[RFC] Whitelist Frax Finance to Lock for DILL

Turned to PIP-42 – Vote: Snapshot


Background & Motivation

Frax Finance

Frax Finance has developed the world’s first fractionally collateralized stablecoin. FRAX remains the only fractional-algorithmic stablecoin to accomplish the feat of maintaining its peg.

veFXS Backscratcher

Similar to Pickle, Frax has adopted a vote-locking system veFXS, inspired by Curve’s system (like us) and which is analogous to DILL. veFXS entitles FXS depositors to a portion of the protocol’s revenues as well as access to “boosted” farm rewards.

Pickle is currently interested in creating a veFXS “backscratcher” Jar (inspired by Yearn’s work). This is mutually beneficial to both our protocols as Pickle helps facilitate users locking up FXS, resulting in benefits from boosted FXS farming rewards.

Sam, the founder of Frax, has been supportive of whitelisting Pickle’s smart contracts so we may achieve the above.

Frax <> Pickle

Frax has expressed preliminary interest in depositing a portion of its AMO (the distribution of which can be seen here) in Pickle’s Yearn crvFRAX affiliate Jar.

Frax has indicated that they would like to lock PICKLE rewards for DILL. Frax would first have to be added to the DILL whitelist to be able to participate in DILL.

Proposal

This proposal, if passed, entails adding Frax Finance to the DILL whitelist. Frax Finance is a highly respected DeFi protocol and I believe that both our protocols would greatly benefit from reciprocal whitelistings and stronger collaboration.

I welcome any comments or suggestions anyone may have.

15 Likes

Frax is a very well-established protocol. We have built jars focused on their stablecoin, FRAX, and so has Yearn (in fact one of our jars is wrapped yvFRAX that uses Yearn and the FRAX pool in Curve, listed on the main Curve site and approved for CRV rewards). Frax is also run by an excellent team, for example, on our Saddle D4 jar, other teams that are immensely resourceful and well-backed like Alchemix, Liquity, and Fei all decided to use the Frax staking rewards contracts for its superior design and feature richness. Only a handful of decentralised stablecoins exist, and Frax has minted the only partially-collateralised stablecoin that has worked to my knowledge. No small feat. Beyond their technical chops, the Frax team has proven to have great strategic vision and execution, evidenced in how they have gone about increasing the adoption of Frax across multiple DEXes and chains. This is relevant because we are currently proposing to have whitelisting access so we can create better Pickle Jars on top of Frax and allow people to lock FXS for a tradable token. The more our protocols have trust in each other, the better the alignment and collaboration between the two will be and they will naturally become each other’s partners as they both ship new releases and grow together. I back this proposal 100%.

7 Likes

Support, this is a very exciting potential collaboration, which if passed, leaves us in a better place than we were prior.

5 Likes

support, would love to see protocol working with each other.

3 Likes

Yes, I support this as well, strenghtening relationships with well respected protocols will make Pickle only better.

3 Likes

I support as well. A good name and mutual benefit is huge.

3 Likes

I like this idea. Some good stuff coming out of the business development side here, guys. And not to denigrate anyone, but, this partner seems way more developed and less potentially detrimental to our protocol than the previous whitelisting applicant.

4 Likes

100% support. The Frax team is very knowledgeable and responsive. They seem to have a lot of room for growth and this is mutually beneficial.

Excited to see what is created together.

3 Likes

I support as well! As said previously they are well know got an experienced team, and also are the only successfully stablecoin algorithmic project in our DEFI world as LKJ said…let’s strengthen our bond between our protocol and grow all together :fist:t2:

3 Likes

Proposal sounds great and will further cement our partnership with Frax. LFG!

4 Likes

This sounds great. I’m all up for it

2 Likes

sound idea. bring in the vote!

2 Likes

Yep, this is a positive move for Pickle!

Support 100%

2 Likes

I cut to chase. No bonding symbiotic PR non-sense jargons:

  • Frax depositing in Pickle’s jar: good for TVL and protocol revenue.
  • Frax locking PICKLEs for DILLs: good for PICKLE’s price.
  • Frax’s team is well-established with respectable records: they are unlikely to rug us like some other protocol did before.

I whole-heartedly support this proposal.

4 Likes

Love the idea, let’s do it!

3 Likes

symbiotic & fair – send it