Frax Finance Weekly Report #09 | November 2021.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Voting]: Vote to allocate $200k-$500k worth of FXS to Votium for the bi-weekly Convex Gauge-Weight was passed. The voting will allocate $200k worth of FXS for the October 14th Convex Gauge-Weight Vote to bribe for the FRAX3CRV gauge on votium. If the gauge becomes competitive, the bribe can be increased up to $500k total at comptroller discretion.
2)[Proposal]: Proposal to make pools like spiritswap ftm/frax , fxs/frax inactive was submitted and voted for. The proposal will make spiritswap pools inactive. Already dropped incentives, pools inactive with low liquidity which don’t serve their purpose because of big slippages and nobody using it. People who are locked for 3 years can move funds with better optimisation for frax/fxs markets.
3)[Farming]: FRAX and FXS went live on Avalanche network. New AVAX — FRAX farm was added and old added and old farms were removed. Users can convert their FRAX and FXS here. And then deposit into Pangolin farms.
4)[Proposal]: Proposal to use up to 1M FXS from community supply to swap for TOKE at a 7 day average market price of each token to control our own destiny in the FXS reactor and have a large seat at the Tokemak governance table from day 1 was submitted.
5)[DeFi 2.0]: Sam Kazemian wrote a detailed explanation on what DeFi 2.0 actually is and the protocols that qualify as DeFi 2.0. Read detailed here
6)[Collaboration]: Ola.finance, a decentralized protocol for programmable lending supported FRAX. Users can supply and borrow FRAX on Fantom via SpiritSwap’s
7)[Collaboration]: IQ went on Rari Capital Fuse. IQ holders can borrow FRAX against their IQ to gain leverage when staking with HiIQ or farming the FRAX-IQ pool on Frax protocol
8[Progress]: The Frax Finance made some good achievements , the Frax treasury holds $10M OHM, $10M CVX, ~$400M farming on yearn, convex, AMMs on bsc, ftm, avax, etc. The protocol made $3M of profits within 24h alone and millions of it will get sucked into TempleDao and they have one of the biggest Tokemak reactors.
9)[Collaboration]: The FXS reactor went live on https://www.tokemak.xyz/, users can stake their FXS and receive their staking yield.
10)[Collaboration]: A new compounding strategy went live on Snowball. This strategy compounds the AVAX / FRAX pair on Pangolin. This pair uses Native FRAX. Users can swap their old FRAX tokens here and deposit here.
11)[Liquidity Mining]: Sushiswap initial liquidity mining program with moonriver went live which includes FRAX/USDC pairs.
12)[Proposal]: A proposal to Add FRAX on PoolTogether went live. If we are headed for a bear market, the people are going to look for stablecoins to hedge their funds and FRAX is a hybrid model stablecoin which is more capital efficient. PoolTogether offers a very appealing place to accrue stable coins over time in preparation for another bull run.
13)[Bond]: Olympus Pro FRAX/WETH SLP bonds was reactivated.
14)[Interview]: Dropkickdarren and Mark11 sat down with the Frax Finance Co-founder, Sam Kazemian to talk about the synergies between FRAX, OHM, and TOKE, Frax v3, and why Bitcoin can never be a currency. Video
15)[Collaboration]: RomeDAO, a Reserve Currency For Kusama & Polkadot which will be launching their liquidity on Moonriver is planning to support FRAX.
16)[Insight]: Sam Kazemian, co-founder of Frax Finance shared an insight on why every single stablecoin protocol will end up looking identical to Frax Finance given a sufficiently long time.
17)[Podcast]: Brad hosted Sam Kazemian, co-founder of Frax Finance on a podcast, where Sam talked on the following topics.
- How the Frax Price Index could change the world.
- How FPI works with FRAX.
- High yields & airdrops for FXS.
- How Sam feels about the MakerDAO algo clone.
- What drives the team & much more!.
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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