Frax Finance Monthly Report #17 | July 2022.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Collateral]: Perpetual Protocol added Frax as collateral. Users can deposit Frax stablecoin as collateral to trade and market-make on https://app.perp.com/
2)[Twitter Space]: Token pocket hosted Frax finance, together with Conflux Network and Dopex on Twitter Space to discuss bear market survival guides and how users can control risks and protect their assets.
3)[Proposal]: A proposal to use $20M protocol-owned $FRAX to Buyback $FXS using Fraxswap was passed. The Buyback will happen using Fraxswap FRAX-FXS TWAMM pair over a period of minimum of 3 days or up to 30+ days.
4)[Liquidity]: FXS was added to Bancor. Bancor provided single-sided liquidity with an impermanent loss protection and auto-compounding returns. Users can deposit their $FXS on https://home.bancor.network/
5)[Dex Aggregator]: Fraxswap was added on 1inch, A Dex aggregator with the most liquidity and the best rates on Ethereum, Binance Smart Chain, Optimism, Polygon, etc. Users will be able to trade on Fraxswap via 1inch.
6)[StellaSwap Basepool]: StellaSwap Basepool which supports $FRAX + $USDC + $USDT + $DAI went live on Moonbeam Network. Users can trade their $FRAX on Moonbeam Network with low fees, and can also stake on StellaSwap and earn dual rewards for staking.
7)[FRAX/USDC Basepool — Curve]: FRAX/USDC Basepool proposal, a proposal to add FRAX/USDC as a base pool to the stableswap factory on Curve Finance went live on Curve Finance and the proposal was passed through DAO voting. The FRAX/USDC Basepool is live and gauged on Curve Finance. A few metapools for it, such as sUSD, BUSD, GUSD, and LUSD were seeded by the Frax team. We are working on getting metapool gauges for these.
8)[FRAX/USDC Basepool — Saddle]: Saddle Finance also added the FRAX/USDC Basepool, along with sUSD, alUSD, and a few other metapools for it. They will be eligible for SDL gauge rewards. The Frax team seeded some of these and they will earn yield for the protocol.
9)[Everipedia]: The Fraxswap FRAX/IQ gauge farm went live.
10)[Pitch Money]: PitchFXS/FRAX gauge farm went live on Fraxswap. Users can stake their $FXS directly on Pitch Money.
11)[Exchange]: $FXS was listed on BitMart Exchange with FXS/USDC trading pairs. Users can deposit and trade their $FXS on BitMart Exchange.
12)[Concentrator]: FRAXUSDC vault was added on Concentrator. The compounder will increase the APY. Users can deposit their FRAX on Concentrator.
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.
Website | Docs | Telegram | Twitter | Discord | Governance | Github
