Redacted

Redacted Cartel will list FXS bonds, allowing users to deposit FXS in return for discounted BTRFLY. The Cartel intends to use bonded FXS in different strategies that strengthen Frax and Convex within our network of partners. These strategies include:

Locking FXS for up to 4 years via Frax Finance Locking FXS within Convex for cvxFXS Market making for the cvxfxs:fxs pool - to maintain the peg. Utilizing veFXS to benefit our partners (Curve, CVX, Olympus, and future relationships) through governance

NOTE: The Cartel will never sell bonded FXS.

Snapshot Period The polling process begins now and will run for at least 48 hours (ending Jan 1st 2021 at 12:00pm EST). If passed, FXS bonds will come out shortly thereafter.

For: Approve the FXS bonding Against: Do nothing

Why Frax?

The original vision of Redacted was put forward to democratize the gauge-voting process. Curve’s tokenomics started the original ‘vote escrowed’ mechanism with Convex building on top. Frax Finance has modeled its token after a similar structure, wherein veFXS gives users the ability to vote on fxs-farm boosts, earn yield, and lends future functionality through FPI (Frax’s Crypto-Native Inflation Index). With Frax’s recent partnership with CVX, we expect to see a similar phenomenon occurring wherein protocols bribe and buy FXS in order to direct liquidity.

Including FXS bonds will allow the Cartel to work towards the goal of democratizing the bribing process and reinforce its place at the center DeFi.