[Draft Proposal] Add FRAX as a fee

Adding FRAX as a fee benefits the entire EPNS ecosystem; new marketing opportunities, building community, attracting new potential investors.

As of now, EPNS accepts only DAI as a staking fee when it comes to creating the channels. Currently, one of the strongest narratives in Crypto is stablecoin issuance. More and more protocols decide to create their token pegged to the US dollar. In accordance with the general crypto spirit of decentralization, I believe that we, as EPNS DAO, should make sure we keep one of the most important aspects of the protocol’s functionality (which are fees) diversified.

Proposal description
I propose to add FRAX as the second staking fee asset.

The fundamental characteristics of FRAX:

  • It’s a fractional-algorithmic stablecoin pegged to the USD.
  • It’s the 5th biggest stablecoin by market capitalization.
  • As a partially algorithmic stablecoin, it managed to keep its peg during the LUNA/UST fiasco.
  • Similarly to DAI, it aims to become a solely decentralized stablecoin.

Reasons why I think it is worth having more than one stablecoin as a fee:

  1. Services that could be interested in EPNS’s service might operate in one particular stablecoin (for example in FRAX, in this case). In order to create the channel for its users, the services have to exchange one stablecoin for another— it’s an unnecessary hassle we could remove. It’s a hassle especially when it’s a DAO that wants to use Ethereum Push Notification Service solutions and its Treasury management is based on multi-sig.
  2. Accepting a new stablecoin creates new marketing & development opportunities such as;
    The inflow of new users/ subscribes/ token holders/ contributors.
  3. Raising awareness of Ethereum Push Notification Service among other communities.
  4. More channels that we, users, might be interested in.
  5. Promoting decentralization as a pillar of cryptography-technology-based projects.

If the feedback from the community is positive, this proposal would be promoted to Discussions Phase and then to formal voting on Snapshot.
Also, if the Marketing Team would be keen to, I’m willing to help in formulating some strategies for raising awareness of EPNS among the FRAX community.

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very Interesting @ELI5ofTLDR !
I have to ask about the other side of this proposal

Fee split will come in the future and will allow token holders to participate for “fee split”.
If there are multiple pools, what could be the possible repercussions to make fee split calculations

Also, is FRAX available in all chains we are going to be deployed on?

I believe this proposal is great in essence as I agree opening the floor for more funding opportunities is necessary , but we have to ensure now is the right time to pass such proposal and really be sure if we are in position to support all the implications it brings.

Hey @ELI5ofTLDR nice to meet you again, while I fully support adding more stablecoins as staking fees for Push Protocol. The protocol plans to expand to all chains in the near future, and currently FRAX is only available on 18 L1 and L2 blockchains.

In comparison, DAI is currently supported on 40 chains. As the protocol scales, having FRAX as a fee doesn’t make too much sense, but maybe in the future when the utility of FRAX has proved to be much higher.

In summary, FOR adding more stablecoins as fee payments to the protocol, AGAINST adding FRAX in particular to due lack of availability and liquidity on a number of chains.

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