an alternative to a potentially contentious direct reunification of assets with FXS and FPIS. Given that both veFXS and veFPIS holders will vote on the issue separately, what about a proposal to eliminate fpis rewards altogether (pools that provide rewards in fpis - like frax/fpis lp and vefpis) in favor of giving fxs rewards instead. FPIS growth would be capped (maybe an opportunity for people to maximize their vefpis stakes?) and FPI returns could flow directly into the FXS' value proposition. So vefpis would grant FXS rewards instead, vefpis holders would not need to touch their locked funds/LPs. FPIS could still continue to exist and continue to return value.
Just a thought but curious to know others thoughts. 🤔
Not a fan of keeping multiple governance tokens on the FRAX ecosystem going forward. I'm happy if we can have the "one token to rule them all - great unification" with FXS as "the one". But you made a valid point: since today we have two gov tokens, it would be great if veFPIS owners would get their part of any future airdrops as well, up to the moment of the great unification.
I just can't imagine terms of a unification for veFXS holders and veFPIS holders that would be considered fair for both parties. And I say this as a large and fully locked holder of both governance tokens
I'm in your same situation my friend. I guess it's just a matter of waiting what master chefs are cooking in frax kitchen 🍳
Yeah this is very tricky. Many of us bought heavy into FPIS at low prices on the expectation of significant growth. I haven't checked this but it feels like FPIS growth has lagged compared to FXS. So even if there was a "convert to FXS", it would be quite a loss in terms of lost opportunity. The money we put into FPIS could have been used to buy a ton of FXS at the time when it was lower. Instead we put it into FPIS. That's not the fault of anyone per se. But it is a strong reason why FPIS holders would be reluctant for an exchange program. The exchange rate would matter a lot...and current market rate is very unlikely to be consider good, IMO.
You can stay in fpis then in that case
Agree. But I will say that I never had much surety in the idea that FPIS would be a short term play (and us as a community even talking about a merger after 1 year is definitely something I consider to be short term). When FPIS released we knew that to support FPI peg to inflation would come out of the revenue to be shared with FPIS holders. When inflation would fall, the revenue shared would subsequently increase. We didn't know how sticky inflation would be and think that has played a part in the current valuation. 😐 my worry is that a proposed merger of assets would highly discount the value of FPIS bc inflationary costs are still ongoing. But just bc FPIS might be sunset, the protocol will still need to maintain the fpi peg. Future costs will likely be cheaper creating an illusion that FPIS was some sort of failure. Which it is most definitely not (profitable for most of its existence).
Which conversation ratio is compelling to you?
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