[FIP - 402] Create new ETH+ Fraxlend pairs

Authors: Michael Henry

Summary: Propose the creation of 2 new Fraxlend pairs on the Ethereum Mainnet: ETH+/FRAX and ETH+/frxETH

Pair 1 Details:

• Fraxlend Pair Name 1: ETH+/frxETH Variable Rate V2
• Chain: Ethereum Mainnet
• Max Loan-to-Value (LTV): 90%

Pair 2 Details:

• Fraxlend Pair Name 1: ETH+/FRAX Variable Rate V2
• Chain: Ethereum Mainnet
• Max Authorized Allocation: $5,000,000 FRAX
• Max Loan-to-Value (LTV): 85% (consistent with existing sfrxETH/USDC pair)

Background and Motivation: ETHPlus is diversified ETH LST currently backed by 1/3rd sfrxEth, 1/3 wstEth, and 1/3rd rEth. With a current marketcap of over $100 million, it has proven to be one of the more popular new LSTs.

Liquidity Profile: ETH+ taps into the underlying liquidity of sfrxEth, wstEth, and rETH when it is redeemed.

Why Adding ETH+ to Fraxlend is Beneficial: ETH+ has quickly become one of the largest holders of sfrxETH, holding nearly 8% of all minted sfrxETH which is the most popular Fraxlend Pair.

Voting:

• For: Approve the creation of the ETH+/FRAX and ETH+/frxETH Fraxlend pair on Ethereum Mainnet with the specified max authorized allocation and max LTV
• Against: Do not approve the creation of the new Fraxlend pairs.