Frax Finance Monthly Report #24 | February 2023.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Fraxferry]: FXS, frxETH, and sfrxETH ferries were added for several chain, allowing users to bridge these tokens to and from Ethereum Mainnet.
2)[veFPIS]: Trail or Bits audit concluded with no major vulnerabilities. Will publicize after their technical review / PDF cleanup. Team is reviewing tokenomics and launch plan now.
3)[Gauges]: Gauges for Frax Finance were created on Thena. veFXS holders can vote and begin earning from trading fees, bribes, and weekly rebases.
4)[Ethereum staked derivatives]: sfrxETH was listed on Aura. Users can check Aura data partner’s DeFiwars dashboard which covers the key data for LPs.
5)[Borrowable Asset]: Frax Share $FXS was listed on gate.io as a Borrowable Asset. Users can borrow $FXS and also trade in Isolated Margin on gate.io.
6)[Collateral]: $FRAX was integrated on Metronome’s Synth as collateral. Synth allows users to deposit collateral and generate synthetic assets which can potentially increase yield opportunities. $FRAX holders can deposit $FRAX as collateral and generate synthetic assets on app.metronome.io.
7)[Ethereum staked derivatives]: BrainDAO staked 1000 ETH (~$1.4 million) through Frax Finance’s liquid staking system Frax Ether. This allows BrainDAO to earn yield on its Ethereum holdings in support the mission to build a more intelligent future through the $IQ token with dapps like IQ.wiki.
8)[Collateral]: $FRAXBP LP was integrated on Angle Protocol. This will allow users to leverage farm FRAXBP LP through Angle Protocol, they will be able to deposit tokens earning a return as collateral on Angle and multiply their yield through agEUR loans.
9)[Pool]: $FRAX was integrated on Wombex Innovation Pools. Users can stake their $FRAX on wombex and enjoy boosted yields.
10)[Exchange Listing]: Frax Share, $FXS/USDT pair was listed on Bybit Spot. Users can deposit and trade their $FXS on Bybit.
11)[Binance Futures]: Frax Share ($FXS) perpetual contracts with up to 20x leverage was launched on Binance Futures.
12)[Exchange Listing]: Frax Share ($FXS) was listed on BitForex. Users can deposit and trade their FXS on BitForex.
13)[Podcast]: Sam Kazemian, co-founder of Frax Finance was hosted by Blockcrunch. Sam explained why Frax Liquidity Staking Derivative has 2 tokens (frxETH & sfrxETH) instead of 1, and why Frax ETH is bigger than just a LSD. Listen to the full podcast on Youtube — Apple — Spotify.
14)[AMO]: alUSD FRAXBP AMO was launched by Alchemix. Alchemix protocol-controlled liquidity modules help with alUSD liquidity and price stability.
15)[FraxBasePool]: clevUSDFRAXBP vault was launched by Clever. Users can deposit their clevUSDFRAXBP LP or zap in and borrow against their future yield.
16)[AMOs]: A Twitter users @wavey0x wrote a thread on how the FRAX and frxETH Curve AMOs work, with detailed explanation on the mechanics. He also shed light on how powerful, profitable, & innovative it is. Read here.
17)[Podcast]: Sam Kazemian, co-founder of Frax Finance was hosted by Dan Smith and Yano on Empire Twitter page. Sam discussed The DeFi Trinity, Frax’s Fed Deposit Strategy, Creating spot demand, frxETH & sfrxETH and so on. Listen to the podcast on Spotify — Apple.
About Frax Finance
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.
Frax Price Index (FPI): is the second stablecoin of the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average.
Frax Price Index Share (FPIS): is the governance token of FPI, which is also entitled to seigniorage from the protocol.
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