SIP-22: Modify SIP-18 and SIP-20

Summary

Modify the results of SIP-18 in favor of removing DAI from its proposed 4pool + routing all previously 4pool-bound incentives to go instead to 3pool (USDC, USDT, FRAX). Modify the results of SIP-20 to route incentives from said 4pool to the new FRAX-3pool laid out by this SIP.

Abstract

This SIP seeks to deploy a pool consisting of USDT, USDC, and FRAX on both ETH mainnet and Evmos. This SIP would also see all rewards intended to head to the original 4pool, as proposed in SIP-20, head to this new FRAX-3pool instead.

Motivation

In the recent proposal, SIP-21, Frax agreed to permanently lock SDL in exchange for FRAX renumeration to Saddle LPs. Frax has since verbally agreed to:

• include Saddle’s 3pool (USDC, USDT, FRAX) on Eth Mainnet and Evmos in Frax’s gauge system
• heavily vote for and promote these gauges to maximize FXS emissions
• pitch in bribes to veFXS holders for these pools on pitch.money
• use their permanently locked SDL to vote in Saddle gauge votes for these pools

In the interest of not fragmenting liquidity between two similar base pools via competing incentives, it would make for more efficient markets to route all incentives previously slated to support 4pool instead to 3pool.

Specification

Deploy a pool consisting of USDt, USDC, and FRAX on both ETH mainnet and Evmos. Retire the currently deployed 4pool’s on both networks. Route all rewards intended for the paused 4pools to the new FRAX-3pool.

For: Modify the results of SIP-18 and SIP-20.

Against: No change.