Author
Eclipse Labs
Summary
This is a proposal to integrate native FRAX and frxETH at launch of Eclipse Mainnet. This initiative includes the deployment of Fraxswap and Fraxlend to the Eclipse ecosystem.
Eclipse Mainnet is a general purpose Ethereum L2 that leverages the Solana Virtual Machine (SVM) as its execution environment. The canonical bridge is on Ethereum and ETH is used as the gas token. Given the scalability of the SVM, fees on Eclipse will be significantly lower than existing L2s, lending itself as a low cost solution to growing FRAX and frxETH adoption through higher capital efficiency.
Proposal Details:
- Native FRAX stablecoin and frxETH deployment at launch of Eclipse Mainnet
- Utilization of Fraxferry to facilitate the seamless transfer of these assets
- Deployment of Fraxswap and Fraxlend
Background & Motivation
Expanding Reach of FRAX and frxETH
Integrating these assets natively on Eclipse Mainnet offers a new avenue for exposure and utilization, broadening the FRAX user base.
Establish FRAX as the Anchor Stablecoin
The strategic timing of this integration, coinciding with the launch of the Eclipse Mainnet, positions FRAX favorably to become the predominant stablecoin within the Eclipse ecosystem.
Extend Fraxswap and Fraxlend to SVM
Given Eclipse is an SVM chain, deploying to Eclipse would make Fraxswap and Fraxlend SVM-compatible. This opens up additional channels for Fraxswap and Fraxlend deployment to other chains in the future.
Voting
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For: Deploy native FRAX and frxETH on Eclipse Mainnet along with Fraxswap and Fraxlend.
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Against: Do nothing.
Snapshot Voting:
[FIP - 323] Deploy FRAX via Fraxferry on Eclipse Mainnet
[FIP - 324] Deploy frxETH via Fraxferry on Eclipse Mainnet