Frax Finance Monthly Report #26 | April 2023.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Development Update]: Frax Finance team is currently working on the decentralized governance module, which is expected to finish in a month or so, more details will be released.
2)[Development Update]: Frax Finance team is actively coding frxETH V2, which will allow users to run validators in a decentralized, permissionless manner and other innovative new features.
3)[Liquidity Pools]: FRAX new liquidity pools were added on solidly. Users can stake their $frxETH / $ETH, $FRAX / $USDC, $frxETH / $FRAX, $FXS / $frxETH LPs on Solidly and enjoy juicy APR.
4)[Collateral]: sfrxETH was added as collateral on Metronome. Users can borrow up to 60% Metronome app.metronome.io against their $sfrxETH and mint a Synthetic such as $msUSD or $msETH and then swap on Curve for more $ETH and get more $sfrxETH.
5)[Collateral]: APE token was added as collateral on Fraxlend. Users can use their APE token to borrow against FRAX on Fraxlend.
6)[Lending]: Flux finance, a decentralized lending protocol added FRAX as a lending asset. Users can lend FRAX on Flux finance and borrow against tokenized US Treasuries.
7)[Podcast]: Sam Kazemian, Frax Finance co-founder, was hosted by DeFi Dad on his channel to cover the Positive-Sum of Frax Finance. You can listen to the full podcast on Spotify and YouTube.
8)[Liquidity Pools]: FRAX new liquidity pools were added to the Beefy Finance vault. Users can stake their $frxETH — $ETH, $BNBx — $FRAX, & $DOLA — $FRAX LPs on Beefy Finance and enjoy some juicy APR.
9)[Staking]: Convex added the support for $FPIS in its locking/staking mechanism toolbox. $cvxFPIS stakers will earn rewards from Convex-locked $veFPIS(as vanilla $FPIS). $cvxFPIS is minted when users convert + stake their FPIS on Convex and the conversion is 1-way and not reversible. $FPIS holders can convert + stake on their $FPIS on Convex.
10)[$ARB Airdrop]: Frax Finance was granted 515,081 $ARB airdrop tokens from Arbitrum Foundation as one of the earliest native issuers of stablecoins on Arbitrum. The $ARB token will be used to actively participate in governance. The $ARB token will be deposited in the treasury address when received from the Arbitrum Foundation 0xe61D9ed1e5Dc261D1e90a99304fADCef2c76FD10
11)[Partnership]: Frax Finance partnered with Arbitrum exchange to bring sFrxEth on Arbitrum network. Users can mint & bridge their sfrxETH from Ethereum Mainnet through app.frax.finance/fraxferry or buy $sfrxETH on Arbidex and provide liquidity to Earn extra yield on their staked ETH.
12)[Adoption]: FRAX was added as one of the main stablecoins for deposit and withdrawal in the Zunami Protocol as per the proposal.
13)[Collateral] FRAX vault was launched on Alchemix. Users can now deposit FRAX into an Alchemix vault as collateral for a Self-Repaying $alUSD loan.
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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