Frax Finance Weekly Report #11 | January 2022.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Cointelegraph]: Sam Kazemian, Co-founder Frax Finance discusses how algorithmic stablecoins have largely avoided regulatory scrutiny during an interview with Cointelegraph.
2)[Exchange]: FXS/USDT pair went live on Binance.com.
3)[Exchange]: FRAX/FXS pair went live on Zigzag Exchange. Users can trade deep liquidity on the FRAX-FXS pair for under $1 gas & sub second latency!
4)[Farming]: FRAX — ROME LP with a high APY which was around 762% went live on Beefy finance.
5)[Proposal]: A proposal to outline a framework for a Frax and Ondo partnership was submitted. The partnership would build on Ondo’s Liquidity-as-a-Service, offering and enable the use of FRAX (provided by the protocol itself) as liquidity for token issuers.
6)[Bond]: IQ bonds went live on Olympus Pro on Arbitrum. Users can get IQ at a Discount using FRAX.
7)[Proposal]: A proposal to include FXS as an approved asset for bonding and whitelists Redacted Cartel to stake FXS for veFXS was submitted.
8)[Partnership]: Frax Finance collaborated with Snowbank as their borrowing partner. Users will be able to borrow FRAX using their wsSB as collateral.
9)[Voting]: Voting to direct MTA emissions to staking rewards for MTA governors who staked MTA tokens went live on mStable governance. MTA token holders were able to vote for the FRAX fPool on Polygon.
10)[Halving]: Frax Finance celebrated its 1 year anniversary on 20th December, 4:00 PM PST. The Frax Share (FXS) emission halved which brought the FXS scarcity.
11)[Farming]: FRAX-FTM pool was introduced to the SpiritSwap boosted farms.
12)[Farming]: The IQ token gained liquidity on ETH through the IQ/FRAX yield farm with Frax Finance which offers over 300% APY.
13)[Expansion]: Convex Finance is expanding to include Frax Finance’s Frax Shares (FXS). Frax has adopted a similar token-locking model that is a natural fit for the Convex ecosystem. FXS can be locked as veFXS for fee sharing, governance rights, and gauge votes on Frax’s platform.
14)[Router]: FRAX and FXS have been added to the Multichain (formerly Anyswap) router for Harmony Protocol.
15)[Stableswap]: BUSD swap for FRAX on BSC network was added on Frax Finance. Users can now swap BUSD for FRAX on BSC with low slippage.
16)[Stableswap]: USDC swap for FRAX on Moonriver network was added on Frax Finance. Users can now swap USDC for FRAX on Moonriver with low slippage.
17)[Stableswap]: USDC swap for FRAX on Boba network was added on Frax Finance. Users can now swap USDC for FRAX on Boba with low slippage.
18)[Stableswap]: 1USDC swap for FRAX on Harmony network was added on Frax Finance. Users can now swap 1USDC for FRAX on Harmony with low slippage.
19)[Snapshot]: A snapshot to increase our liquidity deployment across all chains was put up.
20)[Partnership]: Frax was Introduced as a service on Ondo Finance, The partnership will build on Ondo’s Liquidity-as-a-Service offering and enable the use of $FRAX (provided by the protocol itself) as liquidity for token issuers.
21)[Farming]: aCYBER/FRAX pool went live on OolongSwap with a juicy APR as high as 450%.
22)[Marketing]: Drake on Digital hosted Sam Kazemian, co-founder Frax Finance on an AMA where Sam discussed the upcoming FPI airdrop, DeFi disruption and more, Watch the AMA here.
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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