Welcome to Flywheel, the best place for Frax education, analysis and alpha. We write about Frax and its DeFi partners bringing you the most up to date info straight to your inbox.
What's in this email:
- FPIS/FXS Merge
- Frax Partners with Ethena Labs and USDe
- Join Us at ETH Denver
- Governance
- Best of Socials
Earn 20% extra Kelp Miles (along w/ Eigen Points) using our link 🧜♂️
FPIS/FXS Merge
On February 22, 2024, Sam Kazemian proposed a merge of FPIS into FXS. This would reunite the FPI protocol under the backing of FXS, which would allow for its renewed growth by lifting the supply cap of $100.
In the proposal, Sam Kazemian recommended to "Merge FPIS tokens into the FXS distribution at a fixed exchange rate of 1 FPIS to a 4 year veFXS lock meaning that in 4 years, 1 FPIS can be withdrawn from veFXS as 1 FXS if a user does not extend the lock."
The proposal has been the main topic of discussion in the Frax community with people picking sides. As of publishing of the proposal, FPIS was trading at an average of $1.10 since last October, with a circulating market cap of approximately $30m. The initial proposal values FPIS at a 1:1 ratio with FXS, currently trading at $8.
The proposal's reception has been one of the most contentious in Frax's history, as the interconnected nature of FXS and FPIS holders creates potential conflicts of interest.
We at Flywheel at watching the discussion closely as the initial proposal for a 1:1 is currently being revised and will be reposted potentially in the next week or two.
Frax Partners with Ethena Labs and USDe
Frax is officially partnering with @ethena_labs to help them grow liquidity for their new USDe stablecoin.
— Frax Finance ¤⛓️¤ (@fraxfinance) February 19, 2024
Provide liquidity to the FRAXUSDe Curve pool through the Ethena UI using Frax's special ref link for additional rewards & opportunities! Detailed thread below… https://t.co/a1L16ItL6h
Come Meet Us At ETH Denver
Last Call: ETHDenver Sendoff w/ Frax, Flywheel, and QiDao
For those who are staying at ETHDenver until the very end, your friends at Frax, Flywheel, and QiDao are hosting one last happy hour. Come say hi (and bye) to your one last time a before we all go back home. Hope to see you there!
A Fraxtal in Time
Join us for a special occasion on March 1st as we celebrate the launch of Frax's pioneering rollup with drinks, and exclusive Frax panel, and a surprise performance that honors Denver's deep bass music culture.
Governance
Discussion
- [FIP - 3XX] Add Fraxswap pools on Fraxtal to the FXS gauge controller
- [FIP-3XX] Whitelist Alchemix to Stake veFXS
