Authors

Charlie Pyle, Founder of Pitch

Summary

Approve the Pitch DAO to stake veFPIS.

Background & Motivation

Since its inception in May 2022, pitchFXS—our liquid wrapper for FXS—has amassed over $4 million in TVL and permanently locked over 450,000 FXS out of circulation. We're excited to continue supporting the Frax ecosystem by allowing users to liquid lock their FPIS for pitchFPIS.

PitchFPIS, like pitchFXS, allows Frax users to earn native FPI yield and participate in FPI governance without compromising on their liquidity requirements. In other words, users can permanently lock their FPIS to mint pitchFPIS (at a 1:1 ratio), which affords the same governance and yield rights without being subject to a time lock.

We're thrilled to continue building on top of the Frax ecosystem and are excited to see what pitchFPIS and transferrable locked stakes add to the community. Security is always our number one priority as developers, so all code associated with this proposal is either freshly audited or a 1:1 fork from previously audited work.

Proposal

For

• Whitelist Pitch as a veFPIS staker and enable pitchFPIS liquid staking.

Against

• Do nothing