Bootstrap Lobis partnership with token swap

Forum discussion: https://gov.frax.finance/t/bootstrap-lobis-partnership-with-token-swap/525

Update since proposal:

• Lobis kept locking its FXS on a weekly basis
• Lobis votes for the Frax reactor on Tokemak with 100% of its TOKE holdings (top 10 holder)
• Lobis market bought c.$10m worth of FXS
• LOBI is trading below its backing value, and backing is made of FXS, TOKE, CRV, SDT, ANGLE and OHM, only high quality asset that should give comfort on the limited risk of this token swap (treasury composition here: https://app.lobis.finance/#/dashboard)

Summary: Swap $1m worth of FXS from community multisig at a 7 day TWAP price for $1m worth of LOBI at 7 day TWAP price.

Background & Motivation: Lobis is a huge supporter of Frax and has been market buying FXS since it went live. We started locking our FXS and built an infrastructure enabling the Lobis community to take part in Frax’s governance and start building bridges betweet the two community. To strengthen our partnership and build it for the long term, we believe that it is important that Frax also has its say in Lobis’ governance. Therefore, we suggest doing a $1m token swap between LOBI and FXS.

FXS owned by Lobis will be either directly locked or go through a locker (or any other way it could be useful to Frax).

With the LOBI it owns, Frax will be able to vote on Tokemak’s gauge for liquidity direction, and eventually on Curve gauges. It will also be able to vote on Lobis’ governance, including for policy matters such as the rate of acquisition of FXS. Finally, it will also have a word at how Lobis votes on Frax governance, which is healthy.

This vote is only for the DAO to DAO swap but would be a good first step for a broader partnership between the two protocols.

Choices: 1 - Do a $1m token swap LOBI/FXS 2 - Do up to 5 $200k token swaps (maximum one every other week) 3 - Amend and resubmit 4 - Don't do anything