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According to Coindesk, Frax Finance is developing a Uniswap-like reward mechanism for token holders.
At this point, Frax Finance's core team is considering an offer to share protocol revenue with stakers of the FXS token.
Sam Kazemian, CEO and founder of Frax, said in an interview with CoinDesk that the core team behind DeFi protocol Frax Finance is considering leading decentralized exchange (DEX) Uniswap's proposal to distribute a portion of protocol fees to stakers of its native token for FXS token. He said it was also considered.
While Frax CEO stated that it would be up to the community to approve the proposal, he said, “We will follow Uniswap's lead in proposing this. It will be up to the community to pass it.”
He made the following statements in his post from his Frax Finance X account:
“And should FXS holders vote to distribute Frax Protocol revenue back to FXS stakers?
Frax Finance is generating 8-figure annual revenues and growing, much of it now protected in treasury. Is it time to bring this back up?”
As you may recall, last week Uniswap introduced a proposal to reward UNI token holders who stake and transfer their staked tokens with a portion of the DEX's fee earnings. This offer was welcomed by the community and led to an increase in the price of UNI by more than 70%.
Following the news, Frax Finance's native token FXS rose 17%.
*This is not investment advice.