Frax Finance Weekly Report #05 | July 2021
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Collaboration]: Pickle Finance added FRAX to their vault. All yearn users can choose to deposit to Pickle wrapped vaults to earn extra yield than the underlying crvFRAX rate.
2)[Staking]: Frax Share (FXS) was added to Binance Flexible savings account! FXS holders can earn passive income by holding their FXS in Binance Flexible saving account.
3)[Decentralization]: In order to help us decentralize more, we moved FXS allocations to new public addresses that are now fully multi-signature, this helps us decentralize as well as being able to add the time locked governance contract as a multisig signer in the future.
4)[Audit]: We published our Trail of Bits security audit through their website, the audit found zero critical flaws where user funds or protocol value was at risk, we also implemented some of the trail of bits suggestions on improving code and internal security as a team since we always strive for best practices.
5)[Collaboration]: StakeDAO added FRAX LP which started with a juicy APY of 8,540,000%.
6)[Marketing]: Brady Dale, a coindesk writer, wrote an article about the algostable space including everything we’re doing at Frax Finance to lead the space with the FPI+AMOs. A great article to read!
7)[Collaboration]: Saddle D4 alUSD/FEI/FRAX/LUSD went live, users can stake their alUSD/FEI/FRAX/LUSD and earn FXS/TRIBE/ALCX/LQTY as rewards.
8)[Achievement]: FRAX was ranked 5th largest pool on Convex Finance, we looked on-chain and the FRAX pool has the least CVX rewards sell pressure, FRAX maintains long-term support on every protocol that we have an AMO for, the bigger the FRAX pool, the less CVX for short term farmers to sell in the other pools.
9)[Collaboration]: Saber Labs launched the first FRAX trading pool on Solana in collaboration with Frax Finance, users can trade FRAX against any other listed stablecoin on the Saber platform, liquidity providers will be able to earn yield by depositing to the FRAX-USDC pool.
Guide on how to bridge FRAX to Solana network and add liquidity to Saber.
10)[Proposal]: A proposal to add FRAX on Compound as compound started allowing chainlink oracle was submitted by a community member, the proposal could make FRAX the least expensive stablecoin to borrow on Compound.
11)[Development]: We introduced veFXS gauges which is one of the coolest features we’ve been working on.
12)[Marketing]: FRAX Founder Sam Kazemian and Dave explained in-depth on DeFi, Economy, NFT and what it takes to be a good buidler in crypto.
Watch the full video.
13)[Partnership]: Harmony went into a full-stack partnership with Frax Finance, Frax will be bridging an initial $1m to Harmony and create a liquidity pool for [FRAX/USDC] on Sushi Harmony, as the initial usage ramps up, additional features such as governance and AMOs will be deployed, Frax and Harmony are also partnering for the Harmony “Bridging TradFi to DeFi” hackathon (hack.harmony.one). $50,000 in prizes is available for teams building projects that integrate FRAX on Harmony.
14)[Development]: Uniswap v2 FRAX-USDC pool was migrated to v3 FRAX-USDC pool. The v2 FRAX-USDC LPs were unlocked to enable the users to migrate their v3 LPs.
Guide on how to migrate uni v2 FRAX-USDC LPs to uni v3.
15)[Proposal]: Proposal to add FRAX veFXS and additional pools in Debank, Zapper and Zerion was submitted.
16)[Marketing]: Haseeb Qureshi from Dragonfly research wrote a visual explanation of FRAX, an article explaining how FRAX as a central bank-like works, and why they decided to invest in FRAX.
17)[Collaboration]: Rari.capital added FRAX as borrowable assets for OHM holders, FRAX was deposited to Fuse 6, FRAX rates are 1/5 of what’s offered with $USDC and $DAI, If demand is high, Rari might deposit 7 figures of $FRAX in the future.
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.
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