Authors
Frax Core Team
Summary
Deploy Fraxferry for FRAX, frxETH between Ethereum and Sei Network, with the following details (each token will be voted separately on the snapshot):
Background and Motivation
Sei is a Layer 1 blockchain optimized for trading and decentralized exchanges, providing a high-performance infrastructure for orderbook-based trading platforms. With features like the Twin Turbo consensus mechanism, which offers increased throughput and 500ms finality, and innovations such as parallel order execution, Sei positions itself as a leading blockchain for decentralized trading.
Over the past three months, Frax Finance assets have been increasingly adopted within the Sei DeFi ecosystem (e.g. Jellyverse, Yei), becoming some of the top main assets on Sei. The demand for FRAX, sFRAX, frxETH, and sfrxETH is growing sustainably. The Sei Foundation has been actively assisting in promoting Frax assets to new levels within the Sei ecosystem, recognizing the value they bring to the network.
This growing demand for Frax assets on Sei has opened up the opportunity for deploying AMOs to optimize liquidity and market operations. As a requirement for this, we propose deploying Fraxferry, Frax Finance’s official in-house bridging solution, to issue Frax assets natively on Sei. Fraxferry offers a secure, decentralized cross-chain bridging solution that ensures safety and integrity while transferring assets between chains. And you can read more about it here.
Proposal
-
For: Deploy Fraxferry for FRAX, and frxETH between Ethereum and Sei Network
-
Against: Do nothing.