Frax Finance Monthly Report #39 | May 2024.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Fraxtal]: NFTs2Me, an NFT creation tool which allows users to launch their NFT project with zero coding skills, was integrated on Fraxtal. Users will be able to earn points by just creating and collecting NFTs on Fraxtal using NFTs2Me.
2)[Node]: Fraxtal nodes are now available with Grove, a robust decentralized RPC infrastructure which enables teams to deliver a multi-chain user experience at scale.
3)[Invoice]: Frax Finance is now supported on Acctual, an account payable and receivable automation for fiat and digital assets. Users will be able to send crypto invoices and get paid in $FRAX, $FRXETH, or $FXS.
4)[Swell L2 Pre-launch]: Frax assets were added on the Swell network. Users can deposit their $FRAX, $frxETH, $sFRAX and $sfrxETH tokens in the pre-launch to get a share of 10M FXTL points in the first month, plus a bonus Swell airdrop on the L2 launch, airdrops from projects on Swell L2, and a share of 1M EigenLayer Points.
5)[Collaboration]: Frax Finance and PotatoSwap teamed up to bring Frax’s stablecoin and liquid restaking token onto OKX’s new L2, X Layer. Read more about the collaboration here.
6)[Wallet]: Fraxtal chain was integrated on Rabby Wallet.
7)[Fraxtal Ecosystem]: Fraxtal ecosystem is now supported on Tenderly, a full-stack Web3 infrastructure, node infra, exploration tool and dev environments. Users can now use Tenderly’s full-stack infrastructure to build and run dapps on the Fraxtal. You can read more here.
8)[Oracle]: API3’s Oracle Stack is supported on Fraxtal. API3 will allow builders to utilize dAPIs on Fraxtal and protocols using API3’s decentralized data feeds on Fraxtal will have a vertically integrated solution to recapture MEV, also dApps will be able to simply read any data feed on the API3 Market, enable OEV Network, and start earning.
9)[Lending]: Fraxlend users will be able to supply their sUSDe and USDe tokens on Ethena Fraxlend pools and also earn sats points while looping.
10)[Podcast]: Frax Finance Co-founder Sam Kazemian was hosted by The Rollup team on their podcast where Sam talked about Fraxtal, blockspace incentives, difference between M1 & M2 money, fractal scaling, appchains, and of course, points. You can listen to the full podcast here.
11)[Fraxtal]: Glyph Finance, a Fraxtal-native credit layer, was launched on Fraxtal. Users will be able to supply and borrow $FRAX, $frxETH, and $FXS on Gryph Finance.
12)[Collaboration]: Frax Finance was integrated on Lagrange which will help to enable cheap and fast cross-chain queries from Fraxtal using Lagrange’s ZK Coprocessor. Read more 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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