Frax Finance Monthly Report #40 | June 2024.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Partnership]: Frax Finance team partnered with the Botanix Lab to issue the FRAX Asset and subprotocols to the Spiderchain, an EVM L2 on Bitcoin. The partnership will make it possible for FRAX stablecoins to be issued on the Spiderchain ecosystem which will also allow accessibility for all Bitcoin users.
2)[Fraxtal Hackathon]: Frax Finance launched its Fraxtal Hackathon which will allow developers to build their suitable DApps on the Fraxtal chain. Winners can win up to 7 figures in prizes, and get long-term direct support from VCs and angels, and also the Frax Finance team. The Fraxtal Hackathon opening ceremony took place on May 28th, 9 AM PST. You can watch the opening ceremony here.
3)[Collaboration]: Frax Finance collaborated with ZeroLend to get the Frax Assets integrated in ZeroLend on Linea. Users will be able to bridge their Frax Assets to Linea using Axelar Network and start earning boosted yields and points during Linea SURGE, users can also trade their Frax Assets on Nile Exchange.
4)[Collateral]: sFRAX, a yield-bearing Frax Finance asset was integrated on Inverse Finance’s FiRM, a fixed rate lending market as collateral. Users will be able to use $DOLA to borrow against sFRAX, and can loop into more sFRAX or loop into other assets.
5)[Fraxtal Ecosystem]: A few months after the launch of the Fraxtal chain, the ecosystem has been growing day by day and more projects are to be added to the ecosystem. Projects which are not yet on Fraxtal ecosystem can add their projects to frax.com/ecosystem to get added to the ecosystem map and homepage. Users can check to view projects on the Fraxtal ecosystem here.
6)[Broadcast]: Sam Kazemian, Frax Finance Co-founder and the team from other projects such as Caldera, Cartesi and Mitosis were hosted on the Twitter broadcast by The Rollup where they discussed the Incentive Structures In Modular Systems. You can listen to the full broadcast here & YouTube.
7)[Podcast]: Sam Kazemian, Frax Finance Co-founder was hosted by Near Protocol on their Twitter Space on the topic Chain Abstracted where Sam discussed the role stablecoins play in digital economies in the latest Chain Abstracted. Listen to the full podcast on Apple, Spotify and YouTube.
8)[Partnership]: Frax Finance partnered with Shezmu, the 1st hybrid isolated lending market supporting ERC-20, ERC-721 and ERC-1155 to integrate Staked Frax Ether (sfrxETH) vault on its protocol.
9)[Partnership]: Frax Finance partnered with Analog to revolutionize cross-chain communication and DeFi infrastructure. The partnership leverages Analog’s cross-chain communication to enhance Frax stablecoin offerings and governance. You can check for the full details of the partnership here.
10)[FPISLocker]: FPISLocker (1.333x -> 0.333x veFXS with 2.5:1 FPIS to FXS conversion on March 22 2028) has been audited and deployed to Fraxtal. The UI for it is nearly complete and will be released soon. Mainnet veFPIS will be unlocked once it is ready.
11)[L1veFXS]: Prove your mainnet veFXS balance on Fraxtal. The team created a bot and did this for everyone (~1750 users) who had at least 10 unexpired veFXS as of mainnet block 20107700 (Jun-16–2024 11:42:11 PM +UTC). We will try to have the bot keep going because gas is cheap, but a button will be available on the UI to do it yourself if necessary. If you extend or increase your mainnet veFXS lock, you should re-prove your updated position.
12)[YieldDistributor]: The unified Fraxtal veFXS Yield Distributor has been deployed. It looks at your L1veFXS, VestedFXS (Fraxtal-native veFXS), and FPISLocker. UI is almost ready. Team created a bot for initial checkpointing, and plans to have a bot running to checkpoint for at least a small time in the future. After your shortest-term lock expires, in any of the veFXS sources mentioned above, you will need to re-checkpoint to keep earning. We hope to improve this shortcoming in the future with a contract upgrade. We will slowly retire the mainnet Yield Distributor so that all veFXS-related yield will only be claimable on Fraxtal.
13)[sFRAXERC4626MintRedeemer]: Swap FRAX <> sFRAX on Fraxtal without having to bridge. Uses an oracle to check the current exchange rate. Available soon.
14)[FXB TimedLocker]: A special farm where you lock your FXB until the maturity date and can earn extra FXS yield on top. Capped max amount of FXB and target APY per farm. More details to come.
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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