Why only a 20% exit fee? Shouldn’t it be closer to 50%? Why not have the exit fee just go back into veFRAX rewards?
Why I voted NO:
Advocating that the core team separate rebranding vs fundamental tokenomics changes into multiple separate proposals. Additionally, would like to see more clarification on long term plans/reasoning to transition Fraxtal layer2 superchain OP stack validium to an L1 through a future hardfork and ensure that fraxtal chain users have sufficient exit window to bridge to the Ethereum L1 should this take place. Thanks -Kody
Current snapshot votes
For: 110.5k 99.44%
Against: 624.481 0.56%
2 Likes
AM still grappling with understanding this FloxCap concept. The proposal says:
1.918% of a user’s FXTL point balance will be deducted / burned and automatically converted to claimable FRAX.
Is this the baseline conversion rate referred to later on? i.e. the FloxCap is just a boost on this 1.918% which everyone is guaranteed as the minimum.
Apologies if I’ve been slow on the uptake …
I agree 100%.
Minimum 35% fee. 50% is better. 60% is worth considering.
Or, perhaps a variable ragequit fee based on total time staked in veFXS so far.
For example, users that have staked for less then a year would pay 70% ragequit fee. Users between 1 and 2 years staked would pay between 60% and 50%. Users that have staked for over 4 years (by renewing their lock) pay 35%.
A 20% ragequit fee would incentivize most people to 4 year lock and renew until they exit. Which makes a 4 year locking system kind of pointsless.
I approve of everything. Excellent improvements over the V1 proposal. Particularily the new FXS emission schedule, higher percentage of emissions to FXTL holders, and rewarding veFXS stakers with sfrxUSD.
Good call with removing adding revenue distributions to sfrxUSD. sfrxUSD should generate yield for Frax and veFrax, not the other way around.
Please add veFrax Ragequite with high (40%-70%) initial cost that goes down over time according to how long the user has staked and renewed. Minimum 25% ragequit fee after 4+ years of locking and renewing.
Please distribute most of ragequit fee revenue to veFrax stakers.
Yes to disabling gauges. So many protocols do that and specalize in that, like curve and every ve 3,3 DEX out there. Its quite gimicky and i dont think distributing FXS emissions to LPers is as beneficial as many other methods.
Absolute yes to floxcap mechanism. Dont let anyone disable this function. Regardless of complexity, the floxcap mechanism will be critical for incentivizing FXTL rewards to be kept in the Frax Ecosystem instead of liquidated.
Im sure a well designed interface with a built in calculator will make floxcap much easier to understand for people.
I have one suggestion.
Allow uses to choose between receiving sfrxUSD or FXB tokens for veFrax rewards. If its more beneficial for the frax protocol to reward veFrax stakers with FXB, then offer stakers the option to recieve a higher return by receiving FXB-sfrxUSD liquidity pool tokens. Add another layer of incentives for veFrax stakers that recieve FXB LP tokens and hold them, with a bonus for waiting until the FXB can be directly redeemed.
Maximum incentives for long-hold investors that continue circulating returns back into the Frax Ecosystem.