Head of Ecosystem Development

Governance Proposals
1

Author

@MrKKhann

Introduction

I have been a crypto knowledge seeker as early as Jan 2017 and one of the early users of Binance and referral affiliate member. I’m also currently a core member of the CVX5 and recognise the challenges that new protocols and DAOs face when integrating into the DeFi ecosystem. My first purchase of Frax share was just under $5 in October 2021. I have since then been following, voting on FXS snapshot proposals and keeping upto date with the changes and developments.

As an early investor and active member of the Convex & Frax community. Frax has been one of the frontrunners in the DeFi space. With the recent launch of Fraxtal, forging strategic partnerships to enhance liquidity and Total Value Locked (TVL) has become a top priority. I propose the creation of a Head of Ecosystem Development position.

Proposal

The Head of Ecosystem Development will involve engaging and fostering relationships with DeFi protocols and crypto companies, with a focus on GCC countries; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates with the potential to expand to ASEAN countries.

Dubai is rapidly emerging as a leading hub for crypto enterprises, and continues to accelerate with many crypto firms from the UK and Europe relocating to the UAE. This is driven by a favourable regulatory environment led by Abu Dhabi, an established financial sector, and strong commitment to innovation.

As Dubai continues in attracting top talent from around the globe, the GCC Ecosystem Lead will be instrumental in building strategic partnerships and ensuring Fraxtal Chain’s growth in this rapidly thriving market.

Duties:

Identify and Secure Partnerships: Engage with DeFi protocols, blockchain projects, and crypto companies within GCC countries to establish strategic partnerships.

Conduct Market Research: Analyse the crypto and DeFi landscape in the GCC countries, identifying trends, opportunities, and potential risks to inform strategic decisions.

Lead Face-to-Face Meetings: Organise and participate in direct meetings with key people, to discuss collaboration opportunities.

Develop and Implement Business Strategies: Create and execute strategies to expand Fraxtal Chain’s presence in the UAE, targeting key industry players and positioning the platform for growth.

Build Relationships with Relocating Companies: Focus on companies from the UK and Europe that are moving to Dubai, establishing Fraxtal Chain as a key partner in their transition.

Enhance Brand Visibility: Represent Fraxtal Chain at industry events, conferences, and meetups in Dubai and the UAE to increase brand recognition and network with potential partners.

Report on Progress: Provide regular updates to the executive team on the status of business development efforts, including partnership successes, challenges, and market insights. Also work closely with the Head of Community Development.

Drive Ecosystem Growth: Work to integrate new DeFi protocols and applications onto Fraxtal Chain, by visiting the crypto hubs, expanding the ecosystem’s functionality and user base.

Goals

  • Strategic Partnerships: Establish at least 3 key strategic partnerships with leading DeFi protocols and blockchain projects within the first 3 months that will use Fraxlend and pair with Frax pools on curve.
  • Ecosystem Expansion: Onboard at least 3 new DeFi protocols onto Fraxtal Chain within the first 3 months, increasing the platform’s functionality and TVL.
  • Brand Visibility: Represent Fraxtal Chain at a minimum of 3 industry events, focusing on networking and promotion to boost brand recognition. Secure media coverage and build relationships with key industry players to enhance the platform’s visibility and reputation.
  • Growth Metrics: Achieve a 30% increase in Fraxtal Chain’s user base and a 20% increase in TVL within the first 3 months.

Previous Successes

  • CVX5 Group Leadership: As a core member of the CVX5 group, I have played a key role in driving strategic decisions that have led to significant growth in the Curve/Convex ecosystem.
  • Frax Community Engagement: My early investment and active participation in the Frax community have provided me with deep insights into the DeFi space, allowing me to contribute to the platform’s success.
  • Binance Affiliate Success: As an early user and referral affiliate member of Binance, I contributed to the platform’s rapid growth and adoption during its early stages by referring thousands of people to the exchange.

Salary

4K Frax distributed every two weeks.

Travel Expenses

Travel expenses will be covered on an ad hoc basis for specific events and meetings that require in-person attendance.

This includes:

Flights: Economy class airfare will be covered for necessary travel to events, conferences, or partner meetings.

Accommodation: Reasonable hotel expenses will be covered for the duration of approved trips.

Ground transportation: Costs for taxis, ride-sharing services, or public transit to/from airports and event venues will be reimbursed.

Per diem: A daily allowance will be provided to cover meals and incidental expenses during approved travel.

To request coverage of travel expenses:

  1. Submit a brief proposal outlining the event/meeting details and expected outcomes
  2. Obtain approval from the Frax Finance team prior to booking
  3. Submit receipts and an expense report for reimbursement after the trip expense report for reimbursement after the trip

The goal is to be judicious with travel expenses while ensuring in-person representation at key events that can drive meaningful partnerships and ecosystem growth. Virtual meetings will be utilised when possible to minimise costs.

Time Commitment

37.5 hours of dedicated time per week. Does not include additional time spent after hours meetings and if support ASEAN regions, which will require a lot of travel.

Contract Terms

Duration: A 3-month probationary period.

