Frax Finance Monthly Report #19 | September 2022.
A round-up of Frax Finance updates in a few minutes.
1)[Fraxlend]: Fraxlend was launched on the Ethereum network. Users can borrow FRAX with WBTC and WETH as collateral. Fraxlend will create more cash flow for Frax Finance, which can be used to buy back FXS from the market then distributed to veFXS stakers as yield.
4)[Twitter Space]: Sam Kazemian, Frax Finance co-founder was hosted on Blockworks Twitter Space by Pibblez and Dan Smith to discuss the upcoming Fraxlend, FraxETH and more. You can listen to the discussion here.
5)[Security Audit]: Code4rena launched a $50,000 code audit contest. Users will be contesting on the code audit to help to secure the upcoming Fraxlend. Bugs can be submitted here.
6)[Euler]: FPIS was added to Euler. Users can now borrow or lend their FPIS tokens on Euler.
10)[Pools]: IQ, PitchFXS, SYN, FRAXBP, SUSD, LUSD, APEUSD, GUSD, BUSD, ALUSD, USDD & TUSD pools were added on the Convex. Additionally, FRAX / FPIS, FRAX / FXS, FRAX / OHM, & FRAX / ZZ pools were added to Fraxswap.
11)[Concentrator]: aFXS compounding strategy backed by cvxfxs/fxs LP was launched by Concentrator. Users can compound their FXS yield with Concentrator.
12)[Pool]: Old FXS/ FRAX pool on uniswap was unwinded as per the proposal, liquidity providers were advised to remove and withdraw their LPs. Users can add their FRAX/FXS LP on Fraxswap, then stake FRAX/FXS on new Fraxswap.
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.