Authorize Buyback with Pre-1559 Protocol Profit

Summary:

Authorize the Frax team to use Pre-1559 protocol profits to purchase FXS on the open market. The ultimate usage of the purchased FXS can be determined later.

Background & Motivation:

Frax currently has substantial unspent profits that were accumulated before FXS-1559 was implemented; estimated to be in excess of $1.17m. This proposal would authorize the team to begin purchasing FXS, at their discretion, with a goal of maximizing the amount of FXS purchased. Without this proposal, the funds will continue to sit in the protocol. The intent has always been for protocol profits to be used to purchase FXS (whether for buyback and burn or distribution). This proposal authorizes the team to begin purchases. The ultimate use of the FXS - whether it goes into the DAO treasury, is burned or shared with veFXS - can be determined by a subsequent proposal. The intent is to begin buybacks to take advantage of the current market price. The ultimate size of the buyback could be 3-5% of the current circulating supply, which would expand the treasury by over 12%.

Here is a link to the original forum thread: https://gov.frax.finance/t/fip-10-purchase-fxs-with-unspent-profits/68

For: Authorize the Frax Team to use unspent profits to purchase FXS on the open market

Against: Do nothing