# \[FIP - 236\] Authorize Fraxlend AMO for a new pair ( stETH/FRAX - Variable Rate ) **URL:** \ **Category:** AMOs\ **Created:** [May 29, 2023, 11:44am UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359 "2023-05-29T11:44:11Z")\ **Posts on this page:** 5\ **Page:** 1
**Author:** ![Westwood](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.frax.finance/westwood/32/1264_2.png) [@Westwood](https://gov.frax.finance/u/Westwood)\ **Post date:** [May 29, 2023, 11:44am UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359/1 "2023-05-29T11:44:12Z")
## Authors Westwood # Summary Authorize Fraxlend AMO to deposit minted FRAX into the following Fraxlend pair with mentioned max authorized allocation. | Fraxlend Pair Name | Fraxlend Pair Address | Max Authorized Allocation | | --- | --- | --- | | stETH/FRAX - Variable Rate V2 | TBD | 10,000,000 FRAX | # Background and Motivation Fraxlend is a lending platform that allows anyone to create a market between a pair of ERC-20 tokens. Any token part of a Chainlink data feed can be lent to borrowers or used as collateral. Each pair is an isolated, permission-less market that allows anyone to create and participate in lending and borrowing activities. This protocol is creating new financial opportunities for the FRAX community. Automated Market Operations (AMOs) make FRAX one of the most potent stablecoin protocols, creating maximum flexibility and opportunity without altering the base stability mechanism that made FRAX a leader in the stablecoin space. So far, we have deployed multiple AMOs, including lending AMOs on the Fraxlend, Aave, and Rari protocols. Adding more pairs into Fraxlend AMO is the next step in this vision, allowing the protocol to mint FRAX backed by over-collateralized debt. stETH is the largest and most demanded LSD on the market. By adding it to Fraxlend we can enable the minting and backing of even more FRAX. Right now Lybra Finance is exploding in growth with this simple model. It would be competent to do the same. # Voting - For: Authorize Fraxlend AMO to deposit minted FRAX into the mentioned Fraxlend pair with the mentioned max authorized allocation. - Against: Do nothing. ---
**Author:** ![nader.frax](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.frax.finance/nader.frax/32/1849_2.png) [@nader.frax](https://gov.frax.finance/u/nader.frax)\ **Post date:** [June 1, 2023, 11:03pm UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359/2 "2023-06-01T23:03:59Z")
This proposal is up for voting here: [Snapshot](https://snapshot.org/#/frax.eth/proposal/0x17eb0f55fba85aa83e74edf60d430bd24ecb6c55137d2f8d3f35029070aaeae7) ---
**Author:** ![Westwood](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.frax.finance/westwood/32/1264_2.png) [@Westwood](https://gov.frax.finance/u/Westwood)\ **Post date:** [March 11, 2024, 4:30pm UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359/3 "2024-03-11T16:30:39Z")
This was approved and never delivered. Can I get an update from someone on the team? ---
**Author:** ![pratikcoinchange](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.frax.finance/pratikcoinchange/32/1532_2.png) [@pratikcoinchange](https://gov.frax.finance/u/pratikcoinchange)\ **Post date:** [March 24, 2024, 4:58am UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359/4 "2024-03-24T04:58:32Z")
Isn’t Frax voting fully on-chain? Or does the team have to execute the decisions? ---
**Author:** ![nader.frax](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.frax.finance/nader.frax/32/1849_2.png) [@nader.frax](https://gov.frax.finance/u/nader.frax)\ **Post date:** [March 29, 2024, 2:17am UTC](https://gov.frax.finance/t/fip-236-authorize-fraxlend-amo-for-a-new-pair-steth-frax-variable-rate/2359/5 "2024-03-29T02:17:58Z")
This pair is deployed, and Fraxlend AMO has started its lending allocation.