Frax Finance Monthly Report #36 | February 2024.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Fraxtal]: Frax Finance launched its native blockchain Fraxtal, a modular blockchain with a “fractal scaling” roadmap and unique blockspace incentives. The Fraxtal testnet and mainnet currently allows only select launch partners while the normal users will be able to access it in the coming few days. Read the thread for more details.
2)[Liquidity Pool]: sFRAX liquidity pool was created on Curve Finance. Users can supply their sFRAX on Curve Finance and earn rewards.
3)[Perpetual Swap]: $FXS/USDT perpetual swap trading was added on OKX Exchange. Users can perform perpetual swap trading on OKX Exchange.
4)[Liquidity Staking Token]: sfrxETH was added to liquidity re-staking protocols/tokens (LRTs) by Kelp DAO, also $rsETH <> $sfrxETH Pool went live on Curve Finance. Users who re-staked their sfrxETH were able earn to upto 3x Kelp Miles points.
5)[FRAX v3]: Frax Bonds ($FXB) module was launched by Frax Finance team, which completes the FRAX v3 design, Also Frax bond pools went live on Curve Finance with big $CRV rewards. Frax Bonds (FXBs) are decentralized utility tokens that convert into 1 FRAX stablecoin trustlessly when they mature. You can read the full details here.
6)[Liquidity Staking Token]: sfrxETH was added on Eigenlayer. $sfrxETH holders were able to restake their $sfrxETH through Eigenlayer.
7)[Liquidity Staking Token]: New sfrxETH vaults was created by Prisma Finance. Users can open a vault with 0% minting fee against their sfrxETH on Prisma Finance.
8)[Live AMA]: Sam Kazemian, co-founder Frax Finance was hosted by Crypto.com on a live AMA where Sam discussed the Fraxtal. You can listen to the live AMA here.
9)[Fiat On-ramp]: Stably, a fiat on-ramp protocol listed the following Frax Finance assets; FRAX, $FXS, $cvxFXS, $FPI, $FPIS, $frxETH, and $sfrxETH on its platform. Users can buy, sell, or swap Frax assets on multiple networks as low as 0.5% in transaction fees on Stably.
10)[Liquidity Staking Token]: sfrxETH-rsfrxETH was created on Restake Finance protocol. Users can provide sfrxETH-rsfrxETH liquidity Restake Finance and earn reward.
11)[Optimism Radio]: Sam Kazemian, Frax Finance Co-founder, was hosted by Optimism on its OP Radio program where Sam discussed the Fraxtal. You can listen for the full details here.
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 becomes eligible for staking yield, which is redeemed upon converting sfrxETH back to frxETH.
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