Frax & OlympusDAO Token Swap

Authors

Frax Comptrollers

Summary:

Swap $3m worth of FXS for OHM to be staked through the Frax treasury, at a 30-day time-weighted average price.

Background & Motivation:

As Frax's first major asset partnership back in May 2021, OlympusDAO's bond program has led its treasury to hold more than $48m worth of FRAX as of November 2021. We as the Comptrollers propose a $3m FXS <> OHM token swap to further align incentives between the two protocols as we progress through the era of DeFi 2.0 together.

With the recent launch of Olympus Pro, Frax is also accumulating protocol-controlled liquidity through FRAX-ETH SUSHI LP Olympus Pro bonds, emitting FXS from the liquidity mining allocation to do so. As the two protocols continue to innovate, we believe that further collaboration will continue to benefit all token holders of both OHM and FXS.

The proposed token swap would be marked at a 30-day trailing time-weighted average price from the end of the snapshot vote, and would occur shortly thereafter.

For: Approve token swap Against: Do nothing