[FIP - 218] Fraxbuild Hackathon Funding

*Dates are TBD


DeFi Dave


Authorize $57.5k worth of FXS towards Fraxbuild, the first ever official Frax hackathon hosted by Dorahacks and powered by Flywheel DeFi


DoraHacks is a global hackathon organizer and one of the world’s most active multi-chain Web3 developer communities. As a leader in the global hacker movement, Dora provides crypto-native toolkits to help developers around the world raise funding and build. To date, 30+ major blockchain ecosystems have already adopted Dora’s infrastructure (hackerlink.io / dorafactory.org) for quadratic funding, community contribution, hackathon, bounty distribution, and governance of their developer communities. By far, 2200 projects in the DoraHacks community have received over $20 million in grants and contributions from supporters worldwide.

In over two years since launch, Frax has been able to establish themselves as one of the protocols teams in all of DeFi. Although the core team only counts in the single digits, they have been able to propagate an ecosystem of stablecoins and subprotocols. The question remains though, if we want Frax to reach the heights comparable to Ethereum and beyond, how can we cultivate a community to build on it?

Fraxbuild is the first official hackathon endorsed by Frax Finance. The event will be online and hackers will have 50 days to submit their applications. The goal of this hackathon is to increase dev awareness of building on Frax, promote the creation of products and primitives that complement the Frax ecosystem of stablecoins and primitives, as well as educate developers about how they can integrate Frax into their protocols.

Utilizing its platform, Flywheel DeFi will help organize and spread awareness about the event via

  • Acting as the liaison between Dorahacks and the Frax Core Team
  • Promoting the hackathon on our social media platforms
    • Placements in Flywheel content such as Flywheel, Frax Check, and Frax in Review throughout the duration of the event
    • Announcements on Social Media
  • Organizing the hackathon itself and supporting hackers and judges when possible

Proposal Details

We propose $57.5k of FXS to be allocated towards Fraxbuild to be allocated as follows:

  • $50k towards prizes
  • $7.5k towards Flywheel for helping organize, and promote the event


  • For: Authorize $57.5k of FXS towards Fraxbuild

  • Against: Do nothing


This proposal is up for voting here: Snapshot

Hackathon Ideas: (Please add any idea you think would benefit the Frax Finance Ecosystem.)

1. frxETH call/put options:

Call option frxETH_2000_202401

  • Deposit sfrxETH
  • Mint 2 tokens
    • Call option at a price of 2000 expiring January 2024
    • Writer receipt
  • Create Curve v2 pool for frxETH-WriterReceipt incentivized by the WETHR program.
  • Till first of January 2024, call option owners can buy frxETH for 2000 FRAX.
  • After first of January, writers can collect their sfrxETH/FRAX.
  • At any time you can burn a Call and a Writer token for a sfrxETH token.

Put option frxETH_2000_202401

  • Deposit 1000 FRAX
  • Mint two tokens
    • Put option price 1000, expiry Jan 2024
    • WriterToken
  • Curve v2 pool with WriterToken-FRAX. Incentivized by Frax.
  • Till expiry, put option holders can swap 1 frxETH for 1000 FRAX.
  • At any time you can burn Put + WriterToken for 1000 FRAX.
  • After expiry, WriterToken holders can collect their FRAX/frxETH

2. fFRAX Vault:

  • 4626 vault that depositors can deposit FRAX into.
  • The vault can lend FRAX into the Fraxlend pairs based on voted allocation distribution.
  • Anyone can execute the deposit/withdraw function as long as they pass allocation conditions.
  • Vault depositors can lock their position, get voting power and vote for allocations of the vault.
  • Vault lending positions allocation will be updated in a weekly manner.

3. Fraxlend Notification System:

  • Telegram bot that can track any wallet’s Fraxlend positions and update users daily.
  • Anyone can subscribe for updates on any wallet.

4. Bribe AMO:

  • AMO can deposit bribes into Votium/VoteMarket/Solidly Forks based on the TVL of FRAX FRAXBP, or frxETH in each AMM, etc.

5. frxETH/FRAX TVL-based universal (multichain) incentivizing solution:

6. Cowswap solver that routes everything via FRAX/frxETH

7. frxETH/sfrxETH onboarding affiliation program

8. Better pegged liquid ve token

  • Can be used for multiple ve tokens like FXS, FPIS, etc.
  • Users can mint liquidTOKEN with TOKEN
  • Protocol locks the TOKENs with 16 different durations: 3M,6M, …, 4Y
  • Every 3 months one of the locks expires
  • The unlocked TOKEN is used to buy back liquidTOKEN on the secondary market to keep liquidTOKEN pegged to TOKEN
  • Leftover TOKEN is locked again.
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