backed along with FPIS just like Frax is?
all frax to start then other crypto & non-crypto assets
I like it, a fractional algo FPI :)
But will the peg be 100% backed or fractionally backed?
could be 150% backed
I don’t know for sure but I think the idea is that it is fully backed by frax initially and if there is any shortfall in growth compared to cpi for the month, FPIS is minted and sold for more frax to fully back it. The frax itself is still fractional, so as far as fxs holders are concerned, this still creates seigniorage. Don’t need a second round of seigniorage on top, you would be creating a fragile overleveraged system. The CR ratio can alway go down more for frax without a second layer of fractional backing(frax inception).
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