Establish The Frax Meme Collective

Governance Proposals
1

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Author

Trantor

Proposal

Establish “The FRAX Memes Collective” to review and support meme coins on FRAXTAL to supercharge ecosystem growth and adoption.

Background and Motivation

Meme coins have long been a method of gaining retail attention and trade volume in the crypto space. The Frax ecosystem has traditionally been associated with very serious defi plays and has not thus far drawn significant attention from meme coiners in the space.

Simply waiting for a community led meme coin to grow to large, hype inducing valuations may take years to develop and will not help Fraxtal supercharge growth and adoption. To this end, the option of supporting meme coins, in a manner that befits a defi focused chain, exists to help in supercharging memes and gaining retail attention.

The motivation for this FIP has emerged from discussions with some of the leading meme coins in the current FRAX space, namely FraxDOGE (first meme coin on Fraxtal). Notably, memes across Fraxtal have seen only modest growth but would benefit from LP support at greatly increased levels to supercharge their growth.

Acknowledging that this would be good for any future meme launch and for protocols, the playing field must remain level and as such, the establishment of the Frax Meme collective should ensure that new meme coins that are properly vetted, can be included in the program to supercharge meme growth. Details of this proposal, membership etc, will be discussed below.

Kick start the OG

The first step of this proposal is to kick start the meme LP agenda through the allocation of 10,000 FXS to the first meme deployed on Fraxtal, namely FraxDOGE.

fraxDOGE, has also distributed a full 1% of the total supply to the top 100veFXS holders. (Fraxscan Transaction Hash (Txhash) Details | FRAX)

Token addy: 0xdeBb8a79B025B2Fc2CA506F0c69497B60B91235C

Website: https://fraxdoge.xyz/

The 10,000 FXS total will be allocated over 2 months as either LP rewards or vote rewards for their pools. This allocation can be renewed after the 2 months pending the decision of “the Frax Meme Collective” as described below.

Notably, this allocation will need to go to pools where fraxDOGE has been paired with FXS to ensure additional utility. FXD will utilise RA exchange to allocate their rewards to a fraxDOGE/FXS LP. Any breach of the above or acts of bad faith will mean immediate disqualification from any further support on Frax. Ideally this serves the dual purposes of building our FXS liquidity in the near term.

Establish The Frax Meme Collective

The Frax meme collective is designed to be made up of interested community members who will be elected by FXS voters. The collective will initially consist of 5 volunteer members who will self nominate to join the collective. Notably, the Frax Meme Collective are under no obligation to continue to support any token (including FXD) once they are duly elected.

The collective will establish their business rules, governance etc once they are duly elected.

The goals of the collective are to:
-Request monthly funding for meme LP incentives

-Review memes for user safety, ie burnt liquidity, non-rug, non-tax token type reviews.

-Allocate meme funding to projects that have passed fair review

-Publish monthly allocations and ensure compliance with the themes of good behaviour. (ie non FXS dumping to buy tokens etc)

Frax Collective Elections:

I propose that Collective members submit a short bio and reason for their desire to join the Collective on the FRAX forum for subsequent short listing and voting via FXS holders. This should occur no more than 2 weeks post the passing of this snapshot. As the authors, we are happy to coordinate this but notably, the authors will not be guaranteed a position. All positions are to be decided by FXS voters.

Action

-Allocate 10,000 FXS to the first meme on Fraxtal (FXD) over a 2 month period.

-establish the FRAX Meme Collective and vote on its membership in subsequent snapshots

-Prepare to allocate FXS rewards to approved meme gauges (paired with FXS) based on the requirements of the Collective.

4 Likes
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Nice to see the opportunity for memecoins to thrive on Fraxtal.

My one suggestion would be to further normalize the activity of memecoins continue to airdrop tokens to an engaged subset of Fraxtal chain users. The FXD idea was to airdrop to the largest holders of veFXS (which are supporters but mostly DAOs, whales, and high-net worth individuals). I think of memecoins as the common mans’ plaything in crypto. We need to suggest a wider distribution. How could we do this?
Maybe by airdropping a set amount to each address holding $fxtl already?

Speaking of other chains, I’ve personally received a few coins that made me want to continue to use their chain. On BASE, I’ve received $toby, $DOG, and $dude. I believe this is in part due to my wallet addresses having minted a BASE Coinbase NFT. The Frax protocol team has given us a great way to track Fraxtal usage - early users of Fraxtal are more likely have $FXTL (from current usage) in order to support memecoin economies. More people talking about having received some $XYZ token, the more hype possible for future airdrops.

I’d be interested in seeing the Frax Meme Collective also draw up some guidelines and best practices.

I don’t even find the amount of FXS awarded to be that much of a problem - as long as there are strings attached, like it needs to go towards creation (or further seeding) of a FXD (insert meme here) / FXS LP and cannot be sold. Future rewards for projects would need to be discussed going forward - and would likely not reach the same threshold FXS amount.

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I like the idea overall. I would recommend a structure that supports more than just FXD though. For example, KFC and RWA both seem to have a lot of community support.

