A proposal to add the pitchFXS/FXS pool and accompanying gauge to the Gauge Controller to promote liquidity for the pitchFXS token.
Pitch is a DAO that builds governance and economic infrastructure for stablecoins and AMMs across DeFi. We have become one of the space’s biggest liquidity incentive platforms since our February 2022 debut, processing millions of dollars of rewards for the FXS and CRV ecosystems. See https://pitch.money.
One of our flagship products is the pitchFXS token: a liquid wrapper for locked veFXS positions to retain governance power. pitchFXS aims to be Frax’s deepest on- and off-ramp for liquid governance. Staking pitchFXS entitles holders with:
- Automatic participation in Frax governance through Snapshot
- Participation in the native boost of liquidity providing strategies
- Eligibility for native veFXS yield
- Eligibility for gauge incentive yield
Presently, a pitchFXS/FRAX pair is listed on Fraxswap V2, but we are looking to further deepen liquidity by adding the pitchFXS/FXS pool to the Curve Gauge Controller.
We foresee numerous advantages to this proposal.
First, we expect it to strengthen the peg between pitchFXS and FXS, attracting more users both to the Pitch and Frax protocols. With a stronger peg, we hope to incentivize more governance participation in Frax DAO and gauge votes, bolstering decentralization and the governance economy.
We also expect a Curve pitchFXS/FXS pool to strengthen our existing governance product suite, which will positively affect our loyal Pitchers, our protocol, and Frax Finance. Indeed, with a robust liquid wrapper, we can continue facilitating positive discourse in DeFi governance and decentralized ownership. Finally, with over $2m locked in the Frax pool, we fully expect the pitchFXS/FXS pool to attract even more TVL to Curve, further strengthening the liquidity pool system in DeFi.
Deployed pitchFXS/FXS Curve pool: 0x0AD66FeC8dB84F8A3365ADA04aB23ce607ac6E24
Deployed pitchFXS/FXS Liquidity Gauge: 0x6Aba93E10147f86744bb9A50238d25F49eD4F342
pitchFXS token address: 0x11ebe21e9d7bf541a18e1e3ac94939018ce88f0b
- Strong incentive to provide liquidity for the pitchFXS token, thereby strengthening the peg
- Strong incentive to continue participating in Frax governance
- Increased TVL attracted to Curve
We do not foresee any reasons to vote against the proposal, notwithstanding an aversion to adding new pools and gauges to the controller altogether.