Review: Re-apply directly with Frax Finance at the end of the term if the Frax Finance team is satisfied with the results.

Closing Statement

Today, I signed up for the Frax Governance Forum and am excited to make my first post here. Some of you may have seen my posts on X (Twitter), where I’ve been actively supporting Frax for years. I’ve been rallying votes for Snapshot from Convex and Clever lockers on Telegram, recently helping the latest [Frax] [FIP-398] reach quorum.

This role differs from [Head of Community Development] as it involves visiting offices and traveling to meet with teams directly. My focus will be on understanding their projects firsthand and exploring how FRAX can benefit. It’s a more hands-on, on-the-ground role compared to an online presence.

As a crypto enthusiast since 2017 and an early investor in Frax, I have closely followed the evolution of the DeFi space, particularly within the Curve, Convex and Frax ecosystem. My experience as a core member of CVX5 and my deep understanding of the challenges faced by new protocols and DAOs have equipped me with the insights necessary to drive growth and innovation within Frax.

With Frax emerging as one of the leaders in DeFi and the recent launch of Fraxtal, I believe the creation of a Head of Ecosystem Development role is essential. My proposal focuses on engaging with DeFi protocols and crypto companies, particularly in the rapidly growing GCC region, with the potential to expand to ASEAN markets.

As Dubai continues to attract top talent and crypto enterprises, the GCC Ecosystem Lead will play a pivotal role in forging strategic partnerships, enhancing liquidity, and driving the growth of Fraxtal Chain. I am excited about the opportunity to contribute to Frax’s success and look forward to working closely with the community to achieve our shared goals.

I have taken feedback from some FRAX core team members before creating this proposal.

Sincerely,

@MrKKhann

2

This is so bad i almost feel like making a counter proposal to bring back defidavid for 500k or whatever

jkjk but really pls delete fren, its not too late

1 Like
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Based on feedback from the FRAX community and C2tP comments, I’ve decided that the position of Head of Ecosystem Development as it’s creating considerable friction, and my core objective was intended to be a value add and grow the ecosystem presence in Dubai and Abu Dubai’s crypto friendly ecosystem. After discussing this with the FRAX core team, I will be withdrawing my proposal.

Leading up to the proposal, I have secured two dAPPs to deploy on Fraxtal, with one having 1.5m unique wallets.

While I understand the concern that I’m not widely recognised online, my previous work in central London, where my role was focused on fostering strong relationships, as in-person adds a layer and expands Frax’s presence, than just online presence.

Relationship building shouldn’t be only be an online-only strategy.

I genuinely wanted to make a positive impact, especially during these challenging market conditions, and disappointed that I won’t be able to at this point in time.

I’d love to keep the door of opportunity open, and I’m still here to help in any way I can—feel free to reach out.

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Thanks for helping to grow the Fraxtal ecosystem! Those two dApps sound like they could be huge additions! I do think that Frax Finance should create some sort of referral program to reward people like you for your contributions.

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I request two improvements regarding this proposal:

  1. The compensation system for the head of Ecosystem Development should preferably be based on accurately set KPIs and performance-based payments, rather than a stable salary. Additionally, to emphasize sustainable ecosystem growth, it is recommended to set a minimum period of about 6 months for measuring KPIs.
  2. It is incorrect to adopt TVL and user numbers as goal(growth metrics). These two metrics fluctuate due to multiple factors and do not accurately reflect the benefits brought about by your work. It is recommended to evaluate based on the total TVL of the DeFi protocols you have attracted and the transaction fees generated by those protocols.
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Just to chime in here since my comment in chat was a vague “not likely”

I think these sort of things are hard for people to get a grasp on the quality of work that will be outputted. Can’t really be helped as we’re all mostly a bunch of random people on the internet.

Defidave also left kind of a bad taste for these things too for me.

Anyway, I think it’s easier to make decisions after seeing some results or history. I also think it could be good that if unknowns are high then rather than a flat salary, maybe something like low base + large incentives for success would be more appropriate.
(I understand the 3 month trial. just think there are better templates)

Things being brought to fraxtal or Frax ecosystem in general should be rewarded. It’s just hard to pick the horse.

4 Likes
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Thank you for clarifying that you’re not opposed to the proposal. To address any concerns, I’m willing to extend the probation period to 6 months. Additionally, I’m more than happy to work with the Frax core team, including setting KPIs, as mentioned by @0xlide @MichaelHenry, to ensure everyone is aligned.

If the core team feels that this proposal requires a vote, I’m completely open to that—whether in its current form or with any necessary modifications. The ultimate goal is to ensure the best outcome for the ecosystem and everyone invested in its success. I appreciate your input, and I look forward to moving forward together.

3 Likes
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@C2tP-C2tP, I appreciate your feedback. Could you elaborate on what you meant by “just think there are better templates”? I’m particularly interested in:

  1. Any specific elements you’d like to see in this proposal
  2. A preferred structure you had in mind
  3. KPI’s you believe would strengthen a proposal of this nature

Your insights would be invaluable in helping me refine and improve this proposal. Thank you for your time and expertise.