OIP-53: Execute DAO swap with Frax Finance
Summary
Execute a DAO swap with Frax Finance for $3m FXS at a 30-day time-weighted average price.
Motivation
Frax Finance needs no introduction to the Olympus community. Our partnership started back in May with FRAX bonds, and was further deepened by them joining our Olympus Pro pilot program as one of the first partners showing faith in our new product.
At the moment, the Olympus Treasury holds more than $48m in FRAX reserves and OHM-FRAX liquidity. We are already clearly aligned with the success of Frax and by executing a DAO swap for FXS we would have a larger say in the governance as well.
Proposal
Execute a DAO swap with Frax Finance for $3m FXS at a 30-day time-weighted average price. The 30-day TWAP is what Olympus uses for all its DAO swaps, so that we don’t seem opportunistic or trying to time it based on short-term price action. The reference date for the price would be the end of their Snapshot vote - Nov 30, 2021, 20:00 UTC (so 30-day TWAP from that point).
The intended usage of the FXS is to lock as veFXS to maximize participation in Frax’s governance.
The community has already given the DAO permissions to pursue (but not execute) DAO swaps with Frax Finance, as per OIP-19.
Vote
For: Execute DAO swap
Against: Don’t execute DAO swap
Forum post for additional discussion and context: https://forum.olympusdao.finance/d/506-oip-53-execute-dao-swap-with-frax-finance
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x9B94...4BE3Be | 13,714 | For: Execute DAO swap |
 0x5E11...BCEc1d | 10,808 | For: Execute DAO swap |
 0xf5B4...d99A72 | 6,850 | For: Execute DAO swap |
 0x7E7a...08Febc | 5,725 | For: Execute DAO swap |
 0xa59f...925d1B | 4,703 | For: Execute DAO swap |
VOTE POWER
Proposal Status
- Wed December 01 2021, 11:00 amVoting Period Starts
- Fri December 03 2021, 11:00 amEnd Voting Period
Current Results
1-For: Execute DAO swap
131,304.999
2-Against: Don't execute DAO swap
317.743