Rename Frax the stablecoin to FrxUSD

Hello Everyone,

I am putting this out to get feedback on renaming the flagship product Frax to FrxUSD.

The idea is very simple, to make it easier to differentiate Frax the stablecoin from Frax Share and to align the names with other stablecoin products ie FrxETH and FrxBTC.

I believe this will bring more synergy to the overall ecosystem and less confusion.

Let me know what are your feedbacks and perhaps we can put it for vote.

2 Likes

Good idea.
No more feedback. Let’s move this to snapshot.

1 Like

I personally think the proposal needs to get more fleshed out.

Currently my only comment is that if we rename $FRAX to $frxUSD, then we should rename $FPI to $frxFLAT or just $FLAT in the same proposal.

Agreed, but why frxFLAT?

This a a huge undertaking and any proposal like this needs to consider many ramifications on a change like this.

  1. Is it that easy to change a token ID?
  2. What internal and external documentation may need to change to reflect a name change.
  3. What potential costs are associated with a name change?
  4. Public Relations - What about existing users who hold Frax and will not realize that frxUSD = Frax.

There are many, many risks to this plan and I do not think that “frx” has enough lindy effect for people to realize that it means “Frax”.

I personally believe that general naming conventions of today do not align with where they will be in the future. Example, do average users know what protocols created “ezETH” is? or USDbC?

Protocol (Brand equity) > token name

(screenshot below).

Frax has built trust, credibility in their longevity. “frxUSD” will be just another token on a list which does not aid towards the brand equity of “Frax”. To repeat, I do not think the average user will realize that “frx” = “Frax”

If there is any name change discussed, I would implore people to discuss “fraxUSD” which cannot be mistaken for another protocols token.

That being said, a lot more work needs to be done for this to become a vote.

Because it is a flatcoin. Or that is the most used name for a token that keeps purchasing power regardless of inflation.

The purpose of the renaming it to frxUSD is more for differentiate frax the stablecoin from frax share the token to cause less confusion and to align all the stablecoin products name to one prefix.

It has less to do with brand recognition. We want users to recognize frxUSD is a USD pegged stablecoin at a glance.

I don’t think there are huge technicial hurdles to rename a token as it is just a ticker update. No change in the underlying technology or mechanism.

  1. The purpose is to differentiate Frax the stable coin from Frax share token - If this is the goal, change the ticker of Frax share.
  2. Users recognizing Frax as a USD pegged stablecoin - if this is the goal, a ticker of “FraxUSD” provides the same result while building brand equity of Frax.
  3. Technical hurdles - maybe it is minimal, but should be confirmed. Either way, a change in a a ticker will need to be aligned with press releases, talking points, partner conversations etc.

All that being said, there is a middle ground. Change the name to “Frax USD” and keep the Ticker as “FRAX”.

image

AS you can see by the4 above example, Frax already does this with other tokens.

  1. Frax Ether
  2. Frax Price Index
  3. Staked Frax Ether.

The name could be “Frax USD” and the Ticker could remain as “FRAX”

This solution will not solve all scenarios where there is only a ticker viewable on a protocol and that protocol does not show the token name, but, it is a baby step. And from there, we can learn from user feedback to determine if a ticker change is truly necessary.

1 Like

Good idea, it sounds better really

I suggest changing into USDF instead of frxUSD

Perhaps we can propose to vote on the name change first. If the name change for Frax the stablecoin passed then we can have a poll to change it to frxUSD, fraxUSD or USDF.

We have to think of consistency. USDF ruins that if everything else is called frxETH, frxBTC etc. lol. Then we should call it ETHF and BTCF? That looks super generic and makes it hard to differentiate us.

1 Like

Yes, I like FrxUSD. I would just pick FrxUSD if it was up to me.

I like it. Wen snapshot?

Cool . frxUSD then.

It makes sense to maintain consistency by adding all frax minted assets with a suffix “frx”