closedEnded 4 years ago · Snapshot (Offchain)
QIP055: Partner with Frax Finance
By 0xAd95...268C27Continue Reading
Proposal from Frax Finance:
This proposal is to add FXS as collateral for MAI, add MAI as collateral for FRAX and create a FRAX-MAI LP.
Partnership details:
- Add FXS as collateral for MAI. This includes FXS on all chains and derivatives of FXS.
- Frax Finance will mint 2M MAI using FXS to then seed a FRAX-MAI LP of $4M.
- Secure incentives from the DEX where we deposit the LP on to maximize volume and TVL
- Add MAI as collateral for minting/redeeming FRAX natively on Polygon
Motivation:
- Both stablecoins will benefit from an added LP
- FXS as collateral will attract a new audience to QiDao
- Increased TVL from a new collateral
Background on Frax Finance:
Frax is an algorithmic stablecoin protocol, behind FRAX. The protocol has a TVL of $1.22bn and can be bridged to 8 chains on Multichain (aka AnySwap).
Link to website: https://frax.finance/ Defillama link: https://defillama.com/protocol/frax
Quorum Standards
The option with the most votes will be accepted.
Options
- Approve partnership
- Further discussions needed
Connect Wallet to Add Note
0Votes 932
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xdb9d...913913 | 6.193M | Approve partnership |
 0xeFC1...845788 | 264,881 | Approve partnership |
 0xEf11...994234 | 245,516 | Approve partnership |
 0x9eF0...D69444 | 184,202 | Approve partnership |
 0x030F...72BDe9 | 170,320 | Approve partnership |
VOTE POWER
0
Connect Wallet
Proposal Status
- Thu January 06 2022, 04:00 amVoting Period Starts
- Sun January 09 2022, 04:00 amEnd Voting Period
Current Results
1-Approve partnership
8.375M
2-Further discussions needed
4,032.752