Frax Finance Weekly Report #02 | May 2021
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1) [Development]: Draft contract for the veFXS rewards (get FXS rewards for your veFXS) was released.
2) [Voting]: New Voting to add veFXS to Frax Finance strategy was done.
3) [Development]: veFXS system was launched on mainnet, users can deposit and lock their FXS to earn veFXS yield on AMO profits, boosted governance rights, average lock time of early users is over 2.7 years.
4) [Marketing]: Live Voice telegram AMA with Sam Kazemian Co-founder of Frax Finance, held on May 14th at 4:00PM GMT at @CryptoCoinsCoach.
AMA link: https://youtu.be/J9xo1d9KXw8
5) [Collaboration]: Everipedia announced they will be launching their first dual-token yield farming programs with Frax Finance, IQ-FRAX liquidity providers will be rewarded with IQ token.
6) [Proposal]: Our Community member Mark11 wrote the FIP-2, FIP-3, FIP-4 proposals.
- FIP-2: To require, if passed, that authors of a successful FIP are granted a bounty of $500 USD worth of FXS.
Link: https://gov.frax.finance/t/fip-2-reward-for-proposing-a-successful-fip/32 - FIP-3: To authorize, if passed, a trial of electing 5x Governance Ambassadors for a term of 3 months and that elected ambassadors be granted an inaugural Governance Ambassador NFT and 150 FXS vested for 1 year.
Link: https://gov.frax.finance/t/fip-3-governance-ambassadors/33 - FIP-4: To authorize, if passed, the creation and election of a trial Community Building Committee for a term of three months. The committee will oversee a small discretionary fund of 1000 FXS. The committee members will be incentivized to pursue election by being provided an inaugural Community Building Committee NFT and 150 FXS vested for 1 year.
Link: https://gov.frax.finance/t/fip-4-community-building-committee/34
7) [Marketing]: Frax Finance AMA with BINANCE Russian Community on 19th May, 2021 12:00 PM UTC.
8) [Development]: The FRAX3CRV metapool FXS rewards have been moved to Curve.fi website.
9) [Collaboration]: Bytom partnered with Frax Finance, FRAX will be one of the recommended stablecoins in Bytom’s #DeFi eco-system (MOV).
10) [Proposal]: Our Community member Dave Liebowitz wrote the FIP-5 proposal.
- FIP-5: To establish a Gelato AMO with the goal of automating the functions of Frax AMOs when possible. The AMO is essentially a wrapper that will be the entry point for Gelato to call certain functions on AMOs in order to execute their logic.
Link: https://gov.frax.finance/t/fip-5-create-gelato-amo-to-automate-frax-amos/37
11) [Marketing]: Sam Kazemian, Frax Finance Co-founder Live AMA with Justin Bram.
AMA link: https://youtu.be/verd7SJiakM
12) [Collaboration]: FRAX will be deployed to Moonbeam network on genesis.
13) [Proposal]: OlympusDAO submitted a proposal to partner with Frax Finance to build an OHM-FRAX pool on UNISWAP, it will introduce them to a new trading market, while simultaneously adding their first new treasury asset, the pool would be bootstrapped via Dual-incentived LP-staking hosted by Frax Finance, the pool would be accumulated by OlympusDAO treasury through OHM-FRAX liquidity bonds.
Link: https://forum.olympusdao.finance/d/32-frax-partnership
14) [Development]: Migration to V2 version of the veFXS Yield Distributor contract on May 26th, the changes will facilitate CLAIM & RE-APE button to compound your FXS rewards for more veFXS, as well as fixing a minor math error in how the yield was being calculated.
15) [Proposal]: Frax Finance Co-founders Sam Kazemian, Travis Moore and Jason Huan (*various consultations with community members including Hameed) wrote the FIP-6 proposal.
- FIP-6: To make all protocol functions trustless outside of the peg bounds. The protocol should require no trust assumptions by any delegates or whitelisted keys outside of the peg bounds. Within the peg bounds, delegated/whitelisted accounts can conduct monetary policy expeditiously so long as the FRAX price peg is within bounds, and to add timelocks to certain functions such as adding/removing AMOs even if the price is within the peg bounds.
Link: https://gov.frax.finance/t/fip-6-protocol-decentralization-comptrollers/43
16) [Collaboration]: FRAX-FXS & FRAX-USDC pairs went live on Polygon Sushi at sushi.com, users can bridge their tokens to L2 and add liquidity to receive MATIC rewards.
About Frax Finance
Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. 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.
Website | Docs | Telegram | Twitter | Discord | Governance | Github
