Hey all, since my last post of trying to pass this vote, I’ve come to realize I may have needed to provide greater detail on certain subjects for governance to pass the vote.
This FIP is to pass an early withdrawal of two Convex pools; stkcvxSTGFRAXBP (0xd600A3E4F57E718A7ad6A0cbb10c2A92c57827e6) and stkcvxCOILFRAXBP (0x39cd4db6460d8B5961F73E997E86DdbB7Ca4D5F6). And one Morpho pool; Re7FRAX (0xE1e697Fd7EC9b3675808Ba8Ad508fD51cac756a3). Leave pools are no longer serving the interest of the investor and is more valuable to withdraw early with a fee.
Explanation
These pools per the roadmap of FRAX are no longer being supported and continues to be stale water, festering dull appearances for that of FRAX. This does not serve the interest of the FRAX team and neither the investors who are considering reallocating to the proper mapping which will help boost FRAX’s value in terms of Trust and Revenue creation.
Morpho pool is now at 0% APR that over the last year had earned ~3% APR and $889 is currently locked. CVX STG pool is now also at 0% APRs and had average 4-5% over the past year and $4,534 TVL. CVX Coil is also a 0% APR pool though is earning a 2.94% fee swap, however none of that is given back to the investors whos’ funds are being used to be redistributed to other people. the APR used to average 10% and currently is 155.5K TVL.
As a proposition to allow funds to be appropriately reallocated to the realignment of the roadmap, I’m asking that these pools receive an early redemption with a 4% withdrawal fee. The unlocked funds will be aligned to sFRXUSD to receive the current 5.1% APY.
Proposal Details
- Early withdraw of stkcvxSTGFRAXBP, stkcvxCOILFRAXBP, and Morpho Re7FRAX
- Unlocked funds can be expected to move into sFRAXUSD
- 4% Early withdraw fee from each pool unlock
Voting
For: Take action as pertaining to outlined in this proposal
Against: Do nothing and allow stale funds to sit