirely.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-22-annual-emission-budgets-as-spending-caps-9\" class=\"anchor\" href=\"#p-7983-h-22-annual-emission-budgets-as-spending-caps-9\" aria-label=\"Heading link\"\u003e\u003c/a\u003e2.2. Annual Emission Budgets as Spending Caps\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eYearly allocations (4M → 4M → 4M → 3.5M → 3M → 2.5M → 2M) become maximum allowable annual spending limits.\u003c/li\u003e\n\u003cli\u003eThe team retains discretion over how yearly emission budgets are allocated across operational needs, incentives, FXTL conversions, and ecosystem growth initiatives.\u003c/li\u003e\n\u003cli\u003eBudgets do roll over, and unused amounts can be reassigned, through the governance process.\u003c/li\u003e\n\u003c/ul\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eEmission Year\u003c/th\u003e\n\u003cth\u003ePeriod\u003c/th\u003e\n\u003cth\u003eAnnual Cap (FRAX)\u003c/th\u003e\n\u003cth\u003eCumulative Total Supply\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 1\u003c/td\u003e\n\u003ctd\u003eApr 2025 → Mar 2026\u003c/td\u003e\n\u003ctd\u003e4,000,000\u003c/td\u003e\n\u003ctd\u003e124,000,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 2\u003c/td\u003e\n\u003ctd\u003eApr 2026 → Mar 2027\u003c/td\u003e\n\u003ctd\u003e4,000,000\u003c/td\u003e\n\u003ctd\u003e128,000,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 3\u003c/td\u003e\n\u003ctd\u003eApr 2027 → Mar 2028\u003c/td\u003e\n\u003ctd\u003e4,000,000\u003c/td\u003e\n\u003ctd\u003e132,000,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 4\u003c/td\u003e\n\u003ctd\u003eApr 2028 → Mar 2029\u003c/td\u003e\n\u003ctd\u003e3,500,000\u003c/td\u003e\n\u003ctd\u003e135,500,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 5\u003c/td\u003e\n\u003ctd\u003eApr 2029 → Mar 2030\u003c/td\u003e\n\u003ctd\u003e3,000,000\u003c/td\u003e\n\u003ctd\u003e138,500,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 6\u003c/td\u003e\n\u003ctd\u003eApr 2030 → Mar 2031\u003c/td\u003e\n\u003ctd\u003e2,500,000\u003c/td\u003e\n\u003ctd\u003e141,000,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYear 7\u003c/td\u003e\n\u003ctd\u003eApr 2031 → Mar 2032\u003c/td\u003e\n\u003ctd\u003e2,000,000\u003c/td\u003e\n\u003ctd\u003e143,000,000\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e\u003ch2\u003e\u003ca name=\"p-7983-h-3-governance-incentives-10\" class=\"anchor\" href=\"#p-7983-h-3-governance-incentives-10\" aria-label=\"Heading link\"\u003e\u003c/a\u003e3. Governance \u0026amp; Incentives\u003c/h2\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-31-migration-of-vefxs-vefrax-fraxtal-11\" class=\"anchor\" href=\"#p-7983-h-31-migration-of-vefxs-vefrax-fraxtal-11\" aria-label=\"Heading link\"\u003e\u003c/a\u003e3.1. Migration of veFXS → veFRAX (Fraxtal)\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eA migration path will be provided for all veFXS positions on Ethereum to move to veFRAX on Fraxtal.\u003c/li\u003e\n\u003cli\u003eLocks remain intact, with no unlocking, shortening, or modification.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-32-termination-of-the-legacy-fxs-gauge-system-12\" class=\"anchor\" href=\"#p-7983-h-32-termination-of-the-legacy-fxs-gauge-system-12\" aria-label=\"Heading link\"\u003e\u003c/a\u003e3.2. Termination of the Legacy FXS Gauge System\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eThe historical FXS gauge emission system will be sunset in the future in a separate governance vote in 2026.\u003c/li\u003e\n\u003cli\u003eFuture incentives will rely on FXTL-based mechanisms, FRAX token allotments from the treasury, and veFRAX-aligned systems.