Frax Finance Monthly Report #22 | December 2022.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[FraxFerry]: FraxFerry, a Frax native bridge which allows users to bridge their tokens across chains, was launched. FraxFerry currently supports Arbitrum, Optimism, and Moonbeam chains.
2)[Rage Quit]: A proposal for a rage quit function for TEMPLE/FRAX gauge was passed. Users were able to have all their unclaimed rewards + 80% of their TEMPLE/FRAX LP, while 20% goes to the Frax protocol as a penalty per the proposal.
3)[Fraxlend & FrxEth]: After the launch of Fraxlend and FrxEth, Minty wrote a thread on the Data and Effects of Fraxlend and FrxEth on $FXS. You can read the thread here.
4)[Fraxlend]: Fraxlend was supported on DefiLlama, a TVL aggregator for DeFi. Users can track Fraxlend on DefiLlama Borrowed Aggregator.
5)[TopGear]: The TopGear vault on top of Gearbox Protocol V2 went live. Users will be able to zap-deposit other assets and swap it for $FRAX in one transaction.
6)[pitchFXS]: Native veFXS yield went live on Pitch. Pitch will use the protocol-accrued veFXS yield to incentivize the Fraxswap V2 pitchFXS/FRAX gauge regularly.
7)[Bribe]: Badger DAO launched a 6,000 $BADGER bribe for their new Frax finance gauge. $veFXS holders can find the bribe here.
8)[Pool]: Aura finance added a new pool which consists of stETH, sfrxETH & rETH. Users were able deposit their staked Ethereum into Aura to earn purple coin & boost their Balancer yield.
9)[Pool]: sfrxETH was supported into the the Balancer ecosystem. Balancer introduced the sfrxETH/wstETH/rETH Pool, users can deposit their staked ETH into the Pool.
10)[Pool]: $FRAX was among the 4 assets that went live on Stargate. Users can transfer $FRAX, $DAI, $SUSD and $LUSD between selected chains. Liquidity providers will be incentivized with STG token.
11)[Vault]: Beefy, a multichain yield optimizer added $frxETH / $ETH vault with 7.3% APY on its platform.
12)[Listing]: $FRAX was listed on Wombat’s Innovative Pool. Users will be able to swap their stablecoins to $FRAX freely between pools with the help of the routing asset. They can also stake their $FRAX to earn $WOM.
13)[Stablecoin Market]: $FRAX was added to the Hundred Finance stablecoin markets. Users can join with their $FRAX here.
14)[Fraxlend]: $gOHM was added on Fraxlend. Users can borrow $FRAX using $gOHM on FraxLend.
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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