Dear Frax community users
Hello, this is Ozys team
We appreciate the insightful comments and interest on last proposal (Linked below). I am afraid that the last gov proposal suggesting “liquidity provision + partnership” did not fully grasp on current unstable market situation given that purchasing variable asset in this bear market is not a wise portfolio. In this light, we made changes on the contents of the proposal reflecting the concern yet maintaining the benefits and merits that our new protocol Meshswap can offer to FRAX holders. In addition to that, we elaborated on the expected role of major stable-coin such as FRAX in on-chain DEX, and how originality of our DEX governed by MESH would benefit FRAX holders in this proposal.
Initiating a partnership between Frax and Meshswap (Ozys) containing co-promotion and liquidity provision
- Through this partnership, we wish to build a strong and stable liquidity environment with Major stables such as FRAX in Meshswap.
- The role of stables in DEX is to offer cashability and medium of storage to users, which would be playing a very important role in any DEX.
- To facilitate the role, we would offer an instant MESH mining opportunities to FRAX + other stables assets by setting FRAX as MESH minable asset, and any FRAX pair would be subject to MESH airdrop ($2-3 Mil worth of MESH are airdropped to each MESH minable stable pairs in average per year)
- MESH airdrop will increase the scale and stability of the liquidity pool which ensures low slippage
** In addition to that, we are planning to add stabilized major stables such as FRAX in our single lending pool which would allow FRAX holders get high level of profit without pairing with other coins.
Specific proposal contents
FRAX to Meshswap
i) Co-promotion through partnership [through social graph channels (Twitter, Discord, etc)]
ii) Liquidity provision “FRAX + USDC pool ($0.1 ~ 0.5 mil; optimal quantity would be adjustable between two foundations)”
Meshswap to FRAX
i) Enable instant MESH farming opportunities with FRAX + USDC pair
- High level of defi opportunities to FRAX holders
- $2-3 Mil worth of MESH are airdropped to each MESH minable stable pairs in average per year
ii) Offering the governance power
- When staking mined MESH from FRAX-USDC pool, FRAX holders get vMESH as a proof of staking.
- Meshswap has pool voting feature, and with this feature, users can get FRAX-USDC LP token by voting vMESH to the corresponding pool.
- In addition to that, as more votes are exercised to FRAX-USDC pool, the more MESH rewards are given to the pool
Mining MESH by depositing FRAX – USDC → Stake MESH to get vMESH → Vote vMESH on FRAX-USDC pool → Voters acquire FRAX – USDC LP token as a voting reward + More MESH are airdropped to FRAX – USDC pool as voting ratio increases → More MESH are mined; compound interest effect
iii) Adding FRAX to our lending pool so that enables to attain high level of yield from depositing a single asset (FRAX)
- Pre-requisite: sufficient level of liquidity must be formed for lending pool to work
Brief intro of Meshswap and Ozys team
Meshswap is a Polygon-customized version of DEX that follows the basic structure of KLAYswap and is also developed by Ozys. To be specific, KLAYswap is a Klaytn’s main DEX protocol that once took up about half of the liquidity in Klaytn ecosystem, which recorded $ 2 Bil TVL(Total Value Locked) last year and ranked 17th globally. Based on the high level of performance and completeness on the product side (AMM, staking, leveraging, IDO, etc), and almost completely decentralized and effectively working governance system of KLAYswap, Ozys team decided to launch another DEX protocol on MATIC chain called “Meshswap”. And within a week from public launching, Meshswap hit $ 0.6 Bil TVL within a week and ranked 2nd place in Polygon DEX and has maintaining the rank until the present.
Ozys is the developer of Meshswap, Klayswap, Orbit Bridge, and Belf-fi. We are a blockchain company with exclusive influence in Korea. We have conducted research and development since 2017, and based on our Moto “Connnecting the unconnected”, we have succeeded in transplanting AMM DEX on Klaytn and Polygon as well as connecting interchain with our bridging solution Orbit Bridge that supports more than 15 major mainnets. Our team maintains close relationships with major foundations, exchanges, and conglomerate including Polygon, Maker Dao, IOST, Netmarble, XRP, QIdao, Tetu, Adamant, stacks, Icon, Houbi, GALA, and etc.