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch2\u003e\u003ca name=\"p-7983-h-4-revenue-architecture-13\" class=\"anchor\" href=\"#p-7983-h-4-revenue-architecture-13\" aria-label=\"Heading link\"\u003e\u003c/a\u003e4. Revenue Architecture\u003c/h2\u003e\n\u003cp\u003eUpdated Frax’s revenue structure is designed to maximize long-term ownership value rather than short-term payout optics. At the current stage of the ecosystem, the highest-leverage use of protocol cash flow is not aggressive buybacks or high dividend-like distributions, but reinvestment into frxUSD adoption, liquidity depth, and Fraxtal infrastructure. As a result, value accrual to FRAX and veFRAX holders is intentionally driven through governance control, supply discipline, and ownership of an expanding monetary system, rather than through fixed or escalating yield promises.\u003c/p\u003e\n\u003cp\u003eRecent market evidence supports this approach. Protocols that emphasized buybacks or high revenue sharing have repeatedly shown that these mechanisms are highly sensitive to market timing, liquidity conditions, and revenue cyclicality, producing temporary price support that reverses once programs slow or stop. Public post-mortems and discussions from projects such as Jupiter and Pump.fun further demonstrate that token value ultimately follows product adoption, distribution strength, and ecosystem scale.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-41-vefrax-revenue-share-governance-alignment-14\" class=\"anchor\" href=\"#p-7983-h-41-vefrax-revenue-share-governance-alignment-14\" aria-label=\"Heading link\"\u003e\u003c/a\u003e4.1. veFRAX Revenue Share (Governance Alignment)\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eUp to 10% of eligible net protocol revenue is allocated to veFRAX in WFRAX tokens itself which is how the current mechanics work.\u003c/li\u003e\n\u003cli\u003eRewards are distributed in sfrxUSD or WFRAX, depending on operational requirements.\u003c/li\u003e\n\u003cli\u003eThe veFRAX revenue share is not fixed permanently and is reviewed by governance on a six-month cadence.\u003c/li\u003e\n\u003cli\u003eAny increase above the baseline is milestone-dependent, with reference thresholds including:\n\u003cul\u003e\n\u003cli\u003efrxUSD total supply exceeding $500M\u003c/li\u003e\n\u003cli\u003eFraxtal TVL exceeding $1B\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003c/ul\u003e\n\u003cp\u003eThis mechanism is designed to reward long-term governance alignment and ownership participation, not to function as a high-yield dividend or short-term price support tool.\u003c/p\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-h-42-growth-liquidity-and-strategic-reserves-15\" class=\"anchor\" href=\"#p-7983-h-42-growth-liquidity-and-strategic-reserves-15\" aria-label=\"Heading link\"\u003e\u003c/a\u003e4.2. Growth, Liquidity, and Strategic Reserves\u003c/h3\u003e\n\u003cul\u003e\n\u003cli\u003eAll remaining protocol revenue is allocated to ecosystem growth, liquidity expansion, and balance-sheet strength, with priority given to:\n\u003cul\u003e\n\u003cli\u003eScaling frxUSD adoption and integrations,\u003c/li\u003e\n\u003cli\u003eSupporting Fraxtal ecosystem development,\u003c/li\u003e\n\u003cli\u003eStrengthening the Crypto Strategic Reserve (CSR).\u003c/li\u003e\n\u003c/ul\u003e\n\u003c/li\u003e\n\u003cli\u003eThis allocation reflects the current growth phase of frxUSD and is intentionally biased toward market expansion and infrastructure build-out, rather than near-term value extraction.\u003c/li\u003e\n\u003cli\u003eGovernance retains full oversight and transparency over these allocations.\u003c/li\u003e\n\u003c/ul\u003e\n\u003ch1\u003e\u003ca name=\"p-7983-voting-16\" class=\"anchor\" href=\"#p-7983-voting-16\" aria-label=\"Heading link\"\u003e\u003c/a\u003eVoting\u003c/h1\u003e\n\u003cul\u003e\n\u003cli\u003eFor: Approve $FRAX: 1 Token, 1 Mission, 1 Vision.\u003c/li\u003e\n\u003cli\u003eAgainst: Do nothing.