[PIP-027] Add Curve and Convex Receivers for fxUSD/mkUSD pool to receive PRISMA rewards


Project name: f(X) Protocol

Website: https://fx.aladdin.club

Documentation: f(x) Protocol | AladdinDAO

Source Code: AladdinDAO · GitHub

Contracts: Contracts | AladdinDAO

Audits: https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/audit-reports


Twitter: https://twitter.com/protocol_fx

Discord: AladdinDAO


This proposal aims to add receivers for the fxUSD/mkUSD pool on both Curve and Convex. It will allow vePRISMA voters to direct PRISMA emissions to the pool once it is passes as a gauge and further grow TVL and liquidity for mkUSD. To accelerate this, f(x) will add the pool to the FXN gauge which will further incentivize it.


This proposal seeks approval for the addition of the Curve and Convex fxUSD/mkUSD pool as PRISMA emission receivers. A gauge for PRISMA emissions combined with a gauge for CRV emissions and one for FXN will further deepen liquidity and grow mkUSD reach beyond the Curve ecosystem.

About f(x) Protocol

The f(x) Protocol is a DeFi solution that addresses the need for a stable asset in the cryptocurrency space while mitigating centralization risks and capital efficiency issues. f(x) Protocol was conceived by Aladdin DAO; the US banking crisis in March 2023, combined with the depegging of USDC, highlighted the need for a new type of decentralized, highly scalable stable asset.

Initially, f(x) Protocol introduced a new concept called a “floating stablecoin” or fETH. fETH is not pegged to a fixed value, but rather gains or loses a fraction of the price movements of ETH. This allows fETH to hold its value well in any market condition.

When f(x) Protocol first launched in August of 2023, f(x) introduced the DeFi world to something special: a powerful new defi primitive centered around a complimentary token pair. The f(x) pair, or “stable-leverage pair” primitive is based on a simple concept: split a yield-bearing token (called the base or reserve token) into two parts: a low-volatility (i.e. stable) part and a high volatility (i.e. “leveraged”) part, both tokenized. Stable tokens can be staked in a rebalancing pool to earn yield from the reserve tokens, while the high volatility tokens protect the peg simply by existing, themselves providing a remarkably simple, safe, and cheap way to take ETH leverage.

As the protocol has gained attention and adoption, our community highlighted the need of a fully decentralized and hard pegged stablecoin. After extensive discussions and governance process, Aladdin DAO is now prepared to introduce f(x) Protocol’s new USD-pegged stablecoin, fxUSD.

As a stablecoin, fxUSD offers four key features never before combined:

  • Built-in yield, derived from LSDs in the reserve
  • Scalability: rapidly scalable based on direct demand
  • Stability: reliable peg in both directions, backed by f(x)’s invariant
  • Resilience: collateralized by Ethereum LSDs, with zero real-world asset exposure


f(x) will enhance mkUSD liquidity within the curve ecosystem with its fxUSD/mkUSD pool by creating a gauge on f(x) to increase liquidity for mkUSD and diversify its pool pairings.

Additional f(x) assessment

Llama Risk


For - Add receiver for fxUSD/mkUSD pool to receive PRISMA rewards

Against - Do nothing

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