Frax Finance plans to publish proposed revenue sharing within 10 days: 'It will be a ton of revenue'
Quick Take: Frax Finance mulls over reversing the 2022 decision to turn off revenue sharing rewards for veFXS stakers. The move, which would go live within 10 days, is inspired by Uniswap’s proposal to reward UNI stakers.
The move comes on the heels of Uniswap's proposal to reward UNI holders with rewards. However, while Uniswap would implement the rewards for the first time, Frax Finance would be reversing a prior decision to stop the rewards, Frax founder Sam Kazemian told The Block.
"Yes, they did vote before to stop the rev (revenue) share. But now we feel it is the right time to turn on the huge switch. It will be a ton of revenue," Kazemian said, adding that the implementation would occur within 10 days.
Connection to Uniswap
On Feb. 24, Frax asked on social media platform X, "Should veFXS holders vote to distribute Frax Protocol revenue back to veFXS stakers again? Frax Finance makes eight figures of annual revenue and growing, mostly being conserved in the treasury now. Time to turn it back on?"
Just the day before, Uniswap proposed giving its users rewards for staking its native token UNI to incentivize active and thoughtful delegation. Frax would follow Uniswap's decision, but it would up to the community to ultimately decide the move, Kazemian told CoinDesk .
Frax Finance develops decentralized USD-pegged stablecoin FRAX . The Frax Protocol is governed by its native token FXS +7.73% , which users can stake to earn veFXS , a non-liquid token. Frax Finance turned off staking rewards for veFXS holders in 2022.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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