\u003c/li\u003e\n\u003c/ul\u003e\n\u003chr\u003e\n\u003ch3\u003e\u003ca name=\"p-7983-appendix-north-star-v21-status-update-17\" class=\"anchor\" href=\"#p-7983-appendix-north-star-v21-status-update-17\" aria-label=\"Heading link\"\u003e\u003c/a\u003eAppendix: North Star v2.1 Status Update\u003c/h3\u003e\n\u003cp\u003eNorth Star v2.1 included several major components. Below is the status update for each, followed by the new upgrade.\u003c/p\u003e\n\u003cdiv class=\"md-table\"\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eItem\u003c/th\u003e\n\u003cth\u003eStatus Update \u003cbr\u003e(North Star v2.1)\u003c/th\u003e\n\u003cth\u003e1 Token, 1 Mission, 1 Vision Update\u003c/th\u003e\n\u003c/tr\u003e\n\u003c/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eToken Renaming \u0026amp; Branding\u003c/td\u003e\n\u003ctd\u003e- FXS → FRAX completed\u003cbr\u003e- FRAX stablecoin renamed to Legacy Frax Dollar\u003cbr\u003e- veFXS → veFRAX. Fully adopted by the ecosystem.\u003cbr\u003e- OFT deployments live across major L2s and L1s.\u003c/td\u003e\n\u003ctd\u003eNo change. Continue with updating token names/logos/symbols in different platforms.\u003cbr\u003e \u003cbr\u003e- The community should inform the core team about any mis-labelling of assets in any protocol or ecosystems. (form)\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNorth Star Hardfork\u003c/td\u003e\n\u003ctd\u003e- FRAX became Fraxtal gas\u003cbr\u003e- wFRAX wrapper deployed \u003cbr\u003e- wfrxETH → frxETH upgrade executed \u003cbr\u003e- EOA/contract migration successful.\u003c/td\u003e\n\u003ctd\u003eNo change, Hardfork complete.\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUpgrade of veFXS to veFRAX, Flox Capacitor, Gauges\u003c/td\u003e\n\u003ctd\u003e- Naming updated. \u003cbr\u003e- Migration not yet implemented.\u003cbr\u003e- floxCAP not yet implemented.\u003cbr\u003e- FXS gauges remain\u003c/td\u003e\n\u003ctd\u003eGoal: Unify governance and revenue distribution entirely on Fraxtal. And simplify the system.\u003cbr\u003e\u003cbr\u003eUpgrade:\u003cbr\u003e- Migration system for veFXS (Ethereum) → veFRAX (Fraxtal). \u003cbr\u003e - No unlocking \u003cbr\u003e - Lock durations preserved.\u003cbr\u003e\u003cbr\u003e- veFRAX Reward tokens will be sfrxUSD or wFRAX\u003cbr\u003e\u003cbr\u003e- Stop FXS Gauge system\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003efrxUSD Income\u003c/td\u003e\n\u003ctd\u003e- frxUSD is live\u003cbr\u003e- frxUSD sustainable reward program is fully functional\u003cbr\u003e- Users can access to program through FraxNet\u003cbr\u003e- Partners receive incentives for incorporating frxUSD in their platforms or businesses.\u003c/td\u003e\n\u003ctd\u003eGoal: Integrate frxUSD income directly into its growth\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003esfrxUSD Yield and Fees\u003c/td\u003e\n\u003ctd\u003e- sfrxUSD launched\u003cbr\u003e- sfrxUSD structure is established per FIP-434 \u003cbr\u003e- AMO strategies expanded across Curve, Fraxlend, Pendle\u003c/td\u003e\n\u003ctd\u003eNo change.\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProtocol Revenue Destinations\u003c/td\u003e\n\u003ctd\u003e- All listed revenue sources exist to varying degrees.\u003cbr\u003e- Pipeline and process for collecting/monitoring revenue is under development\u003c/td\u003e\n\u003ctd\u003eGoal: a single, unified, predictable model for revenue distribution, that is simple for institutions, and transparent for governance.\u003cbr\u003e\u003cbr\u003eUpgrade:\u003cbr\u003e- veFRAX rev-share = 10%\u003cbr\u003e- Others =\u0026gt; Growth\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTail Emission Plan (8% → 3% taper)\u003c/td\u003e\n\u003ctd\u003e- Not yet started.\u003c/td\u003e\n\u003ctd\u003eGoal: eliminate long-term inflation uncertainty, simple monetary system.