Frax Finance Weekly Report #10 | December 2021.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Exchange Listing]: Frax Share (FXS) was listed on KuCoin. FXS/USDT, FXS/BTC trading pairs were supported.
2)[Farming]: FRAX/MOVR LP Farming was added on Beefy’s Moonriver network, SushiSwap and Solarbeam. Guide
3)[Guage]: A new Stake DAO ETH/FRAX put selling option strategy gauge went live. .
4)[Lending]: FRAX Lending was added on Arbitrum and Fantom via Hundred Finance!
5)[Liquidity]: FRAX liquidity was opened for Axial on Avalanche after the governance vote.
6)[Voting]: A vote to add new FRAX farms on DeBank went live.
7)[Progress]: FRAX TVL & liquidity on Moonriver reached 8 figures in a short period towards our preparation for our partnership & launch of RomeDAO finance!
8)[Partnership]: FRAX partnered with sacred Finance to bring privacy and stability to DeFi. The partnership will allow users to lend FRAX privately and earn yield privately through Sacred!
9)[Snapshot]: TempleDAO proposed $150k worth of FXS to bribe TEMPLE reactor votes on votemak.com during the snapshot vote to help out TempleDAO Tokemak C.o.R.E. voting.
10)[Farming]: FRAX staking was added on Apeswap. Users can stake FRAX-BUSD or FXS-BNB to earn BANANA and stake GNANA to earn FXS.
11)[Update]: The yield contract and FXS1559 system with gas, system, and other improvements was updated. The new update requires the users to checkpoint one time on the Front-end to begin accruing rewards on the new yield contract. The improved version also helped to make away with multiple checkpointing from here on out so that users only have to checkpoint one time from now on any time they stake or increase their lock/stake. The update also significantly reduced gas costs as well as allows us to use an improved FXS1559 contract to create more dynamic yield rates which has increased veFXS APR to over 20%.
12)[Proposal]: A proposal by Lobis to acquire FXS and a whole host of other DeFi blue chip tokens for a huge protocol owned treasury of governance tokens was submitted.
13)[Lending & Borrowing]: A multiple way to lend and borrow FRAX on Polygon using Market.xyz, a project of Rari was supported.
14)[Collaboration]: The Decentralized 3 Pool went live on Convex Finance earning CRV & CVX! The is a triple collaboration between Frax, Fei Protocol, and Alchemix. The vision is to make the D3 Curve pool the top choice for farming, saving, and holding decentralized dollar stablecoins.
15)[Progress]: In less than 1 year from launch, FRAX went from being the only algostable to never lose peg to today and has reached nearly 1.3B supply. FRAX officially entered the stablecoin major leagues.
16)[Farming]: FRAX was added on 1Swap stableswap platform on Moonriver!
17)[Farming]: FRAX was one of the Initial pools that was added on the Vesper Orbit standalone app
18)[Curve Pool]: FRAX was seeded on Polygon, Arbitrum, and Fantom Curve.
19)[Farming]: FRAX Apeswap LPs was added on Beefy’s BSC Network. Users can stake FXS — BNB LP, and FRAX — BUSD LP.
20)[Progress]: FRAX made it to the top 5 on DeFi pulse.
21)[Analytics]: FRAX & FXS was added on footprint. Users can track FRAX & FXS performance data.
22)[Guide]: Bankless wrote a guide on how to earn yield with Frax Finance, one of the leading algorithmic stablecoins.
23)[Bond]: Frax Share (FXS) was added to Lobis. Users can bond their FXS on Lobis
24)[Listing]: Frax Share (FXS) was listed on Poloniex. Users can deposit their FXS and trade it on Poloniex.
25)[Swap]: FRAX was added to the GLP index. Users can use FRAX as collateral for long and short positions on GMX as well as swap from FRAX to ETH, BTC and more tokens with zero price impact.
26)[Tokemak Reactors]: Tokemak reactors were activated and yield per reactor was based on TOKE votes. FXS has the highest APR with ~50% of CoRE rewards going straight to the FXS reactor.
27)[Partnership]: NearPad partnered with Frax Finance to bring FRAX and FXS over to the Aurora and Near ecosystem.
28)[Adoption]: Persia, a reserve currency for PersiaDAO, adopted FRAX (BSC network) as its treasury assets.
29)[Proposal]: A proposal to do an OHM <> FXS token swap between OlympusDAO and Frax Finance to further incentivize our collaboration was submitted
30)[Bond]: FRAX (Fantom network) was added to the HectorDAO bond.
31)[Bond]: FRAX (Polygon network) was added on OtterClam, users will not need to claim & stake at every epoch.
32)[Farming]: FRAX liquidity pool went live on NearPad. Users can provide liquidity for the FRAX-PAD and FRAX-NEAR pair and earn rewards.
33)[Listing]: Frax Share (FXS) was listed on Ascendex under the trading pair FXS/ USDT. Users can deposit and trade their FXS.
34)[Adoption]: Frax finance joined Fei Protocol, USDC and DAI, to become Angle Protocol’s newest collateral type. Users can mint agEUR directly at oracle value from FRAX, together with FEI, SLPs and HAs and they are incentivized with a share of the ANGLE rewards.
35)[Review]: Justin Bram reviewed Frax Finance on his youtube channel. Frax was the first project he covered on his channel and he was glad to review it again. He mentioned that Frax Finance still has the best stablecoin yield. Watch video
36)[Router]: Anyswap Network added routing for FRAX and FXS on Polygon and Boba Network.
37)[Voting]: Vote for users to use their HND tokens on Arbitrum to vote (via veHND) for hFRAX to receive HND incentives for lending went live. The gauge rewards will start Dec 9.
38)[Sneak Peak]: A sneak peak of Frax crosschain minter which will allow 1-to-1 swaps of stablecoins with FRAX on non-eth chains with the goal of helping to increase liquidity was shared.
39)[Progress]: FRAX made it to top 10 on coinmarketcap.com
40)[Voting]: A vote to add FRAX/agEUR farm on DeBank https://debank.com/vote/6617 was submitted.
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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