FPI-61-Remove FRAX-SUSHI gauge
Summary:
Remove FRAX-SUSHI gauge so the pool stops receiving FXS.
As pointed out by community members, SUSHI-FRAX liquidity pool is relatively small in terms of TVL and participation in 24h volume of FRAX transactions. Also, this gauge oddly incentivizes staking SUSHI more than staking ETH or even FXS.
We would like to propose removing the gauge from FXS as this essentially allows stable pools and other FRAX/FXS/FPI/FPIS-focused pools to gain more rewards. Also, FXS emission would be used more efficiently for the stability of FRAX as well as the extension of the market cap of that.
This is somewhat of an unusual proposal and it will also be used as a way to test community sentiment on having FXS receiving gauges on pools that source their yield from FXS.
Implementation:
We will set the farm reward to 0 for SUSHI-FRAX pool and people can withdraw from the farm afterward.
Poll:
- Kill FRAX-SUSHI gauge
- Do Nothing
Appendix:
FRAX Circulating Supply Breakdown: https://dune.com/embeds/438341/834148/bd8e0361-bb3b-45a2-bd8d-b87688238e95
FXS Gauges data references:
FXS Gauges:
| Pool | Weekly FXS Rewards | Weekly % Rewards | TLV | Total LP token | Staked LP Tokens | Annual Percentage Reward |
|---|---|---|---|---|---|---|
| FRAX/USDC (Uniswap V3) | 26349 | 30.1 % | $263,252,000 | 48970 | 47943 | 12.76% |
| FRAX/TEMPLE (Temple) | 20628 | 23.6 % | $43,243,000 | 6237000 | 6235000 | 59.55% |
| FRAX/DAI (Uniswap V3) | 16358 | 18.7 % | $158,671,000 | 31913000000 | 30404000000 | 13.50% |
| FRAX/SUSHI (Sushiswap) | 11012 | 12.6 % | $26,741,000 | 8312000 | 8307000 | 51.42% |
| FRAX/agEUR (Uniswap V3) | 2920 | 3.3 % | $14,623,000 | 103620000 | 103610000 | 24.92% |
| FRAX/3CRV (StakeDAO) | 1895 | 2.2 % | $45,573,000 | 40143000 | 19982000 | 10.43% |
| FRAX-Orbit (Vesper) | 1699 | 1.9 % | $13,947,000 | 13799000 | 13776000 | 15.23% |
| FRAX/mUSD (mStable) | 1071 | 1.2 % | $10,579,000 | 10558000 | 10552000 | 12.64% |
| FRAX/DAI (Gelato) | 879 | 1 % | $7,493,000 | 1491000000 | 1491000000 | 14.64% |
| FRAX-ETHput (StakeDAO) | 748 | 0.9 % | $20,522,000 | 16123000 | 12343000 | 5.94% |
| FRAX/VST (Curve) | 545 | 0.6 % | $9,061,000 | 9047000 | 8603000 | 7.89% |
All the info here is based on market info on 5/3/2022 Current FXS Price (at 5/3/2022) : $24.749
SUSHI-FRAX Address: 0xe06f8d30ac334c857fc8c380c85969c150f38a6a
SUSHI-FRAX Gauge: 0xb4Ab0dE6581FBD3A02cF8f9f265138691c3A7d5D
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x947B...7D0277 | 25.65M | Kill FRAX-SUSHI gauge |
 0xA81a...757538 | 616,797 | Kill FRAX-SUSHI gauge |
 0x3c28...4997A6 | 357,319 | Kill FRAX-SUSHI gauge |
 0x7f97...ab95A9 | 208,210 | Kill FRAX-SUSHI gauge |
 0x52ea...F887DC | 188,035 | Kill FRAX-SUSHI gauge |
VOTE POWER
Proposal Status
- Mon May 09 2022, 05:56 pmVoting Period Starts
- Thu May 12 2022, 05:56 pmEnd Voting Period
Current Results
1-Kill FRAX-SUSHI gauge
27.641M
2-Do Nothing
95,156.459