Author(s)
DeFi Dave and Frax Core Team
Proposal
Terminate FIP-322 and pause Flywheel Funding for the remainder of 2024. Change marketing/growth strategy to become internal team positions.
Background and Motivation
From the inception of Flywheel over a year and a half ago, we have been the leading source for Frax far and wide and have remained a staunch and consistent force for the community with our online content and in-person events. Acting as a top of funnel to the ecosystem, we have been a one stop shop for everything related to Frax .
It has been a worthy experiment to see how far an outside entity like Flywheel can support Frax, but it is obvious that there are limits to this model. Flywheel has done its best to amplify Frax and we have to an extent, but after reflecting on the past it is clear that the most effective way that Frax can execute marketing and communications going forward is shifting to an internal strategy.
With this being said, I am requesting that the core team pause funding for Flywheel going forward. Flywheel will continue with its obligations for Frax until April 12th after which there will be no need to send any more payments. The core team has already started the process of shifting to creating internal positions that focus specifically on marketing/growth.
Wr would like to thank everyone who has supported us in the past including all veFXS voters (whether you voted for or against) who participated in our funding votes. Some of the most participated votes in the history of Frax was over Flywheel and is a testament to the liveliness of the community as a whole.
There are multiple tailwinds pushing Frax forward this cycle. The launch of Fraxtal and its push of being the M2 of crypto is positioning the ecosystem to being the easiest place to launch an L3. Flox incentives are rewriting how positive-sum actions onchain are rewarded in crypto. I believe with a properly executed direct messaging, Frax will be able to capture the mindshare of the masses.
Action
- Terminate FIP-322 and pause Flywheel Funding. This does not need to go to a vote.