Frax Finance Weekly Report #13 | March 2022.
A round-up of Frax Finance updates in a few minutes.
1)[TempleCodex & FRAX]: TempleCodex released part 1 article where they discussed their relationship with Frax Finance. They also discussed why FRAX is growing so rapidly and what sets it apart from other stablecoins.
2)[Liquidity]: Zigzag Exchange added 2 million Liquidity of FRAX in their fast withdrawal bridge. Users can now withdraw up to 2 million FRAX directly from Zigzag Exchange to L1 in less than a minute.
3)[Report]: Messari, A crypto platform which provides reliable data and market intelligence for crypto investors and professionals wrote a comprehensive report about Frax Finance. Read the full report here.
4)[Voting]: QiDao week 3 vault incentives gauge went live. Frax Shares ($FXS) was one of the new collaterals eligible for reward.
5)[Partnership]: Planet Finance becomes FRAX’s lending partner on Binance Smart Chain. Users can supply their FRAX and will be able to earn FRAX paid by borrowers, as well as GAMMA from the protocol.
6)[Collaboration]: Sam Kazemian, co-founder Frax Finance was with Kirk from Volt Protocol on Twitter Space to discuss Frax & Volt cooperation on a shared inflation index. Listen to the full recording here.
7)[Snapshot]: Snapshot to add a veFXS gauge for FRAX-VST Arbitrum Curve pool was submitted and voted for.
8)[TempleCodex & FRAX]: TempleCodex released a new study article, part 2 of the FRAX mini-series. The article discussed FRAX’s DeFi plays in the Curve Wars and on Convex. As well as an explainer of the Frax gauge platform and the Frax Wars.
10)[FPIS Airdrop]: The snapshot for the FPIS Airdrop took place and the balances eligible for the airdrop are veFXS, cvxFXS, staked FRAX-FXS LP, and tFXS in Tokemak. The veFXS has the full airdrop weight while staked FRAX-FXS LP, and tFXS in Tokemak have 1/2 and 1/4 weight respectively. CvxFXS holders will also receive the max airdrop through Convex.
11)[Partnership]: Ola Finance partnered with Frax Finance to launch a lending network on Moonbeam network. The lending network will initially support lending and borrowing for FRAX, FXS, USDC, and WGLMR (wrapped GLMR — Moonbeam’s native asset) and new tokens can be added at any time according to Frax’s governance procedure.
13)[Voting]: Temple DAO FRAX/TEMPLE and Arbitrum Curve VSTFRAX (FRAX / Vesta VST) vote for gauge & farm.
14)[Farming]: FRAX-FXS, FRAX-USDC, & FRAX-FTM pairs & gauge weights went live on Solidly exchange.
16)[Update]: Frax team is working hard behind the scenes on the FraxSwap and FPI code and hope to release it soon, you can follow the progress 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.