FOXy is a proposed staking rewards system that allows FOX token holders the ability to stake FOX into a smart contract in order to receive rewards denominated in FOXy. FOXy is an ERC20, rebasing token that is redeemable 1:1 with FOX tokens. The FOX rewards generated by the staking system are provided to the contract via the Shapeshift DAO’s treasury swapping for Tokemak’s TOKE rewards, but this project aims to provide a design that is extensible in the future for other alternative yield generating strategies. The ultimate goal is for FOX holders to have a simplified interface in which to earn yield on their FOX tokens that outperforms other avenues available to them without active management. Several mechanisms of the system have implications for the DAO’s treasury and require approval by the formal DAO governance process to proceed.
This proposal seeks governance approval for the following:
Currently, Toshi is leading the project to deliver the FOXy staking program to mainnet with a target date of early Q2 2022. The project is being funded solely by personal funds that have been committed to a bounty created by Beorn (link ).
If approved the following steps will be taken:
For - If you vote for this proposal, the DAO will proceed with the deployment of the FOXy smart contract suite and the delegation of its administration to the TMDC as outlined in the specification section above.
Against - No action will be taken.