Frax Finance Core Team
This proposal suggests that Frax Finance utilizes Axelar network, a leading cross-chain platform that can facilitate the seamless bridging of FRAX and other Frax Finance assets to chains where a Frax Ferry doesn’t exist. In furtherance of this proposal, Frax Finance commits to refraining from launching a Frax Ferry to the specified chains, instead adopting Axelar network’s solution (e.g., axlFRAX) as the representation of Frax Finance’s assets on those chains. To be clear, axlFRAX is not technologically secured by the Frax Protocol, but is technologically secured by the decentralized Axelar network.
Frax Finance has gained substantial recognition for its innovative stablecoins, FRAX, FPI, frxETH, and yield-bearing tokens, sFRAX and sfrxETH. As we continue to expand our presence in the DeFi landscape, interoperability across multiple chains becomes crucial. While we’ve successfully launched Frax Ferry on various chains, some chains may lack a dedicated Frax Ferry. This poses challenges in providing liquidity and accessibility to users on those chains.
Axelar network, a fully decentralized, open-stack cross-chain solution, offers a reliable and efficient means of bridging assets across different blockchain ecosystems. By utilizing the Axelar network, Frax Finance aims to overcome the limitations posed by the absence of a Frax Ferry on certain chains, ensuring that Frax tokens remain accessible, tradable, and functional in diverse blockchain environments. Frax Ferries requires a substantial amount of infrastructure and engineering effort on the team’s part. Thus, it makes sense to work with a reputable cross-chain network to expand FRAX issuance on the “long-tail” of chains.
This proposal suggests that Frax Finance adopts Axelar network’s representation of Frax Finance tokens on chains where a dedicated Frax Ferry is unavailable. This adoption will enable the seamless transfer of Frax Finance tokens between supported chains.
To maintain transparency and community involvement, any requests to adopt axlFRAX on new chains will require a governance proposal. This proposal should outline the reasons for inclusion and provide a clear rationale for extending axlFRAX to additional chains. Community members will have the opportunity to vote on these proposals.
It is important to note that Frax Finance maintains the flexibility to launch a Frax Ferry on the specified chains if deemed necessary. However, any such launch will be subject to a new governance proposal and approval from the Frax Finance community.
For: Support for the adoption of Frax Finance bridged tokens by the decentralized Axelar network on specified chains.
Against: Do nothing.