Overview

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.

Tokenomics

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