FIP 59: Pitch x Frax Comprehensive Partnership

For more information about this proposal, please see the full discussion here: https://gov.frax.finance/t/pitch-x-frax-comprehensive-partnership/1268/3

Summary: Approve Pitch to stake FXS from a smart contract and establish a gauge for pitchFXS/Frax

Background & Motivation Pitch is a new project that builds governance tooling, offering increased yield and utility for token holders and greater security to DAOs at large. https://pitch.money

Pitch is currently known for its vote-incentives application, which has processed seven figures of rewards to date. The application fixed many well-known bugs in bribe.crv.finance’s original implementation while introducing the notion of “elastic rewards”, where protocols specify the precise price-per-vote they will pay for a gauge vote. This creates a novel mechanism for governance price discovery and helps de-risk protocols from wasting their community budget.

However, one Pitch’s largest shortcomings so far is its inability to auto-compound historical rewards. This is due to the fundamental architecture of veFXS and cannot be solved without introducing a new paradigm in governance management.

It’s fundamentally impossible in the current paradigm for users to simultaneously: ● Engage in FXS governance (and/or capture related yield) ● Leverage their FXS holdings via lending and other financial instruments ● Have liquidity

Pitch can fix this problem, and the solution is fully discussed in the governance forum linked above. Whitelisting Pitch as a veFXS staker with a pitchFXS liquid token and gauge (which requires periodic lockups to actively vote) is all that's needed for this to launch.

Proposal For - Whitelist Pitch as a veFXS Staker and approve pitchFXS/Frax as a gauge Against - Do nothing