Allocate 1m FXS tokens for Cross-chain Liquidity

Authors

Jason Huan, Travis Moore

Summary:

Allocate 1m FXS tokens to provide cross-chain liquidity for the following (but not limited to) chains: Arbitrum, Avalanche, BSC, Harmony, Fantom, Moonriver, Polygon, and Solana.

Background & Motivation:

The cross-chain bridge mechanism has been a recent success for the protocol, allowing instant mints and bridging to other chains to provide liquidity across growing parts of the ecosystem. We propose to formally allocate 1m FXS tokens from the original farming allocation to provide liquidity across these chains and bootstrap DEX efforts.

The Frax protocol currently has 99.8m total FXS supply at a circulating FRAX supply of 550m. To expand the liquidity to other chains and increase our presence, we propose the 1m cross-chain allocation for FXS. Benefits of increased cross-chain liquidity will help boost FRAX demand as it is adopted across other ecosystems and protocols.

For: Approve allocation Against: Do nothing