Frax Finance Monthly Report #28 | June 2023.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Liquidity Pool]: The following pairs FRAX/USDC, frxETH/ETH and frxETH/sfrxETH LPs were launched on DoveSwap. Users can provide liquidity on DoveSwap and earn LP rewards.
2)[Locked LP Tokens]: Hourglass launched a liquid layer for the Frax-Convex frxETH/ETH LPs token. Users will be able to keep trading their long-term staked positions, also adapt to changing market conditions and never miss out on the best opportunities.
3)[Validator]: FrxETH validators was rated as the best performing validator on rated.network in the month of May.
4)[Podcast]: Sam Kazemian, Frax Finance Co-founder was hosted on The-Edge by DeFi Dad to discuss how Frax has managed to thrive in such a competitive sector of DeFi, while leveraging a positive-sum strategy to not only grow Frax stablecoins but also some of the fiercest competitors. They also discussed Frax’s newest stablecoin pegged to 1 ETH called FrxEth. Listen to the podcast here.
5)[Collaboration]: Frax Finance collaborated with Swell. Users were able to vote to add gauge for swETH-frxETH pool on Curve.
6)[Gauges]: Convex swETH/frxETH, crvUSD/FRAX, and FRAX/USDP (Paxos) farms went live. Users can earn CRV, CVX, and FXS.
7)[Liquidity Pool]: Upgraded $frxETH-ETH v3 Farm went live on ETH PancakeSwap. Users can stake their $frxETH-ETH LP tokens on pancakeswap (0.05% fee tier) v3 LP to Earn CAKE.
8)[Balancer Boosted Paradigm]: $FRAX and $frxETH pools were supported on Balancer Boosted Paradigm on Polygon network. Users can now harness the boosted power of Aave V3 with their $FRAX & $frxETH pools.
9)[Ecosystem]: The compilation of Frax Finance Ecosystem; three Stablecoins, four Applications, FXS & veFXS and so on.
10)[Launch Partner]: Equilibria adopted Frax Finance as one of its launch partners. $vlEQB was airdropped to Frax Treasury and with the $vlEQB Frax community can vote for the sfrxETH pool and significantly increase its APY, unlocking greater rewards and opportunities. Also $vlEQB will be airdropped to the veFXS holders.
11)[Liquidity Pool]: FRAX was introduced on Concentrated Liquidity/CLMM on the Arbitrum network by Arbitrum Exchange. Users can provide liquidity with their FRAX/USDC LPs and earn ARX + WETH rewards (from swap fees).
12)[Collateral]: Frax Ether was Integrated with Origin Ether by Origin DeFi. $frxETH will be accepted as OETH collateral and holders will be able to deposit frxETH and sfrxETH in order to mint $OETH. $frxETH held in the treasury will be staked to the sfrx vault in order to earn validator rewards.
13)[Hackathon]: DoraHacks launched a FraxBuild Hackathon with a price pool of $50,000. Developers will be able to build for the Frax Finance ecosystem of stablecoins and primitives. Learn about tracks and submit a project here.
- You can watch the DoraHacks FraxBuild opening ceremony here.
- You can watch the technical workshop of the FraxBuild hackathon by Sam Kazemian, Frax Finance co-founder here.
14)[Liquidity Pools]: $frxETH/sfrxETH and frxETH/WETH pools on Avalanche network went live on Solisnek Finance. Users will be able to provide liquidity on Solisnek Finance and earn rewards.
15)[FrxEth v2]: Sam Kazemian, Frax Finance co-founder, released a thread with a detailed explanation of FrxEth v2 and how Frax Finance is building the most unique, versatile, & efficient decentralized LSD protocol possible. You can read the full details here.
16)[Flywheel]: Jon Walch, Frax Finance core team member was hosted by Flywheel, where he explained how the Frax Governance (frxGov) will work. He also broke down how the ultimate power rests in the hands of the veFXS holders. Watch the full video here.
17)[frxGov]: Audit completed and rollout expected to start in the next 1–2 months. Github repo is here.
18)[BAMM]: Borrow-AMM. Currently under development. Link
19)[Fraxferry V2]: Under development. Link
20)[Fraxoracle]: Improved oracle for L1 and L2. Uses Chainlink and other price sources. Under development. Link
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.
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