Frax Finance Monthly Report #21 | November 2022.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Fiat Gateway]: $FRAX was integrated on mtpelerin. Users can buy FRAX on multiple chains instantly by card or bank transfer with the lowest fees and no hidden costs, and also get the live market price on the mtpelerin.
2)[Flywheel]: Jack Corddry, Frax Finance core dev joined the Flywheel to discuss the Frax staking product, how it is similar to stablecoin, what is involved in working with the Frax team and why people with hobbies were weird. Listen to this full podcast here.
3)[Frax Ether]: Frax Finance launched its liquid staking product. Users can use their $ETH to mint $FrxETH at 1:1. Then stake their $frxETH for $sfrxETH to earn yield.
4)[Frax’s DeFi Trinity Stack]: Daesu, an intrepid Flywheelpod listener and now contributor wrote an article which lays out why he thinks Frax will be a leader the next bull run in crypto. Read the full article here.
5)[FraxBP]: Vesper Finance launched its yield bearing AMMs with Saddle and Vesper Earn. Users can deposit their FRAX and earn FraxBP through the Vesper app. Then, users can take their position to Saddle and pool to earn APY from trading fees, SDL emissions, and an additional VSP boost.
6)[Listing]: $FXS was listed on Nexo exchange. Users will be able to borrow, swaps with cashback, and can be used with the NexoBooster and NexoCard on Nexo Exchange.
7)[TVL Tracker]: Frax Ether was supported on DefiLlama, a TVL aggregator for DeFi. Users can track Frax Ether (FrxEth) on Ethereum network.
8)[Partnership]: Frax Finance was one of the Solidly launch partners. Frax Finance supported Solidly by bootstrapping $12m stable and $4m in volatile LP deposits for 1 year. Additionally, Frax is also looking to leverage the Solidly flywheel mechanism to grow deep FrxEth liquidity.
9)[Analytic Platform]: Llama force released an analytical platform which will be able to give a historic overview of the matches for the various pools which gets partially matched by Frax with either FXS, CRV or cvxCRV whenever anyone bribes a FraxBP pool on Votium.
10)[Pools]: More $FRAXBP pools; $MAI, $DOLA, $PUSD, $agEUR, $ALCX, $cvxFXS, $cvxCRV, $CVX and frxETH/ETH were added on Convex.
11)[veFXS weight]: Convex veFXS weight from the latest gauge vote was applied to Frax metapools. vAPR numbers updated accordingly with $FXS, $CVX and $CRV rewards are up for users to receive.
12)[DeFi Notification]: The Open DeFi Notifications supported Frax Finance. Frax users and farmers can now set up either a “position health” notification or a “pending rewards” notification to monitor on chain assets 24/7.
13)[Coin Network]: An article was released by Coin Network which shared details about Frax Finance, a rapidly growing stablecoin that is implemented on Ethereum and 12 other chains. Read the full article here.
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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