Frax Finance Monthly Report #27 | May 2023.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Development Update]: The Frax Governance (frxGov) code is currently being audited. It will make the entire Frax protocol trustless and also can live on without the contribution of any of the core team. It has 3 abilities, all done fully onchain; i. Ability to Veto any and all proposed transactions by the multi-sig signers. ii. Ability to replace any and all signers of the multi-sig. iii. Ability to propose any kind of transaction on AMOs to run the protocol without any multi-sig signers at all. Check the code here.
2)[Development Update]: Frax Finance team is actively coding the Borrowed AMM (BAMM), and frxETH V2 which will allow users to run validators in a decentralized, permissionless manner and other innovative new features.
3)[Liquidity Pools]: Frax Finance $FXS — $ETH and $frxETH — $ETH LPs went live on Pancakeswap. Users can join the pool on pancakeswap and earn $CAKE as reward.
4)[FrxEth Growth]: $FrxETH increase at 10x the percentage of $LDO and 5x the percentage of $RPL over the past 7 days during the month of April and 19% increase between March and April.
5)[Liquidity Pool]: $FRAX/$USDP liquidity pool went live on Convex Finance with a juicy APR up to 18% on stable farming.
6)[Flywheel]: Flywheel team launched the Frax Education Incentives Program. The program will give the community members the chance to get rewarded for contributing to the Frax ecosystem. $10k of rewards will be distributed each month, and the program will run for three months.
7)[Launch Partner]: Frax Finance will be one of the launch partners of USDFI. This will allow users to be able to trade, stake or earn fees/bribes/emissions with various $FRAX pools on the USDFI DEX, including FRAX ETHER.
8)[Partnership]: Adamant partnered with Frax Finance to offer Frax users the opportunity to maximize their yield for free. The vaults on Arbitrum network includes; Curve VST/FRAX, Arbidex FRAX/USDC, Arbidex ETH/sfrxETH.
9)[Collateral]: Curve stablecoin $crvUSD will be initially backed by Frax Finance staked $FrxEth.
10)[RAGEQUIT]: A proposal to ragequit StakeDAO ETH-FraxPut pool was passed. Users will be able to claim all their unclaimed rewards + 90% of their LP, while 10% will go to the Frax protocol as a penalty per the Snapshot vote.
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.
Frax Ether (frxETH): is a stablecoin loosely pegged to ETH, leveraging Frax’s winning playbook on stablecoins and onboarding ETH into the Frax ecosystem.
Staked Frax Ether (sfrxETH): is the version of frxETH which accrues staking yield, All profit generated from Frax Ether validators is distributed to sfrxETH holders. By exchanging frxETH for sfrxETH, one become’s eligible for staking yield, which is redeemed upon converting sfrxETH back to frxETH.
Website | Docs | Telegram | Twitter | Discord | Governance | Github
