Proposal to add UST/FRAX gauge

This proposal is for adding the UST-FRAX pool (Curve.fi) to the Gauge Controller and enable veCRV holders to assign gauge weight to it.

Summary

TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin, issued on the Terra blockchain. It has had tremendous growth over the past three months moving from a market cap of 2.5B to 8.3B. UST can be bridged to Mainnet through the Wormhole bridge and already has the Womrhole v2 UST-3Pool (Curve.fi) along with the MIM-UST pool (Curve.fi) on Curve which have daily trading volume of 8.7m and 46m respectively.

Frax is the first fractional-algorithmic stablecoin protocol implemented on Ethereum which aims to provide a highly scalable, decentralized, algorithmic currency. Frax protocol is based on 2 tokens: FRAX as a currency and FXS as a seigniorage token. Over the past three months FRAX market cap has grown from 0.68B to 1.3B. The FRAX Curve pool (Curve.fi) has a daily trading volume of 6m.

Motivation

FRAX and UST would like to create sufficient liquidity between two of the most prominent decentralized stablecoins in crypto and grow together. Strong liquidity between these decentralized stables is important as DeFi begins to grow away from centralized alternatives.

For

Add FRAX-UST gauge to the controller.

Against

Do not add FRAX-UST gauge to the controller.

Poll

We will create a poll shortly after measuring community feedback.

Hi!

Before you apply for an on-chain vote, could you wait for a few days before a review is done? We would really appreciate it!

Regards,
Fiddy.

2 Likes

The wormhole UST token contract is not verified, the wormhole v2 bridge is not audited. This should not receive a gauge in my opinion.

1 Like