A few weeks ago Pancake launched a product that i feel would work really well for FRAX protocol.
Its a time locked, auto-compounding single coin staking pool.
Its on the BSC chain so if we could adopt it people could buy FXS on exchanges like binance or kucoin, send the FXS to their wallet and then lock it. No bridging, No swapping for native coins, No locking in a LP then locking LP tokens and best of all it only cost $0.20 in fees to do all the transactions needed to get locked in. Its simple and Cheap.
Pancake have built this so they can lock up CAKE tokens, but i would like to propose that we commit some time to see if we can build something like this for FXS.
As this is on BSC and not on ETH its unlikely we will be able to give this pool voting power like the veFXS pool, but if we direct a small fraction of the veFXS rewards to this pool then i think it will become a viable option for smaller retail traders.
Now im not expecting smaller traders to provide much buying pressure to FXS, but a pool like this could attract a lot more people to the protocol and could increase awareness of FRAX and really opens the door to people from lower income countries.
So my proposal is as follows.
I propose we commit some time to investigating if we can build a single coin , locked, auto-compounding staking option on the BSC for FXS , like the current CAKE locking option that pancake offers.
If we can build it then
- we build it with upto 3 years lock time
- we offer rewards boost for longer locks
- we add the pool to the new FRAX UI
- we redirect 10% of the veFXS rewards to this pool