CVX5's Plan to Bring Billions to Frax

Samuel McCulloch
Samuel McCulloch
Jan 19, 2024
CVX5's Plan to Bring Billions to Frax

A new governance proposal by a group of DeFi Heavyweights calling themselves CVX5 appeared on the forums this week. Having recently advised Trident Digital Group 1 (TriDig) on their incentive deployment strategy for PYUSD/FRAX, they are looking for a$25,000 grant to help further grow the Frax ecosystem.

CVX5 is a coalition of five experts:

  • Cryptovestor - Flywheel contributor, Aladdin A-team member and super booster for Frax.
  • Boz Menzalji - Former COO of Overclock Labs (creators of Akash Network $AKT, one the leading DePin decentralized cloud infrastructure projects in the market, most notably supporting decentralized AI initiatives).
  • Jason Hitchcock - Ecosystem BD at Thirdweb, the most widely adopted web3 development toolkit.
  • K Khan - Full time DeFi degen
  • Solace - DeFi veteran and technical expert who deployed the Curve PYUSD LP.

Jason Hitchcock told us the idea started with him, Boz and Cryptovestor, who realized the need for a platform where large Convex stakeholders could discuss proposals and the broader ecosystem. To address this, they successfully organized a group comprising the top 30 to 40 Convex holders, including several protocol founders, creating a space for detailed discussions on proposals and feedback. This initiative quickly gained momentum, attracting attention from others in the Frax/Convex/Curve community who were keen to engage internally and externally.

CVX5's Proposal

CVX5 proposed a $25,000 FRAX allocation for operational costs, which will be staked for a year on their Fraxtal validator. Backed by Third Web, they want to ensure top-tier validator status for Frax, providing security and network value. Boz’s experience with Akash Network’s delegation program further supports their capacity to advise on similar structures for Fraxtal.

The governance proposal centers on onboarding CVX5 as an official Business Development Group for Frax Finance, using their expertise and network to foster strategic growth and community engagement.

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