\u003cbr\u003e\u003cbr\u003eUpgrade:\u003cbr\u003e- Remove 3% long tail emission after 6 years\u003cbr\u003e- Premint All remaining FRAX into emission Multisig (143m FRAX)\u003cbr\u003e- Yearly emission budgets remain as hard spending caps for the team.\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFXTL Points \u0026amp; Conversions\u003c/td\u003e\n\u003ctd\u003e- The system for claiming FXTL rewards has been developed.\u003cbr\u003e\u003cbr\u003e- A slight modification to the design of FXTL points is implemented: the points will permanently serve as a record of each address’s activity and participation, and the conversion action will be updated to a reward claim.\u003cbr\u003e\u003cbr\u003e- As detailed in FIP-440, reward activation postponed until one milestone: \u003cbr\u003e - FRAX ≥ $10, or \u003cbr\u003e - Fraxtal TVL ≥ $500M, or \u003cbr\u003e - frxUSD ≥ $1B supply.\u003c/td\u003e\n\u003ctd\u003eFXTL remains the primary incentive system.\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFlox Capacitor (floxCAP)\u003c/td\u003e\n\u003ctd\u003e- Not yet being implemented\u003c/td\u003e\n\u003ctd\u003eUpgrade: floxCAP will be developed as part of FRAX staking options and activated.\u003c/td\u003e\n\u003c/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFrax Burn Engine (FBE)\u003c/td\u003e\n\u003ctd\u003e- Not yet started\u003c/td\u003e\n\u003ctd\u003e- Stopped\u003c/td\u003e\n\u003c/tr\u003e\n\u003c/tbody\u003e\n\u003c/table\u003e\n\u003c/div\u003e","post_number":1,"post_type":1,"posts_count":8,"updated_at":"2026-01-31T10:29:47.095Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":302,"reads":16,"readers_count":15,"score":1528.2,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"Amirnader","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":2,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://gov.frax.finance/t/fip-428-frax-north-star-proposal-v2/3652/17","internal":true,"reflection":false,"title":"[FIP - 428] Frax North Star Proposal - V2","clicks":0},{"url":"https://gov.frax.finance/t/open-discussion-on-the-mechanics-of-the-forthcoming-vefrax-revenue-share-governance-vote/3852","internal":true,"reflection":true,"title":"Open discussion on the mechanics of the forthcoming veFRAX revenue share governance vote","clicks":1}],"read":true,"user_title":"","bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":true,"admin":true,"staff":true,"user_id":647,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/1","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":7988,"name":"SVN@K-Lo","username":"Stanvn","avatar_template":"/user_avatar/gov.frax.finance/stanvn/{size}/1736_2.png","created_at":"2026-01-27T23:48:43.722Z","cooked":"\u003cp\u003eOn the phrase ‘Up to 10% of eligible net protocol revenue is allocated to veFRAX’:\u003c/p\u003e\n\u003cp\u003eTo prevent veFRAX revenue share from being diluted over time as frxUSD scales\u003c/p\u003e\n\u003col\u003e\n\u003cli\u003eCan you define “eligible net revenue”? Eligible and net are important words here.\u003c/li\u003e\n\u003cli\u003eHow will this be audited?\u003c/li\u003e\n\u003cli\u003eWhy ‘up to’ and not ‘minimal’?\u003c/li\u003e\n\u003c/ol\u003e\n\u003cp\u003eif we really scale these become important details\u003c/p\u003e","post_number":2,"post_type":1,"posts_count":8,"updated_at":"2026-01-27T23:49:32.728Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":1,"reads":11,"readers_count":10,"score":57.2,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"SVN@K-Lo","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"","bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":false,"admin":false,"staff":false,"user_id":18,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/2","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":7992,"name":"Klaasek","username":"Klaasek","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/e0b2c6/{size}.png","created_at":"2026-01-29T12:57:52.623Z","cooked":"\u003cp\u003eWhat will happen to the frax used for gas and for paying for .frax?