(5/20) The biggest FRAXBP news from yesterday is an update/clarification on the timeline.
Tl;dr theres technical stuff happening in the background that needs to happen before anything can be voted on. After its done, there will be two separate votes: FRAXBP and whitelisting $CRV
AMOs - automated investment managers that deploy Frax's capital to harvest yield (responsibly)
CR - measure of the market's faith in "algorithmic backing"
DR - measure of how "crypto-native" Frax's collateral backing is
(7/20) One of the (many) special things about @fraxfinance is that it is entirely on-chain. You can understand everything about $FRAX by analyzing the chain.
Based on deterministic models, you can show that if every person sold their $FRAX into POL, $FRAX would not depeg.
(11/20)
- Long term Fraxswap has a switch that can distribute fees to $FXS holders.
- Fraxswap is not zero-sum competitive with @CurveFinance. Fraxswap solves a different need, primarily with DAOs with a regular need to rebalance their token.
(12/20)
- Using Fraxswap to protect liquid backing (@OlympusDAO 👀)
I'll leave you with (in my opinion) the most important goal of Fraxlend: create use cases for $FRAX.
(14/20) Ecosystem
And again, @samkazemian hammers this home: $FXS is more than just something to burn to create $FRAX, it is a ve-token with control over an incredibly large and profitable treasury.
(15/20) ve-tokens are an economic primitive that allows the market to express the value of a token's governance power.
ve-tokens / $veFXS give the market the ability to discover and express even more value.
(16/20) Well @samkazemian wasn't saying exactly that, those are my words.
What he is saying is "build on our programmable money!!! Build on $FXS (and $FRAX)"
(17/20) FPI Yield Sustainability
$FPI is a "stablecoin" that matches inflation.
@fraxfinance only wants to provide/use yields that derive revenue from real sources (as opposed to ephemeral sources like marketing spend @anchor_protocol 👀)
Thank you @bigboyboccaccio!!! Once again, you're the true hero. I see he has a substack; if all his work is half as thorough as this I highly recommend subscribing!
This one deserves a special disclaimer. At the end of April 2022, @RariCapital suffered a hack resulting in the loss of $80MM. Compensation for loss is still TBD.
(2/21) Our story begins on the killing fields of @CurveFinance. At this point, @ConvexFinance has already established dominance but has made it clear he will not rule. So now The Kingmaker watches with interest as the combatants war.
(3/21) The Curve Wars are the great leveler. Titans like @terra_money have fallen. Profiteers like @FinanceMochi have met their ends from champions like @Tetranode.
But one player has shown incredible resilience. As the battle gets more fierce, he only grows stronger.
(1/20) One of the first reasons I became aware of @fraxfinance was because I noticed $FXS incentives all over the place. My gut reaction was "inflationary token, swipe left."
Wow, was that a mistake!
Continue for a deep dive on $FXS.
(2/20) NOT FINANCIAL ADVICE. This is a data dump. Please do your own research.
Data was gathered over the course of the last 12 hrs at different times and I rounded.
Finally I am going to ignore $FPI / $FPIS. Look into "Frax Price Index" for more info.