Frax Finance Monthly Report #16 | June 2022
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Liquidity Pool]: Ape Finance launched ApeUSD+FRAX pool on Curve Finance to help to maintain ApeUSD’s peg to the USD. Liquidity providers that deposit into the pool will earn APEFI and FRX tokens. Also ApeUSD-FRAX pool was launched on Uniswap to help to improve the routing across ApeUSD-FRAX liquidity between Curve and Uniswap liquidity pools.
2)[Twitter Space]: iZUMi Finance hosted the Frax team on their Twitter Space to discuss the stablecoins and upcoming bear market.
3)[Farming]: FRAX/SUSHI farm was stopped and unlocked per governance vote. The pool was removed from the gauge due to the low TVL and this essentially allows stable pools and other FRAX/FXS/FPI/FPIS-focused pools to gain more rewards. Users are able to withdraw their token.
4)[Staking Boost]: Convex launched a boosted Frax staking for the following pools: Vesper Orbit FRAX, aFRAX, and FPI/FRAX. Frax LPs stakers can enjoy socialized and simplified boosting mechanics for their LP positions when staked on Convex Finance.
5)[Update]: We migrated the Fraxswap TWAMMs to the post-audit code and new pools with increased liquidity were launched. Also a new frontend will be deployed shortly. Moonbeam will be the first non-Ethereum chain to be seeded with POL
6)[Farming]: FRAX-IQ pool was unlocked and transferred to the FXS gauge system as per the governance vote. The LP was unlocked and stakers are able to withdraw their token from the FRAX-IQ pool.
7)[Exchange]: FRAX was listed on Poloniex Exchange under the FRAX/USDD and FRAX/USDT trading pairs. Users can deposit and trade their FRAX against the supported pairs on Poloniex.
8)[Partnership]: Velodrome, the central trading and liquidity marketplace on optimism partnered with Frax Finance. The partnership will allow Frax Finance to receive a veNFT representing ~1% of initial voting power and $FRAX + $FXS will be available to trade on Day 1 of Velodrome launch.
9)[Farming]: D4 Saddle pool staking was removed and the reward was moved into the gauge system as per the governance vote. The pool was unlocked and stakers were able to withdraw their token.
10)[Leverage]: $FXS was added to margin trading on crypto.com under $FXS/USDT leveraged pairs. Users can trade $FXS with up to 10x leverage on crypto.com.
11)[Exchange]: FRAX was listed on Hoo.com Exchange under the FRAX/USDT trading pair. Users can deposit and trade their FRAX against FRAX/USDT pairs on Hoo.com.
12)[4pool]: Zenlink, a hybrid cross-chain DEX protocol based on Polkadot launched its 4pool which supported $USDT, $USDC, $xcAUSD, & $FRAX. Users can deposit FRAX and start farming.
13)[Curve]: The FRAX / 3pool balance has returned back to under 50/50, strengthening the peg even further and adding a larger buffer in volatile market conditions.
About Frax Finance
Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
FRAX: is the stablecoin targeting a tight band around $1/coin.
Frax Shares (FXS): is the governance token which accrues fees, seigniorage revenue, and excess collateral value.
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