[FIP-293] Add USD+/FraxBP curve pool on Arbitrum to FXS gauge controller

Voting ended over 2 years agoSucceeded

Author: Scream, Core Member and Community Lead on Overnight Finance

Background:

Overnight.fi is a protocol focusing on asset management, with a specialization in neutral-risk strategies. At the heart of its product line is USD+, which is a yield-driven stablecoin, fully backed by collateral. This collateral for USD+ is rooted in DeFi strategies that generate returns. These strategies encompass lending to platforms like Aave, and include both stablecoin-to-stablecoin and neutral-risk strategies.

USD+ by Overnight Finance USD+ is a DeFi product that offers users the opportunity to invest in a diversified basket of stablecoins. The main goal of USD+ is to optimize yield generation by allocating funds across various yield-bearing protocols and platforms in the DeFi ecosystem. In essence, users deposit their stablecoins into the USD+ pool and receive interest-earning USD+ tokens in return.

Motivation:

We propose the addition of an USD+/FraxBP liquidity pool to the FXS gauge controller. This integration will aim to leverage the popularity and stability of both USD+ and FraxBP tokens, potentially enhancing liquidity, stability, and overall engagement in the Frax ecosystem.

Increased Liquidity: The introduction of an Overnight Finance USD+/FraxBP pool can attract more liquidity providers, hence making the Frax ecosystem more robust.
Diversification: A diversified set of assets and partnerships, such as with Overnight Finance, strengthens the resilience of the Frax ecosystem against market downturns.
Alignment with Frax's Vision: By supporting stable assets like USD+ and FraxBP, Frax reiterates its commitment to stability and decentralization.
Incentivizing Holders: The addition of this pool to the FXS gauge controller can incentivize holders with additional FXS rewards, thus encouraging longer-term holding and engagement.

Specifications (Arbitrum):

Curve Pool Address: 0xb34a7d1444a707349bc7b981b7f2e1f20f81f013 USD+ Token: 0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65 Curve Gauge: 0x4645e6476d3a5595be9efd39426cc10586a8393d

Voting:

For: Add USD+/FraxBP curve pool on Arbitrum to FXS gauge controller
Against: Do nothing

Off-Chain Vote

For

30.32M FXS100%

Against

0 FXS0%

Quorum:422%

Download mobile app to vote

Discussion

[FIP-293] Add USD+/FraxBP curve pool on Arbitrum to FXS gauge controller

Timeline

Oct 20, 2023Proposal created

Oct 20, 2023Proposal vote started

Oct 25, 2023Proposal vote ended

Mar 02, 2026Proposal updated

Background:

Motivation:

Increased Liquidity: The introduction of an Overnight Finance USD+/FraxBP pool can attract more liquidity providers, hence making the Frax ecosystem more robust.

Diversification: A diversified set of assets and partnerships, such as with Overnight Finance, strengthens the resilience of the Frax ecosystem against market downturns.

Alignment with Frax's Vision: By supporting stable assets like USD+ and FraxBP, Frax reiterates its commitment to stability and decentralization.

Incentivizing Holders: The addition of this pool to the FXS gauge controller can incentivize holders with additional FXS rewards, thus encouraging longer-term holding and engagement.

Specifications (Arbitrum):

Curve Pool Address: 0xb34a7d1444a707349bc7b981b7f2e1f20f81f013 USD+ Token: 0xe80772Eaf6e2E18B651F160Bc9158b2A5caFCA65 Curve Gauge: 0x4645e6476d3a5595be9efd39426cc10586a8393d