PHASE 1 , this part has already been voted for and passed, scroll down for PHASE 2
As the FRAX protocol expands we have and will continue to collect more governance tokens in other protocols.
This gives us as a collective a lot of voting power in other protocols, but the problem is how we use it.
Right now the team is using our collective voting power to vote for things that are directly related to FRAX , E.g using our TOKE to vote for the FXS reactor. But there are some votes that are not directly related to FRAX that can help us.
In the last TOKE reactor voting round we put up a rushed vote in our governance to vote if we should use our TOKE voting power to help vote in another protocol, and we also missed a few votes on OHM that could have earned the FRAX protocol a healthy amount of airdrop tokens.
Sam has mentioned that some sort of team should be set up to help control the voting power we have, im not sure who will be in that team, when or how it will be set up but i would like to propose the following as a temporary solution until a permanent solution can be found.
We give the FRAX team members permission to use the governance tokens we hold as a collective to vote in the governance of other protocols on our behalf with the following conditions.
1, we are informed every time the team votes (a simple post in telegram will do)
2, voting power should only be used if it is in the general interest of the FRAX protocol.
This would allow the team to vote on any proposal in other protocols in a timely way and anyone can bring a proposal vote to their attention knowing the team will review the proposal and vote accordingly on our behalf.