\u003c/p\u003e","post_number":3,"post_type":1,"posts_count":8,"updated_at":"2026-01-29T12:57:52.623Z","reply_count":1,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":10,"readers_count":9,"score":7.0,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"Klaasek","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":1683,"hidden":false,"trust_level":2,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/3","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":7995,"name":"Amirnader","username":"nader.frax","avatar_template":"/user_avatar/gov.frax.finance/nader.frax/{size}/1849_2.png","created_at":"2026-01-31T01:39:02.566Z","cooked":"\u003cp\u003eThanks for your question. Historically, FRAX and WFRAX collected from Fraxtal gas fees and FNS was/will be \u003cstrong\u003eburned\u003c/strong\u003e.\u003cbr\u003e\nAfter this proposal, those flows will instead be \u003cstrong\u003erecycled and reused\u003c/strong\u003e according to the approved revenue architecture, within the fixed FRAX supply.\u003c/p\u003e\n\u003cp\u003eNo new FRAX is minted to subsidize gas or fees beyond the approved emission budgets, and the system remains non-inflationary.\u003c/p\u003e","post_number":4,"post_type":1,"posts_count":8,"updated_at":"2026-01-31T01:39:02.566Z","reply_count":0,"reply_to_post_number":3,"quote_count":0,"incoming_link_count":0,"reads":11,"readers_count":10,"score":2.2,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"Amirnader","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"","reply_to_user":{"id":1683,"username":"Klaasek","name":"Klaasek","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/k/e0b2c6/{size}.png"},"bookmarked":false,"actions_summary":[],"moderator":true,"admin":true,"staff":true,"user_id":647,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/4","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":7996,"name":"Amirnader","username":"nader.frax","avatar_template":"/user_avatar/gov.frax.finance/nader.frax/{size}/1849_2.png","created_at":"2026-01-31T05:29:09.228Z","cooked":"\u003cp\u003efrxUSD generates gross revenue from its backing assets. From this, explicit revshare obligations (liquidity programs, partners, integrations) are paid first. These are either executed on-chain or supported by receipts. Frax Inc. operating costs are then covered. What remains is the DAO-level surplus, referred to as “eligible net protocol revenue.”\u003c/p\u003e\n\u003cp\u003eThe “up to 10%” veFRAX allocation is taken only from this non-shared DAO surplus, not from gross frxUSD revenue or revshare amounts.\u003c/p\u003e\n\u003cp\u003eAnd for other protocol revenue sources with no explicit revshare or issuer-level cost structure, gross income is considered eligible net protocol revenue by default, subject to governance oversight.\u003c/p\u003e\n\u003cp\u003eTo ensure transparency, Frax Inc. will publish a high-level cash flow and income summary quarterly, and where possible this will be trackable on-chain via a dedicated revenue multisig, separate from the main Comptroller as Frax Core Team are working on it in a step by step migration schedule.\u003c/p\u003e","post_number":5,"post_type":1,"posts_count":8,"updated_at":"2026-01-31T05:29:09.228Z","reply_count":0,"reply_to_post_number":2,"quote_count":0,"incoming_link_count":44,"reads":11,"readers_count":10,"score":237.2,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"Amirnader","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":"","reply_to_user":{"id":18,"username":"Stanvn","name":"SVN@K-Lo","avatar_template":"/user_avatar/gov.frax.finance/stanvn/{size}/1736_2.png"},"bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":true,"admin":true,"staff":true,"user_id":647,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/5","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":7997,"name":"Amirnader","username":"nader.frax","avatar_template":"/user_avatar/gov.frax.finance/nader.frax/{size}/1849_2.png","created_at":"2026-02-01T17:08:37.014Z","cooked":"\u003cp\u003eThis