Frax Finance Monthly Report #31 | September 2023.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Frax Build Hackathon]: Frax build hackathon closing ceremony took place. Some great projects which built for the Frax ecosystem were showcased to the users. Listen to the closing ceremony here and final results here.
2)[Collaboration]: Curvance adopted FRAX as one of its borrowable, users will be able to borrow FRAX on Curvance protocol. Also, they will be including many of FRAX LPs as collateral.
3)[Podcast]: Sam Kazemian, co-founder Frax Finance was hosted by Strange Water Podcast where he discussed his journey to Frax and Frax’s journey to v3. He also shared his first startup Everpedia (now IQ.wiki) and the founding of Frax Finance, then the genesis of Frax and the design principles that not only built a huge protocol, but provided resilient and thoughtful enough to survive the regular black swans crypto/De-Fi has been experiencing. Sam also talked about Frax v1, v2 and finally the imminent Frax v3 and so on. Listen to the full podcast here.
4)[Frax V3]: CurveCap lens released a detailed thread on Twitter which covers the details about our upcoming Frax v3. Check out the full thread here.
5)[FXB]: Frax Bonds. Currently being audited by Trail of Bits.
6)[frxETH Redemption Queue]: Currently being audited by Trail of Bits.
7)[sFRAX]: Savings Frax. Currently being audited by Trail of Bits.
8)[Fraxchain]: L1 and L2 Devnets live (privately). Currently testing internally.
9)[KyberSwap]: New farms for FRAX and frxETH on multiple chains. Link.
10)[Frax Governance]: Our Frax Governance doc which has the comprehensive details about our upcoming frxGov was released. In the doc, it covers the overview, how it will work; prior work, Frax governance, FraxGovernorOmega, FraxGovernorAlpha, veFXS holders, the advanced concept and so on. Check out the doc for more details.
11)[Podcast]: Sam Kazemian, co-founder Frax Finance was hosted on Bell Curve podcast with the topic “Frax’s alternative approach to scaling Liquid Staking Tokens (LSTs)”. Mike and Myles were joined by Sam Kazemian, co-founder of Frax Finance where they discussed FRAX’s innovative journey from decentralized stablecoin to Liquid Staking Tokens (LSTs) and Liquid Staking Derivatives (LSDs). Also Sam shared insights into the algorithmic stability mechanism, decentralizing trust, DeFi domination plan, and FRAX V2 decentralization.
12)[Prime Brokerage]: Prime Protocol, a cross-chain prime brokerage that allows users to borrow against the value of their entire portfolio of assets, added FRAX as a borrowable asset on their protocol. Users can deposit and borrow FRAX to earn Early Adopter Points on Prime Protocol.
13)[Collateral]: sfrxETH was added as collateral on Gravita for minting GRAI, users can deposit their sfrxETH to mint GRAI. In addition, Gravitas rolled out some enticing incentives on GRAI/FRAXBP on both Curve Finance & Convex Finance.
14)[Loan]: sFrxEth was added on the Curve Market, users can use their sfrxETH to borrow against crvUSD on the Curve Market.
15)[Liquidity Pool]: Prisma Finance rolled out incentives for the mkUSD/FRAXBp LP on the Convex Finance. Users can stake their LP tokens directly on Convex Finance.
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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