FIP 30 - FRAX-MIM Uni v3 Gauge

Governance Proposals Gauges
1

Hey guys,

The next gauge we’d like to propose is a FRAX-MIM Uni v3 gauge.

Summary:

Deploy a FRAX-MIM Uni v3 gauge on a tight half cent range order on each side of $1 similar to the FRAX-USDC and FRAX-DAI gauges. This would make the FRAX-MIM pair the core Uniswap liquidity for all traders to access outside of Curve. Currently MIM liquidity on ETH is predominantly in Curve and this would benefit MIM a lot by creating a big presence for them on Uniswap v3. It also creates value for FRAX by becoming the predominant routing pair for all MIM swaps on Uniswap. We can later expand this to L2s if proven successful.

Background & Motivation:

MIM has been on a roll with expansion and execution. Daniele been a DeFi legend with his team’s shipping of code nonstop. This gauge would create value for both Abracadabra sorcerers and Fraximalists by bringing MIM to Uniswap and FRAX as a trading pair together. Additionally, there is a good chance that the sorcerers could allocate some SPELL rewards to the MIM gauge to allow both communities to earn FXS+SPELL which align incentives and get our communities closer together.

This gauge would help MIM get deep, tight Uniswap liquidity as well as expand FRAX’s presence as a routing stablecoin across a large number of decentralized stablecoin projects. This also furthers our mission of being a positive sum player in the space, extend a hand of friendship+collaboration to Daniele & team, as well as show that both stablecoins will have a tighter peg together than competing against one another.

For: Add gauge

Against: Do nothing

2 Likes
2

Having the SPELL community as an ally would be great. For.

1 Like
3

Support. I think I’m in favor of almost any guage with a reputable project that will also contribute some of their rewards to the pool.

4

Someone should ask in their discord/community if they would like to contribute some SPELL. I think they are very friendly but would be good to double check.

5

Ok well sent one of their mods a ping, he said he’ll pass it on and get back to me. Very friendly though like you said, think they’d be good partners.

1 Like
6

Not sure where the community is on this proposal, but if this were to be deployed, it would be a good opportunity to have it as a G-UNI FRAX-MIM Pool. G-UNI would aggregate liquidity in one position, allowing users to accumulate more fees than if they were to provide liquidity alone as well as make it easier for them to deposit into existing contracts since G-UNI pools are ERC-20 tokens.

Regardless of what happens in this instance or not, it should be in the interest of Frax to have as many stablecoins pairs as possible so it can become the “glue” holding the dollar-pegged stablecoin universe together. This can be done since Frax is whitelisted on Uniswap, its just a matter of execution.

7

didnt we already agree to do a G-uni pool for this pair ?