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What's in This Email

1. Singularity voting is almost over!
2. Listen to Our Spaces with Sam Kazemian on the Singularity
3. LENX Descends Into Chaos After Founder John Kim Transfers $10m in Treasury Funds to His Binance Address
4. Governance

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Singularity voting is almost over!

With just one day left to vote, Frax's Singularity Roadmap has reached quorum and is guaranteed to pass at this point. So far it has received more than 42m veFXS votes to only 366 no votes. This near unanimous decision means that the FPIS merger will begin soon after it passes, the fee switch will turn back on as Frax has hit 100% CR and also that the new FLE liquidity engine will be activated on Fraxtal.

Listen to Our Spaces with Sam Kazemian on the Singularity

DeFi Dave and Sam Kazemian joined for a Spaces to discuss the Singularity today. They discussed the upcoming buybacks after the fee switch is activated, and the new Frax Liquidity Engine and more.

LENX Descends Into Chaos After Founder John Kim Transfers $10m in Treasury Funds to His Binance Address

What. A. Mess. LENX, previously Reneissance DAO, is falling apart right now after it was found out that Founder John Kim had transferred nearly the entire $13 worth of protocol treasury assets to his personal EOA's and Binance account. The remaining team has publicly stated that they are involving lawyers, which means the transfers potentially constitute a theft of assets.

Suffice to say, the community is not happy. John is still active on TG/Discord, but is no longer posting in any of the public groups. $10m is a sizable amount of capital and if John has stolen the funds, it could take some time for law enforcement to find him and disgorge the funds. Check out our report from yesterday that details the lead up to the LENX loss of funds.

Sam Kazemian Invests Into Fantom

We also found this week that Sam K invested into Fantom, possibly a precursor for Frax to return to Fantom after the Multichain hack.

Since the hack, Frax has only kept a minimal amount of assets on the network, totalling just over $1m. Fantom is raising money to kickstart new activity on the network and this investment probably means Frax will increase its exposure on the network.

Governance

Discussion

• Add Curve BobrCRV/wfrxETH to the FXS gauge controller on Fraxtal
• Unlock staked XAIFRAXBP3CRV-f due to XAI sunsetting
• [FIP - 3XX,3XX] Add a new markets into Fraxlend on Ethereum (ezETH/frxETH, rsETH/frxETH)
• [FIP - 3XX] Ragequit rETH/frxETH with a 4% fee
• Exiting a 3 years lock pool that is not getting rewards anymore

Voting

• [FIP - 341] Frax Singularity Roadmap Part 1

Passed

• [FIP - 340] Proposal for retiring of the Harmony canFRAX and canFXS
• [FPIIP-13] Truflation x Frax Partnership Proposal
• [FIP - 339] Add the Curve CVG/FRAXBP pool to the FXS gauge controller