[Frax] FIP-72-Pitch x Frax Treasury Swap

Summary: Pitch invites Frax to participate in its strategic liquidity round as a protocol DAO. This round includes active partners across the Frax ecosystem.

Background: Pitch is a new project that builds governance and economic tooling with a special focus on the Frax ecosystem. A full description of the project can be found on a previous governance forum proposal: https://gov.frax.finance/t/pitch-x-frax-comprehensive-partnership/1268, and discussion for this active proposal can be found on this forum post: https://gov.frax.finance/t/fip-72-pitch-x-frax-treasury-swap/1395

This round's purpose is to bootstrap deep, permanent (protocol-owned) pitchFXS liquidity against the Frax stablecoin, ensuring the success of its upcoming rollout to public stakers. Frax wins because its ecosystem will now support new instruments to work its FXS, from voting reward auto-compounding and delegation to wrapped-veFXS lending. This will directly support new capital inflows into the community. Additionally, Frax will hold a meaningful supply of the Pitch token, which accrues value through econonic and governance activity across defi, examples of which can be found in the governance post.

Pitch's tokenomics are directly inspired by Frax. That is, 65% of the Pitch token is allocated to the community to incentivize various governance and economic behavior, while 35% is used to incentivize development, operations, and strategic investments + partnerships. Internal tokens are subject to a 1 year cliff, and they will be linearly vested during the year after that. A locking mechanism is actively being designed so long-term holders participate in profit-sharing and governance.

Investment Terms: -$3,000,000 allocation for Frax protocol, 50% in FXS and 50% in FRAX. -$0.50/PITCH -$50M Fully Diluted Value -6 month lock / 2 Year Vest (vote-locking for revenue share to be built into token)

Actions: -For: Invest in Pitch and attain the full $3,000,000 allocation -Against: Do nothingQuorum: 7.28m CVX