We are excited to submit a proposal to the Frax community to engage in a partnership with [REDACTED]. To begin this partnership, we want to gain the Frax community’s support for [REDACTED] to include FXS as an approved asset for bonding. If FXS holders give us their support, then we would also like to propose the Frax community whitelists [REDACTED] to stake FXS for veFXS.
Please use this post to discuss any of the benefits and details of the partnership outlined below or to ask any questions regarding [REDACTED]. (Also, if you haven’t heard of us before, here is a link to our whitepaper)
Frax has done an amazing job in expanding its influence over the Curve ecosystem. At [REDACTED], we aim to do something similar via CRV and CVX bonding, with the ultimate goal to democratize the gauge bribing process.
Approving [REDACTED] to include FXS in bonds offers the following benefits and assurances:
A consolidated voting token (BTRFLY) offers more power to each new converted FXS holder, both in measurable voting influence but also on the Frax platform as more FXS is bonded (ie. imagine for every 1 BTRFLY, there is 5 FXS worth of voting power from the treasury). This also includes increased access to and control of broader liquidity provisioning on CRV (and soon other protocols)
Upon FXS integration with CVX (cvxFXS) and FPI launch, FXS and FPI will have similar qualities to Curve and Olympus. Given that [REDACTED]’s goal is to democratize the gauge voting process of influential governance tokens, we’d like to start the bonding process of FXS.
As the accumulation of the FXS token warrants a governing responsibility: the [REDACTED] Cartel will never sell any bonded assets, clearly defined in our Constitution. We plan to allow the Cartel community to vote for how to best utilize the token, this can include locking for veFXS, LPing in FXS/cvxFXS pools, etc.
I think this is very important in both [REDACTED] and Frax’s strategic positioning in building the future of DeFi, and would really pay off if executed properly. We would love to hear more from the Frax community regarding pursuing this partnership, approving FXS on [REDACTED]’s interface and potentially creating a new AMO around a FRAX - Redacted LP gauge.