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Honestly, this proposal seems like a way to bootstrap fraxDOGE and pretend its about starting a meme collective. fraxDOGE was not the first meme coin on Fraxtal as I can remember. It is stupid seeing this proposal only focus on self-gain and does so little for other meme coins.

Also, I would not vote towards using revenue for LP incentives, meme funding and monthly allocations for good behaviour. At least in the beginning. It is difficult to measure the return on investment for such revenue use. And in the worst case, Frax would be economically viable for supporting something not sustainable and not a good investment.

If created, the council should be pro bono, and the work should mostly be narrative and safety driven.

Personally I am against the whole council movement, and think opening up for such organizations is bad down the road and has a chance to make governance more difficult as members of the council grows in power and influence. Crypto should automate, not create more institutions. Creating councils can move Frax away from what is important, and towards useless memecoins and ponzinomics or other things. If someone wants to organize, they should do it outside of Frax’s jurisdiction.

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If there’s going to be a council/FXS incentives, it may be good to include all the OG memes (basically all that exist with any form of website/twitter/presence)

There’s
KFC/7UP,
RWA,
FXD,
EVE
SAM* i remembered too
There may be more I do not know of.

Only other thought is stretching any FXS LP bonus yield allocations out longer than 2 months. It took Base 6 months to go from zombie → narrative, and Fraxtal is hardly 2 months old.

1 Like
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While this proposal is novel and provides some new ideas on what could be done with memecoins, giving 10k FXS to FraxDoge seems like a really bad idea.

The whole point of memecoins is for them to be organic. Not selected by committee. FXD has a less than 100k market cap and giving it $50k is pretty crazy.

Gauge are the best place to start. We should get all the current memecoins gauges first.

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I like the idea. Meme tokens can give colors to fraxtal if done properly, and differently.

Proposing an entity to set some norms to this sector on Frax is totally not a bad idea, memes are in fact a great vehicle of value and many serious blockchains have massively benefited from it.

We shouldn’t dissociate a meme trader from a defi user, as they are most likely to be the same person. If I join fraxtal for a good meme I’ll definitely use all what’s available on the blockchain if I already know what’s defi.

One of the roles of such a council could be to help new fraxians discover and try the whole ecosystem through select meme projects. This might be done through a shared road map centered on learning and trying fraxtal. Giving memes a tutoring roles for the first time in history.

We should note that, for new crypto adopters, cryptocurrency is just about trading tokens. Which is what most memes are all about, and for new adopters trading memes is the most natural thing to do.
A focused effort can make it different on fraxtal.
And under this perspective , backing such meme projects is definitely worth it.

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Just saw this from Telegram. They use a leaderboard and have minimum TVL requirements.

I think this might be a good way to move forward. We shouldn’t give FXS distributions to sub 1m MC + 0 volume tokens. Reward the best of the best.

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Fellow Faxtal memecoin enthusiasts,

Yes, Trantor has unfurled a roadmap for FXD, but beyond FXD lies a grander vision—a process for establishing procedures and a body, the Frax Memecoin Collective, where memecoins twirl and mindshare flows.

I bring this up because the responses don’t seem to account for the fact that the Meme Collective is being established to address almost every one of the concerns that have been raised. Why not let it do so? Or even better, why not try to collectively figure out how it could do so?

No other memecoin is foreclosed from the opportunity of obtaining support from the Meme Collective. It would just have to engage, interact, and make a proposal (like Trantor did). I say this because I’m a little confused about the clamoring to incorporate other memecoins - that’s the whole point of establishing the Frax Meme Collective: to incorporate and support other memecoins!

I’ve seen the term “orginically” come up in relation to memecoins here. Please ask yourself what does “organically” mean in this context? Is it a rare Pepe sprouting from dank soil? A lab-engineered Shiba Inu? An artificially-inseminated Bonk? A performance-enhanced COQ INU on steorids? The Meme Collective cares not. Memecoins transcend origins. Let us not quibble over semantics; instead, let us embrace diversity. For Fraxtal use and adoption to grow, it needs minshare and attention. Memecoins attract mindshare and attention. That’s all a memecoin has to do - attract mindshare and attention so we have a better chance of making it stick.

Trantor, in making this proposal, provides a roadmap for other memecoins to potentially follow either here or with the Meme Collective.

The path is open. Propose, iterate, collaborate. Just step forth with something specific and concrete, as Trantor did.

But please, don’t delay the program’s initiation simply because all other memecoins have not yet proposed their paths.

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I’m curious - what memecoins on Fraxtal, right now, are $1M+ MC and generating good volumes?

EDIT: just also clarifying that the TG leader board you shared for TON is a good one. Something like that woild be particularly cool to incorporate. But the problem then becomes how to properly draw attention to new and vetted memecoins that dont show up on the board.

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There’s no such thing as a “vetted” memecoin. If liquidity is burned/locked then it’s most likely safe to trade. You don’t need a committee for that.

Nor do you need widescale FXS incentives for sub 100k mc tokens.

A memecoin leaderboard would be good at this point. If someone wants to make that and propose that the top tokens by TVL and volume get rewards, that’s probably good. But just randomly firing off FXS is not a good idea.

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Well that sorta ended the discussion.

Big gulps, huh?