On July 3rd, Frax Finance, a stablecoin protocol, published a proposal to convert FXTL credits to FXS in its governance forum. The proposal consists of two parts, an initial conversion, and an FXTL conversion to run every year thereafter. 5 million FXS will be used for this purpose, and after the initial conversion of FPIS, its market value will reach 93 million FXS. Thereafter, 1 million FXS unlocks will be designated for FXTL credits conversion every year.