All this CR seems to be a sideshow to the

Question

All this CR seems to be a sideshow to the

real question of regulation and decentralization - depends on the answer to the question on how assets and DAO are actually structures. The team is US-based. So where are the assets located? There must be an on shore and offshore entity and a trust somewhere that issued tokens? What happens to Frax when stable regulation laws come down? Will the Frax treasury accounts or contracts be blacklisted by USDC and or is there other exposure then? Afaik this has never been answered/isn't documented anywhere

#cryptocurrency #english #frax

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16.05.2022

6 ответов

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lhl will Block and Report scam dms Автор вопроса

Sam Kazemian ¤⛓️¤
There is literally no entity and legal company/fou...

Ok, is that in the docs somewhere because that info would be super useful (and reassuring) if it existed outside of this tg message

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16.05.2022

Sam Kazemian ¤⛓️¤

lhl will Block and Report scam dms
Ok, is that in the docs somewhere because that inf...

I think you just have different expectations of what should or shouldn't be in the docs. The very first page of the docs say "Frax is open-source, permissionless, and entirely on-chain – currently implemented on Ethereum and 12 other chains." I think this is quite clear in terms of what that means. If you expect to also have something included like "By the way, there is no company for FRAX in case it wasn't clear" it can be added but I don't think it is extremely ambiguous.

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16.05.2022

lhl will Block and Report scam dms Автор вопроса

Sam Kazemian ¤⛓️¤
I think you just have different expectations of wh...

Point blank then, since I don't think it is answered does the fact that there is no legal entity mean that the Treasury would not be affected by USDC blacklisting or is that a concern. If the SEC comes calling are devs actually legally protected by the lack of an entity? Someone has the keys to the contracts and Frax (and no DAO) has reached complete ungovernance so it's relevant right?

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16.05.2022

Sam Kazemian ¤⛓️¤

lhl will Block and Report scam dms
Point blank then, since I don't think it is answer...

Since you are being very specific, it's important to answer your question extremely specifically as well. FRAX as a protocol owns almost no USDC, it is entirely deployed to the Curve AMO within the FRAX3CRV Curve pool. This has been the case since Frax v2 debuted in April 2021. USDC's blacklist function only allows them to blacklist actual Ethereum wallet addresses. The protocol has very little, non-material amount of actual USDC sitting idle in its system contracts that can be blacklisted. In order for Circle to affect FRAX, it would have to blacklist Curve itself as an entity/series of Curve pool addresses and immediately lock/freeze every participant/LP on Curve pools like FRAX3CRV as well as the 3Pool itself. This could indeed happen, but it is up to you to decide what your opinion is on the likelihood of that happening. Other than that, there is no material blacklisting concern since the protocol does not actually hold USDC idly very much at all.

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16.05.2022

lhl will Block and Report scam dms Автор вопроса

Sam Kazemian ¤⛓️¤
I think you just have different expectations of wh...

I do agree that I've had frustrations w the docs in the past btw and I think there's probably an impedance mismatch there - like in the past I found it frustrating on basic mechanical stuff like having burned hundreds of dollars on gauge txs that weren't rewarding properly because there's no documentation on which operations, or on when the txs will fail (eg when reward pools are empty) - I ended up making a spreadsheet and open sourcing jupyter notebooks https://github.com/AUGMXNT/frax-analysis/blob/main/Frax%20Contract%20Costs.ipynb on some of this but of course, there's 0 reach for any of that so I only was able to solve it for myself (I was glad koen ported my native gauge blended apr calcs onto the community portal). I wonder if there's a better way for the community to be able better contribute to improving a single resource for the latest info and concerns. Like for example Seba and Ouija have good Dune Analytics dashboards, but maybe some of that info needs to be centralized or at least directly linked for answering specific questions in real time. Now that I've finished my tax software work I'll probably try to revisit some of this soon...

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16.05.2022

Sam Kazemian ¤⛓️¤ · Accepted Answer

Sam Kazemian ¤⛓️¤

There is literally no entity and legal company/foundation that owns or custodies any assets. The entire mechanics, ownership of everything is onchain. FRAX is just like MakerDAO. And Maker completely dissolved their Maker Foundation last year. There is nothing, not even a company or non-profit entity related to Maker anymore. Same model as FRAX.

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16.05.2022

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