Swap $1m worth of FXS from community multisig at a 7 day TWAP price for $1m worth of LOBI at 7 day TWAP price.
Background & Motivation:
Lobis is a huge supporter of Frax and has been market buying FXS since it went live.
We started locking our FXS and built an infrastructure enabling the Lobis community to take part in Frax’s governance and start building bridges betweet the two community.
To strengthen our partnership and build it for the long term, we believe that it is important that Frax also has its say in Lobis’ governance.
Therefore, we suggest doing a $1m token swap between LOBI and FXS.
FXS owned by Lobis will be either directly locked or go through a locker.
With the LOBI it owns, Frax will be able to vote on Tokemak’s gauge for liquidity direction, and eventually on Curve gauges. It will also be able to vote on Lobis’ governance, including for policy matters such as the rate of acquisition of FXS. Finally, it will also have a word at how Lobis votes on Frax governance, which is healthy.
This vote is only for the DAO to DAO swap but would be a good first step for a broader partnership between the two protocols.
FOR: Swap FXS for LOBI
AGAINST: do nothing
There was already a vote earlier which was rejected, so why doing a second one?
Because the first one was in very different market conditions: LOBI was trading very high due to the early stage of the protocol, where the run-rate selling pressure coming from bonding was not yet reached. Also, allocator contracts for Lobis’ FXS reserves were not built yet, and there was some doubt on the fact that Lobis would lock its FXS.
Now that this is live, and market has moved, we are in a very different place which justifies issuing a new vote.
I love this proposal, Frax has been stellar and i’m confident they will remain a staunch supporter of Lobis. Let’s get the strategic partnership going with this swap, it will help establish and solidify our continuing commitment to each other…iow’s LFG!
frax and lobis aligned is a very good thing. With continued support we can help each other grow
I am all for the token swap.
let’s go, time to move forward with the next steps
Will be benefitial for both projects.
Very excited on this proposition, the mutual benefit for both protocols and the opportunity for a more democratized governance process in defi are just a couple reasons why this is bueno
i can see LOBIS has started depositing in to veFXS. but i cant find the vote related to it.
last time i checked there was going to be a vote for the amount of time the tokens will be locked. but i cant find it in your governance.
@samkazemian I think this is ready to be moved to voting!
Thanks a lot in advance!
not gonna respond to me then ? ok , gl
Sorry Sparkes, missed your answer
The FXS 4Y lock still needs to be voted. We locked for three months as a first test, and also waiting for a proper vote to decide on the lock duration/channel
you locked for 3 months , or the LOBIS protocol investors voted to lock for 3 months ?
if so can i have a link to the vote
we didn’t vote. There were some discussions, but vote for locking duration didn’t start yet.
It should happen soon
so, you had a discussion followed by a formal discussion which ended with a “lets go to a formal vote” a few days go … but rather then going to a vote you just randomly picked a time frame and locked the tokens ?
this shows a few things.
1, LOBIS has just completely disregarded its own voting system.
2, LOBIS has a lack of understanding about how a DAO works.
3, if we swap we will have LOBI that give us voting power in LOBIS, but you have just shown your willing to completely ignore this so that voting power is worthless.
I was the person to put up the first token swap proposal, but since that vote i’ve seen multiple red flags at LOBIS and its no longer something i will support.
Ser, am really sorry that this disappointed you, and actually, on this particular topic we publically communicated saying that it was not the way we should have done it, and that it would not happen again. It was the only decision that was not made through governance since the launch.
The reason it happened is that there were some forum discussions but no vote on locking duration. There will be one, and we can increase the lock at any time. 3 month is nothing in the life of a project, and Lobis had no other option than locking its FXS if it wanted to keep its governance power, which is its mission. Therefore, locking for three month as a test was not engaging the DAO into an irreversible decision against the community’s will.
I know it’s not perfect, but this is a young DAO, and as for many DAOs, governance is not always absolutely perfect in the first days, so we implore your indulgence. However, it’s the vision that everything should be decided through governance, and you can see that it is not a useless governance token through all the other votes such as the first Frax gauge vote which has been executed without any trouble, or the vote deciding what would be the next bond.
Very sad to see you leave the community like that Sparkes, we will miss you…
After speaking to LOBIS about how they plan to do a swap with lobis i think they have some sort of solution, they are offering to do a $1m swap, but the swap will happen $150k every 2 weeks and the coins must be locked for the following $150k swap to happen. As usual the ANGLE investors first question is about how long LOBIS will lock for, has LOBIS released any information about how long it will lock up these tokens if the swap happens with ANGLE ?
Very against this proposal and will increase FXS lock time to vote against. Lobis deflecting