I have been through all kinds of problems since I started in crypto. I have invested in many coins that dropped by over 99%. I was a victim of several bridge hacks. So please explain what’s going to happen with our FRAX for those of us who can’t migrate to frxUSD because we are still locked, @amirnader . The proposal is for voting but this point hasn’t been addressed. We trusted enough in FRAX to lock for THREE YEARS, an eternity in DEFI, and I still don’t even know what’s going to happen with our FRAX when we can finally unlock from those Convex FRAX pools.
Dear @Mockingbird , Sorry for the delay caused by North Star Hardfork last Tuesday, So to answer your questions, Legacy FRAX remains a liability of the Frax DAO, whose mission to keep the token at $1 and drive the collateral ratio to 100 % is unchanged. When your Convex lock ends, you’ll get the same Legacy FRAX back and can hold, or sell it on the open market—no penalties and no forced migration. and meanwhile if you do not feel good about the situation you can apply for a ragequit for your gauge through the governance and pay some fee and exit.
I’m good as long as I can trade FRAX at $1 when I can unlock.
1 Like
In my opinion, the North Star proposal exhibited proposal bundling (also known as ballot stuffing), where multiple, potentially confounding or loosely connected topics are grouped into a single proposal. This makes it difficult for voters to evaluate or support specific parts without implicitly endorsing others they may disagree with. This violates the single subject rule, a principle from governance theory which holds that proposals should focus on a single, clearly defined topic to ensure clarity and avoid confusion or forced trade-offs. Additionally, some components of the proposal—such as FloxCap—remain vague and insufficiently fleshed out, making them hard to evaluate effectively on their own merits.
That being said, [FIP-430] Preparation for frxUSD Payment Stablecoin Charter Compliance was very clear and well written. Nice job, team. My only critique is that I would have liked to see @Bueno_Pues ’ question addressed prior to posting the proposal. Specifically, a dashboard showing a rough estimate of the collateral ratio (CR) for legacy FRAX post-conversion would have provided valuable context. Transparency around this metric, especially in light of the planned balance sheet separation, would help the community make more informed decisions. Looking forward to seeing those figures on Frax Facts soon.