Frax Dao Acquires 1M Frax For Major Crv Takeover

8/18/2023 2:00:51 PM

(MENAFN- CoinXposure) The highly anticipated proposal entitled“Utilization of Frax DAO Treasury Funds to Acquire CRVs” has achieved unanimous approval, attaining an impressive 100% consensus.

The unequivocal endorsement of this proposal by the Frax DAO community signifies a momentous juncture in the evolution of the Frax ecosystem. With the proposal's resounding success, the groundwork is laid for a strategic maneuver that has the potential to reshape the dynamics of the Cryptocurrency landscape.

The visionary proposal outlines a daring initiative involving the deployment of 1 million FRAX from the dao fund . This substantial resource will procure crv tokens , a significant development that aligns with the overarching goal of advancing Frax's presence within the crypto ecosystem.

The implementation of this proposal will witness the Frax DAO engaging in a sophisticated operation, utilizing either an over-the-counter (OTC) mechanism or leveraging cvxCRV, facilitated through a secure contract to execute the transaction.

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This multifaceted approach underscores the meticulous planning behind the endeavor, aimed at ensuring the optimal execution of the strategy.

Beyond the immediate transactional ramifications, this action serves a dual purpose. On the one hand, it reinforces the bond between Frax DAO and the esteemed founders of Curve, establishing a mutually advantageous partnership. On the other hand, it directly contributes to the progression of the Frax Finance ecosystem, providing a solid foundation for its growth trajectory.

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