Frax Finance Weekly Report #01 | May 2021
A round-up of Frax Finance updates in a few minutes.
Project Updates:
1) [Collaboration]: The crvFRAX vault is live on Yearn Finance.
This is a v2 vault with a 2% management fee and 20% performance fee, there is no withdrawal fee. You can zap into the vault directly from Yearn Finance UI.
2) [Development]: The Investor AMO was updated which allows the protocol to claim its stAAVE yield, so now FRAX earns both COMP and AAVE.
V1: https://etherscan.io/address/0xEE5825d5185a1D512706f9068E69146A54B6e076
V2 (stAAVE aware): https://etherscan.io/address/0xB8315Af919729c823B2d996B1A6DDE381E7444f1
3) [Development]: Curve AMO V2 (gauge-aware) went live.
4) [Collaboration]: SpiritSwap launched FRAX-FXS pool on Fantom network with 200% APR.
Anyone can bridge their FRAX tokens to Fantom network and add liquidity to SpiritSwap and enjoy the 200% APR.
5) [Collaboration]: FRAX passed Curve pool vote and FRAX was added into Curve.fi pool.
FRAX holders can add liquidity on Curve’s interface and stake to the Gauge. After some time, they can collect their CRV rewards in the Gauge.
6) [Development]: The veFXS initial vote was passed and veFXS was deployed.
The team is building out the front-end and functionality, also preparing for announcement about the features and benefits, as well as a plan for a community vote for final approval.
7) [Proposal]: Incentivized veFXS staking proposal was made by community members.
A proposal to take 50% of the AMO profits that are currently going towards FXS-1559, and use them as a reward for veFXS holders, this would incentivize people to lock up their FXS.
The strategy would provide rewards for people who are committed to the project long-term, while also having an overall positive effect on the price of FXS, there would be no change in emissions, so it would not add any inflation to FXS.
8) [AMA]: AMA by FRAX’s co-founder, Sam Kazemian with CryptoCoinCoach (14th May 4:00 PM GMT).
Link: https://t.me/CryptoCoinsCoach
9) [Development]: Uni v3 FRAX-USDC 0.3% range LPs will be coming soon.
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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