Charlie Pyle, Founder of Pitch
Approve the Pitch DAO to stake veFPIS and establish a novel Fraxswap V2 pitchFPIS/FRAX gauge to enable the pitchFPIS liquid staking token.
Background & Motivation
Since its inception in May 2022, pitchFXS—our liquid wrapper for FXS—has amassed over $4 million in TVL and permanently locked over 450,000 FXS out of circulation. We’re excited to continue supporting the Frax ecosystem by allowing users to liquid lock their FPIS for pitchFPIS.
PitchFPIS, like pitchFXS, allows Frax users to earn native FPI yield and participate in FPI governance without compromising on their liquidity requirements. In other words, users can permanently lock their FPIS to mint pitchFPIS (at a 1:1 ratio), which affords the same governance and yield rights without being subject to a time lock.
We also propose adding a pitchFPIS/Frax gauge on Fraxswap to provide liquidity for its holders. This gauge would utilize a novel implementation (a Pitch gauge) that developers in the Pitch DAO have helped build, which allows users to permissionlessly transfer their locked stakes. This provides essential flexibility for its liquidity providers and should elucidate a yield curve for the underlying asset.
We’re thrilled to continue building on top of the Frax ecosystem and are excited to see what pitchFPIS and transferrable locked stakes add to the community. Security is always our number one priority as developers, so all code associated with this proposal is either freshly audited or a 1:1 fork from previously audited work.
- Whitelist Pitch as a veFPIS staker and enable pitchFPIS liquid staking.
- Establish a novel Fraxswap V2 pitchFPIS/FRAX gauge, which promotes permissionless transfer of the locked positions.
- Do nothing