Frax Finance Monthly Report #41 | July 2024.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Partnership]: L3X Protocol partnered with Frax Finance to add two Frax staking assets which are $sFRAX and $sfrxETH to L3X Protocol. Users can stake both assets on L3X Protocol and earn L3X points for their future airdrop.
2)[Workshop]: Fraxtal Hackathon technical workshop took place and Sam Kazemian, Frax Finance Co-founder shared an overview of the Fraxtal developer ecosystem to help the participants get started on their projects. You can listen to the full workshop on YouTube and Binance Live.
3)[Collaboration]: Frax Finance and Galaxy Exchange collaborated to provide a seamless cross-chain liquidity of other assets to FRAX. Users will be able to swap any token from Ethereum, Arbitrum, Base, and more to FRAX on Galaxy Exchange.
4)[Modular Expansion]: Fraxtal was connected to the Hyperlane network, which will enable fast token bridging, interchain applications, and permissionless Interoperability.
5)[Twitter Space]: Sam Kazemian, Frax Finance Co-founder and the team from other projects, Shoji from Napier Finance, Mr. Block from Curve Finance, Nick Ashley from Rocket Pool, Kenneth from Lido Finance were hosted on Napier Finance Twitter Space to discuss the topic “Making Curve A Home Of LST/LRT”.
6)[Collateral]: Frax Finance assets $FRAX, $frxETH, $FXS, $sFRAX, and $sfrxETH were supported on Glyph Finance as collateral. Users can lend, borrow and earn interest on Glyph.
7)[Liquidity Pool]: Frax Finance collaborated with Equilibre Labs to integrate sFRAX/USDC, sfrxETH/USDC and sfrxETH/wETH pools with the help Axelar Network into its Sprinkler (CL) Pools which was powered by Steer protocol.
8)[Fraxtal]: Convex Finance team moved the claim of rewards for the cvxFXS to Fraxtal chain. cvxFXS holders can now claim their rewards on Fraxtal.
9)[veFPIS]: veFPIS has now been unlocked and rewards for it stopped. You can withdraw your FPIS here:. The withdrawn FPIS can now be bridged over to Fraxtal’s FPIS Locker and accrue rewards there. After March 22, 2028, unlocked locks will convert 2.5-to-1 for FXS. Any positions still locked could either wait additional time until they unlock (then 2.5–1 convert freely), or roll over 2.5–1 into a veFXS position with an identical lock end date.
10)[veFXS]: There will no longer be new Ethereum Mainnet Yield Distributor FXS rewards accruing. Rewards will now accrue on Fraxtal instead, and you can claim them here. You can still claim your old rewards on mainnet.
11)[Fraxtal’s DeFi Summerfest]: The inaugural Fraxtal spaces with early ecosystem builders were hosted on Frax Finance Twitter Space where Sam Kazemian discussed the best alpha for users to participate in Fraxtal’s DeFi Summerfest with Optimism. The full discussion can be listened to here.
12)[Fraxtal Hackathon]: The submission of the Fraxtal Hackathon which was successfully hosted by Frax Finance was closed and over 120 submissions were recorded. The Fraxtal Hackathon will help in adoption of Fraxtal and also increase the Fraxtal ecosystem.
13)[Superfest]: Ra.Exchange integrated Frax Finance assets FRAX/FrxEth, sfrxETH/FrxEth and axlUSDC/FRAX on its concentrated liquidity protocol. Users can provide liquidity and earn triple points, FTXL, RA, and Turtle points.
14)[Bridge]: Fraxtal chain was supported on the Renzo Bridge. Users can bridge their assets on Fraxtal to other chains using Renzo Bridge.
15)[BAMM]: Still more testing and liquidator setup. Getting a second audit after additions were added. UI is basically ready once this is done.
16)[frxETH]: Dedicated new hire working on Beacon Oracle bot, on/off chain tracking, etc. Smart contract code has passed audit and is ready.
17)[sFRAXMintRedeemer]: Exchange FRAX <> sFRAX on Fraxtal. Now live.
About Frax Finance
FRAX is a dollar-pegged stablecoin that uses AMO smart contracts and permissionless, non-custodial subprotocols as stability mechanisms.
FRAX: a USD pegged asset.
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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