Add Frax Omnipool


This proposal recommends creating a new Omnipool for FRAX, a novel algorithmic stablecoin that maintains a USD peg. This would require a governance vote to select the eligible Curve pools for the FRAX Omnipool.


Conic relaunched its Omnipools on February 1, 2024, with three initial options: ETH, CRVUSD & USDC.

The initial Omnipools on v2 needed to have more than 50% support to be approved. FRAX did not cut the vote with 40.14% of votes. This proposal seeks to propose the addition of a FRAX Omnipool.


Omnipool TVL has grown quickly since its launch but has plateaued in the last few days and the Conic community understands the value of a rising TVL for the protocol’s success and the vlCNC’s utility. A FRAX Omnipool could increase Omnipool TVL considerably and benefit the Conic protocol.

FRAX, created by Frax Finance, is a unique algorithmic stablecoin that adjusts its collateralization ratio based on market demand. It has about 650 million tokens in circulation and is backed by a mix of USDC and FXS, the governance token of Frax. However, there is no reward for FRAX-holders to deposit into Conic as there is no FRAX Omnipool.

Earlier doubts about Frax’s stability and security have been largely dispelled.

Considering FRAX’s was a whitelisted Omnipool under Conic v1 and for Conic to keep growing it would be wise to include FRAX as an option to deposit into again under Conic v2

We welcome any comments below


I’m in agreement with Frax omnipool.

While I see the appeal of a FRAX Omnipool, the historical performance of FRAX as a base asset on Conic should be considered. In Conic v1 the FRAX Omnipool fell short in comparison to other Omnipools. It never saw much demand from the community nor did it ever gain significant TVL. This is primarily due to the reason that FRAX, for reasons that I do not understand, has never been a popular asset for single sided liquidity provision. To date, there are only 6 single sided pools in DeFi that hold over $1m TVL in FRAX. The largest of which is on Vesper. Until FRAX becomes a popular asset for single sided liquidity provision I do not think adding a FRAX Omnipool is the best step forward for Conic and that efforts should be focused elsewhere.

The top 6 Frax pools on curve hold about 400m USD TVL.

Agree to this proposal, as again, we need all TVL we can get at this point to Conic

I want frax pools. Even if they are redundant since both crvUSD and USDC use frax as one of the pairs.

Frax LPs tend to hold large amounts of TVL.

If the infrastructure overhead isn’t too much to set up. I think frax should be added. But I think the prisma lam should be next since that would give an additional frax pool as well.

Only omnipools that are product market fit should be added. The FRAX OP hasn’t performed well. Conic just relaunched, it’s better to keep it simple for now by not adding superfluous omnipools imo. Users can get exposure to FRAX through other available OPs.

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Same reply as on the UsDT pool without any logic. Crvusd was really popular in v1 but hardly in v2. Should we then not close crvusd?

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If the Frax omnipool is voted in. Can we add pyUSD to it as well? Cause that pool is large.

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