proposal is up for voting here: \u003ca href=\"https://snapshot.box/#/s:frax.eth/proposal/0x83a5db79bb868b3ba952ea8417ee8ac94b67b69c8b99521454691a0003b5b226\" class=\"inline-onebox\"\u003eSnapshot\u003c/a\u003e\u003c/p\u003e","post_number":6,"post_type":1,"posts_count":8,"updated_at":"2026-02-01T17:08:37.014Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":11,"readers_count":10,"score":17.2,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"Amirnader","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"link_counts":[{"url":"https://snapshot.box/#/s:frax.eth/proposal/0x83a5db79bb868b3ba952ea8417ee8ac94b67b69c8b99521454691a0003b5b226","internal":false,"reflection":false,"title":"Snapshot","clicks":33}],"read":true,"user_title":"","bookmarked":false,"actions_summary":[{"id":2,"count":1}],"moderator":true,"admin":true,"staff":true,"user_id":647,"hidden":false,"trust_level":4,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/6","reactions":[{"id":"heart","type":"emoji","count":1}],"current_user_reaction":null,"reaction_users_count":1,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":8132,"name":"plainpillar974","username":"plainpillar974","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/p/f08c70/{size}.png","created_at":"2026-10-31T09:22:01.149Z","cooked":"\u003cp\u003eThis post was flagged by the community and is temporarily hidden.\u003c/p\u003e","cooked_hidden":true,"post_number":7,"post_type":1,"posts_count":8,"updated_at":"2026-10-31T09:22:03.188Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":5,"readers_count":4,"score":1.0,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"plainpillar974","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":1903,"hidden":true,"hidden_reason_id":1,"trust_level":0,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":false,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/7","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null},{"id":8145,"name":"","username":"Dogw00d","avatar_template":"https://avatars.discourse-cdn.com/v4/letter/d/a9a28c/{size}.png","created_at":"2026-11-04T09:40:00.553Z","cooked":"\u003cp\u003eUnder the Token Renaming and Branding section, changing Frax stablecoin name to Legacy frax dollar. The UI for Legacy frax dollar is not updated in the ledger app.\u003c/p\u003e","post_number":8,"post_type":1,"posts_count":8,"updated_at":"2026-11-04T09:40:00.553Z","reply_count":0,"reply_to_post_number":null,"quote_count":0,"incoming_link_count":0,"reads":3,"readers_count":2,"score":0.6,"yours":false,"topic_id":3826,"topic_slug":"fip-441-frax-1-token-1-mission-1-vision","display_username":"","primary_group_name":null,"flair_name":null,"flair_url":null,"flair_bg_color":null,"flair_color":null,"flair_group_id":null,"badges_granted":[],"version":1,"can_edit":false,"can_delete":false,"can_recover":false,"can_see_hidden_post":false,"can_wiki":false,"read":true,"user_title":null,"bookmarked":false,"actions_summary":[],"moderator":false,"admin":false,"staff":false,"user_id":1769,"hidden":false,"trust_level":1,"deleted_at":null,"user_deleted":false,"edit_reason":null,"can_view_edit_history":true,"wiki":false,"post_url":"/t/fip-441-frax-1-token-1-mission-1-vision/3826/8","reactions":[],"current_user_reaction":null,"reaction_users_count":0,"current_user_used_main_reaction":false,"can_accept_answer":false,"can_unaccept_answer":false,"accepted_answer":false,"topic_accepted_answer":null}],"stream":[7983,7988,7992,7995,7996,7997,8132,8145]},"timeline_lookup":[[1,284],[2,282],[3,280],[4,279],[5,278],[6,277],[7,5],[8,1]],"suggested_topics":[],"fancy_title":"[FIP 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