SLURP-7 | Support sfrxETH (Frax Staked ETH) in ixETH

Abstract

We propose the addition of Frax's liquid ETH staking derivative sfrxETH in ixETH.

Rationale

Using only the circulating supply market cap of sfrxETH from Etherscan ($208m) and not the more commonly quoted sfrxETH + frxETH market cap ($330m) sfrxETH is still the fourth largest ETH LSD by market cap according to DeFiLlama. Presuming the ratification of SLURP-6 and this SLURP, ixETH would then support the four largest ETH LSDs by marketcap.

• APR: Frax quotes 6.55% on the current cycle, DeFiLlama quotes 6.58% as the most recent median APY, and Rated quotes a 5.76% 30D backward looking APR.
• Audits: Code4rena
• Contracts:
  • Github repos
  • Frax frxETH and sfrxETH deployed contract addresses
• Frax operates all their own validators in house, according to their documentation. They provide a list of the public keys and realtime stats of their validators on this dashboard, and Rated provides a dashboard here.

Specification

Assuming a yes vote for this SLURP and SLURP-6 (Support cbETH in ixETH) Frax's sfrxETH will be made available for deposit into ixETH with a composition target at or around 12%, which is based on the proportion that sfrxETH makes up in the sum of the cubed roots of marketcaps of stETH, rETH, sfrxETH, and cbETH.

Copyright

Copyright and related rights waived via CC0.