[FPIIP - 1] Whitelist Pitch to stake FPIS and add pitchFPIS/Frax gauge

Governance Proposals FPI / FPIS
1

Authors

Charlie Pyle, Founder of Pitch

Summary

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.

Proposal

For

  • 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.

Against

  • Do nothing
1 Like
3

This is the wrong mentality. Wrappers should be used as an option for making the position liquid, but not just a blatant circumvention of an underlying mechanic. If this is how pitchfxs is done it should be revised as well.

For example Stakedao uses a time weight mechanic so that governance weight grows to maturity over a set time frame. Convex uses a different token which has its own locking mechanic.

2 Likes
4

I also think it would be best to leave out the gauge proposal for now.
Is this an fxs gauge proposal? If so it should be a fxs vote.
Is this a fpis gauge proposal? We don’t even know if fpis gauges will be a thing or not.

2 Likes
5

This proposal is going to be posted in two different FPIIP:

[FPIIP - 1] Whitelist Pitch to stake FPIS : Snapshot

[FPIIP - ?] add pitchFPIS/Frax gauge : this will be posted after finalizing FPIS gauges

6

Hey all - updating here that we’d like to hold off on moving the FPIS staking vote to snapshot until we’ve finished discussing the different mechanism tradeoffs with the community. Let’s consider the current “active” vote invalid, and we’ll put up another version of it once we’ve all decided on a final design for the community. Cheers!