[FIP - 365] Allocate FRAX as initial liquidity for Octopool (Symbiosis cross-chain pool)

Authors:

Symbiosis Core team

Background:

Symbiosis is one of the leading cross-chain solutions within the market and it offers a decentralized environment ensuring multichain liquidity protocol, which provides its users with features like swapping digital assets between multiple chains without changing the owners of the funds.

The platform is non-custodial and has a simple interface which makes it user-friendly and users can participate in consensus and sign transactions by staking SIS tokens to run a node within the relayer network. Symbiosis finance can facilitate cross-chain liquidity on a limitless basis where token pairs across different blockchains guarantee that they provide the best price for swapping their asset between any two arbitrary token pairs owing to constant monitoring.

Symbiosis is a portfolio company of Binance Labs, DWF Labs, Blockchain. com, Spartan Group and more investors.

List of chain supported on Symbiosis:

• Tron
• Ethereum
• native Bitcoin
• Polygon
• zkSync Era
• Base
• Mantle
• BNB
• Polygon zkEVM
• Linea
• Arbitrum One
• Arbitrum Nova
• Avalanche
• Scroll
• Optimism
• BOBA ETH
• BOBA BNB
• KAVA
• Telos
• Manta
• Metis
• Merlin
• Rootstock
• zkLink
• Mode
• Blast
• SEI
• Taiko
• Core DAO

Summary:

Symbiosis is asking for an amount of liquidity from FRAX DAO to deploy FRAX Octopool (Symbiosis singe-sided cross-chain pool) among different chains to provide the ability to move FRAX among all supported chains including Fraxtal.

Currently Symbiosis has 6 type of Octopools across 30 chains:

• Stable (includes USDT and USDC)
• ETH (Includes wETH)
• BTC (Includes wBTC, BTCB, RBTC…)
• SIS
• LADYS
• pufETH

All pools can be checked here: https://app.symbiosis.finance/liquidity-v2/pools

Symbiosis is looking to deploy FRAX Octopool among 6 supported chains: Ethereum, Arbitrum One, Avalanche, Polygon POS, Fraxtal.

Besides that, Symbiosis will integrate Fraxtal as a new chain on Symbiosis and deploy wETH pool there where Symbiosis will provide their own liquidity.

On top of that, Symbiosis will connect 1inch, OpenOcean, Izumi and other DEXs to provide routing to get any assets on those chains including frxETH, sfrxETH, FPI, sFRAX and others.

Symbiosis partners such as Li. fi (Jumper), Socket (Bungee), Rubic, Rango, OKX DEX and more will be able to integrate these pools for FRAX cross-chain transfers between different chains.

Benefits for FRAX and Fraxtal:

1. Symbiosis will provide solution to easily move FRAX between all popular chains similar how Circle CCTP works
2. Symbiosis will integrate Fraxtal a new chain and connect it to 30 chains that we support
3. Symbiosis will create wETH on Fraxtal and add their own liquidity there
4. Symbiosis will be core provider in Li. fi (Jumper) OP-stack chains cross-chain campaign
5. Symbiosis will connect FRAX Octopool with all popular on-chain aggregators and DEXs on chains supported by FRAX Octopool
6. Symbiosis partners such as Li. fi (Jumper), Socket (Bungee), Rubic, Rango, OKX DEX will be able to use this liquidity in their systems and apps

Proposal Details:

Symbiosis is asking for initial liquidity that should be provided in these single-sided liquidity pools:

• FRAX Ethereum pool: $100,000 of FRAX
• FRAX Polygon POS pool: $70,000 of FRAX
• FRAX Avalanche pool: $50,000 of FRAX
• FRAX Arbitrum One pool: $70,000 of FRAX
• FRAX Fraxtal pool: $100,000 of FRAX

Below you can see how it will look like:

Integration Roadmap:

1. • Whitelist FRAX token on Ethereum, Polygon POS, Avalanche, Arbitrum One and create Octopool (cross-chain pool) of FRAX
2. Configure the relayers network to handle requests from Fraxtal in multi-chain mode
3. Connect Fraxtal to Symbiosis front-end, API and SDK
4. Integrate wETH and FRAX pools on Fraxtal. Add Fraxtal to FRAX Octopool and wETH to ETH Octoopool

• Integrate Fraxtal DEX for any-to-any routing on Symbiosis in main app.

• Integrate 1inch and OpenOcean to FRAX Octopool on Ethereum, Polygon POS, Avalanche, Arbitrum One

6. Launch marketing campaign (cross-chain quest) with Li. fi to popularize cross-chain swaps to Fraxtal and FRAX
7. Ask other Symbiosis partners to integrate Fraxtal to their protocols and apps

Team Members and Qualifications:

Alexey Lushnikov, CTO & Co-Founder - https://www.linkedin.com/in/alexey-lushnikov

Nick Avramov, CBDO & Co-Founder - https://www.linkedin.com/in/nickavramov

Proposal

• For: Allocate 390,000 FRAX as initial liquidity for Octopool (Symbiosis cross-chain pool)
• Against: Do nothing