Pitch FXSPrice

(PITCHFXS)

Pitch FXS (PITCHFXS) is a token functioning as a liquid wrapper for Frax Shares (FXS). The project, known as Pitch, focuses on building governance tools designed to enhance yield and utility for token holders, while also bolstering security for Decentralized Autonomous Organizations (DAOs). Pitch FXS plays a crucial role in its integration with the Frax community. Frax Shares (FXS) itself serves as the governance token within the Frax protocol, which supports a fractional-algorithmic stablecoin system. One of the main functionalities of pitchFXS is to enable vote delegation for veFXS, which represents locked FXS. This capability is not inherent to veFXS. By facilitating vote delegation, pitchFXS allows for the automatic compounding of governance rewards on the Pitch platform. Users can contribute their FXS to Pitch, where it is locked, and in exchange, they receive a 1-to-1 amount of pitchFXS. This pitchFXS token can then be utilized for governance purposes, similar to how veFXS is used. The project's vision includes establishing a self-reinforcing mechanism where protocol-earned emissions are reinvested into pitchFXS, with the aim of increasing liquidity and potentially influencing the supply of FXS. Pitch FXS operates on the Ethereum network. While some concerns regarding the project's liquidity and activity were raised in late 2022, a team member clarified that the project was active and not a scam. Learn more

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