I propose we start a conversation with DAD community on the possibility of adding FRAX to their bifrost bridge and ecurve protocol.
The tech behind the bridge is chain agnostic and the DAPP network is in the beginning of a journey to go multi chain. First up is yield farming with DAPP on Bancor protocol. Bancor is also using the tech to bridge between ethereum and polkadot. It’s developed by liquidapps/DAPP network, a very hard working and skilled team.
DAD or “DAPP account DAO” was created with the intention of using DAPP technology to do multichain yield farming.
In my opinion if FRAX protocol want to include EOS in their plans, DAD and DAPP community is a good place to start.
They have a strong community and strong ties to both EOS community and Bancor. They have developed a curve copy on eos already and has a bridge implemented for USDC and DAI that is working very well. With a working collaboration on getting FRAX to EOS there could potentially be more synergies possible between FRAX and DAD/DAPP in the future.
To take this any further I’d like to know the following;
-is it in FRAX community interests to bridge FRAX to EOS?
-before getting started we must analyze if there will be any utility for FRAX on EOS. Simply bridging some tokens will most likely not cause very high demand. (Although during recent fast moves in eos price the demand for USDT on EOS caused it to break its peg multiple times). If a decision is made that we should bridge FRAX to EOS there should probably also be an intention to incentivize usage on different protocols running on EOS.
I would be happy to help as much as I can with communication for FRAX on EOS, although I’m not techy big brain enough to handle the technical stuff. I don’t think there has to be much dev effort from Frax, as they already have a framework to bridge ERC-20 tokens. What is needed from Frax Protocol is to incentivize initial liquidity pairs. Maybe initiate a dual farm with Ecurve token and FXS och Ecurve. I.e TRIPOOL-FRAX pair. However more detals on this can be discussed further if Frax community is positive to this proposal.
On a side note. I believe one topic that will come up in EOS new funding program EDEN is development of a protocol stablecoin. Lead architect behind EOSIO Dan Larimer expressed this multiple times in recent months. No such development have started yet to my knowledge. It seems that if EDEN decides to start development for a stable coin that it will be more conservative built than I.e UST.
With intent of presence on EOS I believe FRAX could find synergies and benefit if this would be the case.
Another big event in recent news is the launch of a large scale exchange Bullish Global. As EOS is their flagship blockchain my assumption is that it’s beneficial to show support for EOS before applying for listing.
What’s your thoughts?
Best Regards Capt