Hourglass was originally launched in early 2022 as Pitch, a protocol which specialized in programmable infrastructure for time-locked governance tokens. While this vision has now expanded general time-bound, semi-fungible tokens, you can find documentation on all governance-specific products here.


pitchFXS aims to be Frax’s deepest on- and off-ramp for liquid governance. pitchFXS is a liquid wrapper for locked veFXS positions to retain governance power. Staking pitchFXS entitles holders with:

  • Automatic participation in Frax governance rewards including vote delegation on Snapshot

  • Native veFXS yield, which is distributed via periodic airdrops

  • Programmability, including the potential to borrow and lend against the ERC-20 token

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