- On February 23, the Uniswap community introduced a proposal to redistribute commissions.
- The initiative would reward those who delegate or steal tokens.
- The founder of Frax Finance said the team would consider putting a similar proposal to a vote.
Decentralized protocol Frax Finance plans to introduce a reward mechanism for FXS token steakers along the lines of the Uniswap platform. This is reported by CoinDesk with reference to the founder of the project Sam Kazemian.
Recall, February 23, 2024 in the Uniswap community made a proposal to redistribute commissions. The essence of the initiative is to reward those users who steak or delegate UNI tokens.
Against this backdrop, the asset’s exchange rate jumped by more than 60%. A pullback followed, but the token is still trading above values from mid-February 2024 – $10.68 at the time of writing, according to TradingView.
“We are going to follow Uniswap’s lead and make this proposal. Its approval will depend on the community,” Kazemian noted.
FXS stakers receive veFXS liquidity tokens when their assets are locked down. According to Kazemyan, the project team will consider rewarding such users with a share of commissions.
A corresponding proposal was also published on the project’s official X page (formerly Twitter):
Should veFXS holders vote to distribute Frax Protocol revenue back to veFXS stakers again? Frax Finance makes 8 figures of annual revenue & growing, mostly being conserved in the treasury now. Time to turn it back on? 👀 https://t.co/3Yd9oDV98A
- Frax Finance ¤¤⛓¤ (@fraxfinance) February 23, 2024
At the time of writing, such a proposal has yet to be put to a formal vote.
In addition to the Frax Finance team, Uniswap’s initiative was also praised by the founder of the NFT marketplace Blue under the pseudonym Pacman:
This is a great proposal. Excited for the Uniswap community to implement this, and for the Blur community to be able to learn from Uniswap’s experience! https://t.co/cdHx5rxtLL
- Pacman | Blur + Blast (@PacmanBlur) February 24, 2024
He also expressed hope that the Blue community will be able to learn from Uniswap’s experience.
