Frax Finance Weekly Report #15 | May 2022.
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1)[Exchange]: Both $FRAX & $FXS went live on OpenOcean to swap on multiple chains. Users can trade their $FXS & $FRAX on any of their favorite chains at best rates on https://openocean.finance/
2)[Pool]: The Alternative Pool went live on Platypus which included $FRAX. Users can use its profitable dynamism, either for swapping or staking on the Platypus app.
3)[Poll]: Frax made it to the top result of the Bankless poll, to choose which project to cover on their next Alpha Leak episodes.
4)[Collateral]: Frax is exploring real-world loans as a hedge against crypto market downturns in order to maintain FRAX’s peg during a bear market.
5)[FPI & FRAXSWAP]: FPI and Fraxswap were launched, with a mint cap which was set at 15m FPI and was later increased to 20m FPI. veFXS, cvxFXS tFXS & FXS-FRAX holders during snapshot were able to claim their FPIs airdrop. Convex also provided a portal for the cvxFXS holders to claim their airdrop.
FPI and FPIs were listed on coingecko!
Guide on how to Mint/Redeem FPI Stablecoin and how to use AMM/TWAMM on FraxSwap
6)[Zk Privacy]: An experimental version of Tornado Cash purpose-built for the FRAX ecosystem by Twister Cash.
7)[Hidden Hand]: Hidden Hand v2 went live on mainnet by Redacted which includes FRAX. Frax Finance, Ribbon Finance and Balancer were hosted on Twitter Space to discuss the Hidden Hand.
Also the first set of bribes were added, users who vote for the Curve vst:frax pool on the upcoming Frax gauge vote will be eligible to claim VSTA rewards here.
8)[Marketing]: Sam Kazemian, co-founder Frax Finance was hosted by Bankless, where he discussed stablecoins wars, in which different pools compete liquidity and composability in DeFi. Watch the video here.
9)[Curve Wars]: Frax Finance pitches over $250,000 to all those veCRV voters who support the Fantom 4Pool.
10)[Liquidity]: FRAX + BUSD liquidity pool was added to OpenOcean on the BSC network. Users can trade their BSC $FRAX+$BUSD on OpenOcean.
11)[4pool]: The Curve-based yield farm 4pool, backed by Frax and Terra, went live on Ethereum, Fantom, Arbitrum, Optimism and Avalanche.
12)[Proposal]: A proposal to introduce BTC backing to FRAX, accelerate FRAX’s yield influence and support the growth of 4pool on Curve was passed. Citadel will create deep liquidity for BTC/4 Pool on Curve, also will become a long term locker of FXS and gauge system supporter.
13)[Proposal]: A proposal to add 3 pools “sdCRV/CRV, sdFXS/FXS and sdANGLE/ANGLE’’ pools to the gauge controller was passed. CRV/FXS/ANGLE holders depositing into liquid lockers will receive sdCRV/sdFXS/sdANGLE that can either be staked into a reward contract to receive several sources of yield while keeping the voting power and a liquid position, or deposit them in the associated strategy (sdCRV/CRV — sdFXS/FXS and sdANGLE/ANGLE Curve LP).
14)[Podcast]: KingMaker hosted Sam Kazemian, co-founder Frax Finance on its twitter space for a podcast. You can listen to the podcast here.
15)[Partnership]: SmartCredit, a DeFi borrowing/lending platform focusing on fixed-interest and fixed-term loans and DeFi fixed-income funds partnered with Frax Finance to allow users to borrow/lend their Frax with fixed rate. Users can borrow/lend FRAX stablecoins via SmartCredit.io with fixed-income funds.
16)[Collaboration]: Frax stablecoin was launched on Yield Protocol as a borrowable asset. Users can bootstrap liquidity and earn variable yield by becoming a liquidity provider for Frax, earn a fixed rate on Frax by lending it for a fixed term and borrow Frax by providing acceptable collateral (ETH, WBTC, LINK, UNI, wstETH, ENS, and more)
17)[Proposal]: OlympusDAO submitted a proposal to open a liquidity pool on Fraxswap to enable TWAMMs, strengthen alignment with Frax, and prepare for Atlantis.
18)[Proposal]: Retrograde partnered with Frax Finance to bring the first FRAX tokens to Terra.
19)[Collaboration]: Pickle collaborated with Frax Finance to launch their Brinery to facilitate veFXS locking/liquidity and boost FXS rewards for FRAX LP farming. FXS holders can deposit their FXS in the Brinery, and in return receive pveFXS which gives a perpetual claim on Frax’s protocol revenue. And to accompany their Frax Brinery they released two auto-rebalancing Univ3 LP Jars (FRAX/DAI & FRAX/USDC). 10% of the Jars FXS rewards are directed to pveFXS holders, further boosting their FXS rewards.
20)[Collaboration]: WarpBond adopted Frax on their platform. Users can use $FRAX to buy ship parts and also buy WARP Bonds at 35% discount.
21)[Liquidity Pool]: FRAX/ARTH.usd Pool went live on Curve Finance. Users can stake ARTH / FRAX on mahadao.
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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